Canaccord Genuity Group Cuts Okta (NASDAQ:OKTA) Price Target to $82.00

Okta (NASDAQ:OKTA) had its target price cut by Canaccord Genuity Group from $90.00 to $82.00 in a report issued on Friday morning, Marketbeat.com reports. They currently have a hold rating on the stock.

Other analysts have also recently issued reports about the company. The Goldman Sachs Group dropped their price target on Okta from $130.00 to $113.00 and set a “buy” rating for the company in a report on Thursday, August 29th. 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, August 29th. JPMorgan Chase & Co. cut their price objective on shares of Okta from $110.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. Jefferies Financial Group decreased their target price on shares of Okta from $100.00 to $85.00 and set a “hold” rating on the stock in a research report on Tuesday, September 24th. Finally, Susquehanna dropped their price target on shares of Okta from $110.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Okta presently has a consensus rating of “Hold” and a consensus target price of $99.38.

Okta Stock Performance

NASDAQ OKTA opened at $74.82 on Friday. Okta has a 1 year low of $65.04 and a 1 year high of $114.50. The firm has a market capitalization of $12.71 billion, a P/E ratio of -89.07, a price-to-earnings-growth ratio of 18.05 and a beta of 1.02. The firm’s fifty day moving average price is $80.44 and its two-hundred day moving average price is $89.29. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18.

Okta (NASDAQ:OKTA) last announced its earnings results on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, topping the consensus estimate of ($0.08) by $0.29. The business had revenue of $646.00 million during the quarter, compared to the consensus estimate of $632.24 million. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. As a group, research analysts anticipate that Okta will post 0.19 EPS for the current year.

Insider Activity at Okta

In other Okta news, CEO Todd Mckinnon sold 200,512 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $75.21, for a total value of $15,080,507.52. Following the sale, the chief executive officer now owns 8,495 shares in the company, valued at approximately $638,908.95. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Todd Mckinnon sold 200,512 shares of Okta stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $75.21, for a total value of $15,080,507.52. Following the transaction, the chief executive officer now directly owns 8,495 shares of the company’s stock, valued at $638,908.95. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Larissa Schwartz sold 2,790 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $74.01, for a total transaction of $206,487.90. Following the sale, the insider now directly owns 27,713 shares of the company’s stock, valued at $2,051,039.13. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 343,989 shares of company stock worth $27,806,184 over the last three months. Company insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Several hedge funds and other institutional investors have recently bought and sold shares of OKTA. B. Riley Wealth Advisors Inc. raised its position in shares of Okta by 19.5% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 3,405 shares of the company’s stock worth $308,000 after acquiring an additional 556 shares in the last quarter. SG Americas Securities LLC lifted its stake in Okta by 122.3% in the third quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock valued at $1,265,000 after buying an additional 9,364 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Okta by 28.6% during the 1st quarter. Principal Financial Group Inc. now owns 13,144 shares of the company’s stock worth $1,375,000 after buying an additional 2,925 shares in the last quarter. Truist Financial Corp grew its position in shares of Okta by 62.5% during the 2nd quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after buying an additional 200,770 shares during the period. Finally, CANADA LIFE ASSURANCE Co grew its position in shares of Okta by 14.0% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 229,105 shares of the company’s stock worth $23,976,000 after buying an additional 28,183 shares during the period. Institutional investors and hedge funds own 86.64% of the company’s stock.

About Okta

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.