Royal Bank of Canada Lowers Okta (NASDAQ:OKTA) Price Target to $101.00

Okta (NASDAQ:OKTA) had its price target decreased by equities researchers at Royal Bank of Canada from $125.00 to $101.00 in a research note issued on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 33.23% from the stock’s previous close.

A number of other analysts have also issued reports on OKTA. Scotiabank lowered their price target on Okta from $104.00 to $92.00 and set a “sector perform” rating for the company in a report on Thursday, August 29th. Citigroup lowered their price target on Okta from $115.00 to $110.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. Westpark Capital reissued a “buy” rating and issued a $140.00 price objective on shares of Okta in a research note on Thursday, August 29th. Stifel Nicolaus reduced their price objective on shares of Okta from $122.00 to $108.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Finally, DA Davidson reduced their price objective on shares of Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $101.96.

Okta Stock Up 0.1 %

Shares of NASDAQ:OKTA opened at $75.81 on Thursday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. The firm has a market capitalization of $12.75 billion, a PE ratio of -45.40, a price-to-earnings-growth ratio of 26.91 and a beta of 1.02. The business has a 50 day simple moving average of $81.03 and a two-hundred day simple moving average of $89.60. 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 analysts’ consensus estimates of ($0.08) by $0.29. The firm had revenue of $646.00 million during the quarter, compared to analyst estimates of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. On average, equities analysts predict that Okta will post 0.12 EPS for the current year.

Insider Activity at Okta

In related news, CEO Todd Mckinnon sold 179,687 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $4,473,229.86. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Larissa Schwartz sold 2,790 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $74.01, for a total value of $206,487.90. Following the transaction, the insider now directly owns 27,713 shares of the company’s stock, valued at approximately $2,051,039.13. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Todd Mckinnon sold 179,687 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 47,883 shares of the company’s stock, valued at approximately $4,473,229.86. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 523,676 shares of company stock valued at $44,592,544. 7.00% of the stock is owned by corporate insiders.

Institutional Trading of Okta

Hedge funds and other institutional investors have recently made changes to their positions in the company. Future Financial Wealth Managment LLC acquired a new stake in shares of Okta during the 3rd quarter worth approximately $26,000. City State Bank boosted its position in shares of Okta by 160.0% during the 1st quarter. City State Bank now owns 260 shares of the company’s stock worth $27,000 after purchasing an additional 160 shares during the period. EverSource Wealth Advisors LLC boosted its position in Okta by 71.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after buying an additional 142 shares during the period. First Command Advisory Services Inc. acquired a new position in shares of Okta in the second quarter worth $47,000. Finally, nVerses Capital LLC purchased a new stake in shares of Okta during the second quarter worth $47,000. Institutional investors and hedge funds 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.