Jefferies Financial Group Issues Pessimistic Forecast for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA) had its price objective trimmed by Jefferies Financial Group from $100.00 to $90.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has a hold rating on the stock.

A number of other equities research analysts also recently commented on the company. The Goldman Sachs Group lifted their target price on Okta from $97.00 to $107.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. KeyCorp upgraded Okta from a “sector weight” rating to an “overweight” rating and set a $115.00 target price on the stock in a research report on Thursday. Needham & Company LLC boosted their price target on shares of Okta from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. DA Davidson boosted their price objective on Okta from $75.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 4th. Finally, Wells Fargo & Company increased their target price on shares of Okta from $80.00 to $95.00 and gave the company an “equal weight” rating in a research report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $104.45.

Okta Stock Performance

Shares of Okta stock opened at $83.28 on Thursday. Okta has a 52 week low of $70.56 and a 52 week high of $114.50. The company has a 50 day moving average price of $77.63 and a 200 day moving average price of $83.32. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $14.27 billion, a P/E ratio of -237.94, a PEG ratio of 8.61 and a beta of 1.00.

Insider Activity at Okta

In other Okta news, Director Jacques Frederic Kerrest sold 131,426 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $80.68, for a total value of $10,603,449.68. Following the sale, the director now directly owns 1,622 shares in the company, valued at $130,862.96. This trade represents a 98.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Larissa Schwartz sold 2,791 shares of the firm’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $71.50, for a total value of $199,556.50. Following the sale, the insider now directly owns 22,125 shares in the company, valued at $1,581,937.50. This trade represents a 11.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 403,913 shares of company stock worth $31,017,815 in the last three months. 7.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Itau Unibanco Holding S.A. purchased a new stake in shares of Okta in the third quarter valued at about $25,000. Future Financial Wealth Managment LLC acquired a new position in Okta during the third quarter worth about $26,000. Blue Trust Inc. increased its stake in Okta by 105.5% in the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after purchasing an additional 191 shares in the last quarter. Legacy Investment Solutions LLC purchased a new position in shares of Okta in the third quarter valued at $32,000. Finally, First Command Advisory Services Inc. acquired a new position in Okta during the second quarter worth about $47,000. 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.