Jefferies Financial Group Lowers Okta (NASDAQ:OKTA) Price Target to $85.00

Okta (NASDAQ:OKTA) had its price objective dropped by investment analysts at Jefferies Financial Group from $100.00 to $85.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has a “hold” rating on the stock. Jefferies Financial Group’s price target indicates a potential upside of 13.55% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Susquehanna decreased their target price 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. Scotiabank decreased their price objective on shares of Okta from $104.00 to $92.00 and set a “sector perform” rating for the company in a research report on Thursday, August 29th. Wells Fargo & Company dropped their target price on shares of Okta from $100.00 to $90.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. Robert W. Baird cut their price target on shares of Okta from $108.00 to $105.00 and set an “outperform” rating on the stock in a research report on Thursday, August 29th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $130.00 price objective on shares of Okta in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $104.62.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $74.86 on Tuesday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. Okta has a 52 week low of $65.04 and a 52 week high of $114.50. The firm has a market cap of $12.72 billion, a PE ratio of -44.83, a price-to-earnings-growth ratio of 42.19 and a beta of 1.01. The firm’s fifty day moving average is $86.00 and its 200-day moving average is $92.88.

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. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. The firm had revenue of $646.00 million for the quarter, compared to the consensus estimate of $632.24 million. Sell-side analysts predict that Okta will post 0.08 earnings per share for the current year.

Insider Activity at Okta

In other Okta news, CEO Todd Mckinnon sold 179,687 shares of Okta stock in a transaction on Friday, July 19th. The shares were sold at an average price of $93.42, for a total transaction of $16,786,359.54. Following the transaction, the chief executive officer now directly owns 47,883 shares of the company’s stock, valued at approximately $4,473,229.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Jacques Frederic Kerrest sold 26,618 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $100.29, for a total value of $2,669,519.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Todd Mckinnon sold 179,687 shares of Okta stock in a transaction on Friday, July 19th. The stock was sold at an average price of $93.42, for a total value of $16,786,359.54. Following the sale, the chief executive officer now owns 47,883 shares in the company, valued at $4,473,229.86. The disclosure for this sale can be found here. In the last three months, insiders sold 580,439 shares of company stock valued at $50,396,157. 7.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings 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 buying an additional 438,496 shares during the last quarter. B. Riley Wealth Advisors Inc. grew its position in shares of Okta by 19.5% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 3,405 shares of the company’s stock valued at $308,000 after acquiring an additional 556 shares during the period. Los Angeles Capital Management LLC increased its stake in shares of Okta by 282.5% during the 1st quarter. Los Angeles Capital Management LLC now owns 248,658 shares of the company’s stock worth $26,015,000 after purchasing an additional 183,643 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Okta by 28.6% in the 1st quarter. Principal Financial Group Inc. now owns 13,144 shares of the company’s stock worth $1,375,000 after purchasing an additional 2,925 shares during the period. Finally, SG Americas Securities LLC lifted its stake in Okta by 639.6% in the first quarter. SG Americas Securities LLC now owns 70,895 shares of the company’s stock valued at $7,417,000 after purchasing an additional 61,309 shares during the last quarter. Institutional investors own 86.64% of the company’s stock.

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.