Okta (NASDAQ:OKTA) Given New $90.00 Price Target at Wells Fargo & Company

Okta (NASDAQ:OKTA) had its price target trimmed by Wells Fargo & Company from $100.00 to $90.00 in a report published on Thursday morning, Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other analysts have also issued reports on the stock. Evercore ISI raised shares of Okta from an in-line rating to an outperform rating and upped their price target for the stock from $102.00 to $122.00 in a research report on Thursday, May 30th. Royal Bank of Canada reaffirmed an outperform rating and set a $125.00 price target on shares of Okta in a research report on Monday, June 17th. JPMorgan Chase & Co. upped their price target on shares of Okta from $105.00 to $110.00 and gave the stock a neutral rating in a research report on Thursday, May 30th. Susquehanna dropped their price objective on shares of Okta from $115.00 to $110.00 and set a neutral rating on the stock in a research report on Thursday, May 30th. Finally, Bank of America lowered shares of Okta from a buy rating to an underperform rating and lowered their price target for the stock from $135.00 to $75.00 in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Hold and a consensus target price of $106.00.

Okta Stock Performance

Shares of OKTA opened at $78.73 on Thursday. Okta has a 12 month low of $65.04 and a 12 month high of $114.50. The firm has a fifty day simple moving average of $93.07 and a 200 day simple moving average of $95.52. The stock has a market capitalization of $13.24 billion, a price-to-earnings ratio of -47.14 and a beta of 1.03. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.19.

Insider Transactions at Okta

In other Okta news, insider Larissa Schwartz sold 2,795 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $92.02, for a total value of $257,195.90. Following the completion of the transaction, the insider now owns 27,014 shares in the company, valued at approximately $2,485,828.28. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Okta news, insider Larissa Schwartz sold 2,795 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $92.02, for a total value of $257,195.90. Following the completion of the transaction, the insider now owns 27,014 shares in the company, valued at approximately $2,485,828.28. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jacques Frederic Kerrest sold 1,552 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $86.99, for a total value of $135,008.48. The disclosure for this sale can be found here. In the last 90 days, insiders sold 365,051 shares of company stock worth $34,411,773. 7.00% of the stock is owned by company insiders.

Institutional Trading of Okta

Institutional investors and hedge funds have recently modified their holdings of the business. Sands Capital Management LLC increased its stake in Okta by 42.3% in the 4th quarter. Sands Capital Management LLC now owns 8,358,414 shares of the company’s stock worth $756,687,000 after purchasing an additional 2,486,456 shares during the period. Norges Bank bought a new stake in shares of Okta during the fourth quarter valued at approximately $150,794,000. Marshall Wace LLP boosted its holdings in Okta by 117.4% in the second quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after acquiring an additional 1,227,890 shares in the last quarter. First Trust Advisors LP boosted its holdings in Okta by 28.1% in the fourth quarter. First Trust Advisors LP now owns 4,085,430 shares of the company’s stock worth $369,854,000 after acquiring an additional 897,216 shares in the last quarter. Finally, Point72 Asset Management L.P. boosted its holdings in Okta by 1,465.8% in the fourth quarter. Point72 Asset Management L.P. now owns 682,900 shares of the company’s stock worth $61,823,000 after acquiring an additional 732,900 shares in the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Company Profile

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.