Okta (NASDAQ:OKTA) Price Target Cut to $80.00 by Analysts at Wells Fargo & Company

Okta (NASDAQ:OKTA) had its target price dropped by equities research analysts at Wells Fargo & Company from $90.00 to $80.00 in a report released on Thursday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 6.92% from the stock’s previous close.

OKTA has been the topic of a number of other reports. Royal Bank of Canada reduced their target price on shares of Okta from $125.00 to $101.00 and set an “outperform” rating on the stock in a report on Thursday. Westpark Capital reissued a “buy” rating and set a $140.00 target price on shares of Okta in a report on Thursday, August 29th. Guggenheim reissued a “buy” rating and set a $130.00 target price on shares of Okta in a report on Tuesday, June 25th. DA Davidson reduced their target price on shares of Okta from $100.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday, August 29th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Okta from $110.00 to $105.00 and set a “neutral” rating on the stock in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Okta presently has an average rating of “Hold” and an average price target of $99.38.

Okta Trading Up 0.5 %

Shares of Okta stock opened at $74.82 on Thursday. The firm has a market capitalization of $12.71 billion, a PE ratio of -89.07, a price-to-earnings-growth ratio of 18.05 and a beta of 1.02. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. The firm’s 50 day moving average is $80.44 and its 200 day moving average is $89.29. Okta has a 1 year low of $65.04 and a 1 year high of $114.50.

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

Insiders Place Their Bets

In other Okta news, insider Larissa Schwartz sold 2,795 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $92.02, for a total transaction of $257,195.90. Following the transaction, the insider now owns 27,014 shares in the company, valued at approximately $2,485,828.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Okta news, insider Larissa Schwartz sold 2,795 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $92.02, for a total transaction of $257,195.90. Following the transaction, the insider now owns 27,014 shares in the company, valued at approximately $2,485,828.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Todd Mckinnon sold 200,512 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the transaction, 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 343,989 shares of company stock worth $27,806,184. Insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

Several institutional investors have recently made changes to their positions in OKTA. Marshall Wace LLP grew its stake 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 worth $212,841,000 after acquiring an additional 1,227,890 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Okta by 2.9% in the 4th quarter. Vanguard Group Inc. now owns 15,719,619 shares of the company’s stock worth $1,423,097,000 after acquiring an additional 438,496 shares in the last quarter. Eminence Capital LP grew its stake in shares of Okta by 18.1% in the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock worth $186,225,000 after acquiring an additional 305,381 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Okta by 49.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 645,448 shares of the company’s stock worth $67,527,000 after acquiring an additional 214,302 shares in the last quarter. Finally, Truist Financial Corp grew its stake in shares of Okta by 62.5% in the 2nd quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after acquiring an additional 200,770 shares in the last quarter. Institutional investors 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.