Okta (NASDAQ:OKTA) Given New $105.00 Price Target at JPMorgan Chase & Co.

Okta (NASDAQ:OKTA) had its price target trimmed by JPMorgan Chase & Co. from $110.00 to $105.00 in a report issued on Thursday morning, Benzinga reports. They currently have a neutral rating on the stock.

Other research analysts also recently issued research reports about the stock. Wedbush restated an outperform rating and set a $130.00 price objective on shares of Okta in a report on Wednesday, May 29th. Susquehanna lowered their price target on Okta from $115.00 to $110.00 and set a neutral rating on the stock in a research note on Thursday, May 30th. Guggenheim reiterated a buy rating and issued a $130.00 price objective on shares of Okta in a research report on Tuesday, June 25th. BMO Capital Markets boosted their price objective on Okta from $100.00 to $103.00 and gave the company a market perform rating in a research report on Thursday. Finally, Scotiabank reduced their target price on Okta from $104.00 to $92.00 and set a sector perform rating for the company in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, Okta presently has a consensus rating of Hold and an average target price of $106.00.

Okta Trading Down 1.0 %

Shares of Okta stock opened at $78.73 on Thursday. The company has a market cap of $13.24 billion, a price-to-earnings ratio of -47.14 and a beta of 1.03. Okta has a 1 year low of $65.04 and a 1 year high of $114.50. The company’s fifty day simple moving average is $93.07 and its 200-day simple moving average is $95.52. 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 Buying and Selling

In other news, insider Larissa Schwartz sold 2,792 shares of Okta stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $99.40, for a total value of $277,524.80. Following the completion of the sale, the insider now directly owns 29,809 shares of the company’s stock, valued at approximately $2,963,014.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Todd Mckinnon sold 179,687 shares of the stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $93.42, for a total value of $16,786,359.54. Following the transaction, the chief executive officer now directly owns 47,883 shares in the company, valued at $4,473,229.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Larissa Schwartz sold 2,792 shares of Okta stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $99.40, for a total transaction of $277,524.80. Following the sale, the insider now directly owns 29,809 shares of the company’s stock, valued at approximately $2,963,014.60. The disclosure for this sale can be found here. Insiders sold 365,051 shares of company stock worth $34,411,773 in the last quarter. Insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Sands Capital Management LLC increased its holdings in Okta by 42.3% in the fourth quarter. Sands Capital Management LLC now owns 8,358,414 shares of the company’s stock valued at $756,687,000 after purchasing an additional 2,486,456 shares during the last quarter. Norges Bank bought a new stake in shares of Okta in the 4th quarter valued at about $150,794,000. Marshall Wace LLP raised its position in shares of Okta by 117.4% in the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock valued at $212,841,000 after acquiring an additional 1,227,890 shares during the period. First Trust Advisors LP boosted its stake in Okta by 28.1% during the 4th 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 during the last quarter. Finally, Point72 Asset Management L.P. grew its holdings in Okta by 1,465.8% during the fourth quarter. Point72 Asset Management L.P. now owns 682,900 shares of the company’s stock valued at $61,823,000 after purchasing an additional 732,900 shares during the period. 86.64% of the stock is currently owned by institutional investors.

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.