Okta (NASDAQ:OKTA) Cut to “Hold” at Deutsche Bank Aktiengesellschaft

Okta (NASDAQ:OKTA) was downgraded by research analysts at Deutsche Bank Aktiengesellschaft from a “buy” rating to a “hold” rating in a research note issued on Tuesday,Finviz reports. They currently have a $85.00 price target on the stock, down from their previous price target of $115.00. Deutsche Bank Aktiengesellschaft’s price objective points to a potential upside of 8.35% from the stock’s previous close.

Several other equities research analysts have also weighed in on OKTA. Canaccord Genuity Group reduced their price objective on Okta from $90.00 to $82.00 and set a “hold” rating for the company in a research note on Friday, October 18th. DA Davidson dropped their price target on shares of Okta from $85.00 to $75.00 and set a “neutral” rating on the stock in a research note on Thursday, October 17th. BMO Capital Markets boosted their price objective on shares of Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a research note on Thursday, August 29th. Piper Sandler dropped their price objective on shares of Okta from $100.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday, October 17th. Finally, Bank of America lowered Okta from a “buy” rating to an “underperform” rating and lowered their price objective for the company from $135.00 to $75.00 in a research note on Thursday, August 29th. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $98.90.

Okta Stock Up 2.2 %

Shares of NASDAQ OKTA opened at $78.45 on Tuesday. Okta has a 52 week low of $66.69 and a 52 week high of $114.50. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18. The firm has a 50-day moving average price of $74.35 and a 200 day moving average price of $86.58. The stock has a market capitalization of $13.33 billion, a price-to-earnings ratio of -93.39, a price-to-earnings-growth ratio of 17.55 and a beta of 1.02.

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

Insider Buying and Selling at Okta

In other Okta news, CRO Jonathan James Addison sold 9,850 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $77.63, for a total value of $764,655.50. Following the completion of the sale, the executive now directly owns 14,601 shares in the company, valued at $1,133,475.63. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CRO Jonathan James Addison sold 9,850 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $77.63, for a total value of $764,655.50. Following the completion of the sale, the executive now directly owns 14,601 shares of the company’s stock, valued at $1,133,475.63. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Larissa Schwartz sold 2,790 shares of the business’s stock in a transaction 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 transaction, the insider now owns 27,713 shares in the company, valued at approximately $2,051,039.13. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 475,789 shares of company stock worth $35,701,361. 7.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in OKTA. Caprock Group LLC lifted its holdings in shares of Okta by 4.7% during the second quarter. Caprock Group LLC now owns 2,856 shares of the company’s stock worth $267,000 after buying an additional 129 shares during the last quarter. National Bank of Canada FI grew its stake in Okta by 11.0% during the second quarter. National Bank of Canada FI now owns 1,315 shares of the company’s stock worth $124,000 after buying an additional 130 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in Okta by 71.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after purchasing an additional 142 shares in the last quarter. CWM LLC raised its holdings in shares of Okta by 5.3% in the second quarter. CWM LLC now owns 2,910 shares of the company’s stock valued at $272,000 after buying an additional 147 shares during the last quarter. Finally, Bleakley Financial Group LLC lifted its position in shares of Okta by 4.6% during the third quarter. Bleakley Financial Group LLC now owns 4,114 shares of the company’s stock worth $306,000 after purchasing an additional 182 shares in the last quarter. 86.64% of the stock is owned by institutional investors.

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.