Okta (NASDAQ:OKTA) Given New $85.00 Price Target at Piper Sandler

Okta (NASDAQ:OKTA) had its price objective trimmed by Piper Sandler from $100.00 to $85.00 in a report published on Thursday, Benzinga reports. The firm currently has a neutral rating on the stock.

Several other equities analysts also recently commented on OKTA. Susquehanna decreased their price target on shares of Okta from $110.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. BMO Capital Markets upped their price objective on shares of Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a research report on Thursday, August 29th. Scotiabank cut 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. Citigroup cut their price objective on shares of Okta from $115.00 to $110.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. Finally, UBS Group cut their price objective on shares of Okta from $120.00 to $108.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Okta has an average rating of “Hold” and a consensus price target of $100.00.

Okta Trading Down 1.7 %

OKTA stock opened at $74.45 on Thursday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. The company’s 50-day simple moving average is $80.75 and its 200 day simple moving average is $89.49. Okta has a 52 week low of $65.04 and a 52 week high of $114.50. The company has a market capitalization of $12.52 billion, a PE ratio of -44.58, a price-to-earnings-growth ratio of 26.91 and a beta of 1.02.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, beating the consensus estimate of ($0.08) by $0.29. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. The business had revenue of $646.00 million for the quarter, compared to the consensus estimate of $632.24 million. As a group, sell-side analysts anticipate that Okta will post 0.12 earnings per share for the current year.

Insider Activity at Okta

In related news, CEO Todd Mckinnon sold 92,729 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $94.92, for a total value of $8,801,836.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Okta news, insider Larissa Schwartz sold 2,797 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $77.63, for a total transaction of $217,131.11. Following the completion of the transaction, the insider now owns 24,916 shares in the company, valued at approximately $1,934,229.08. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Todd Mckinnon sold 92,729 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $94.92, for a total transaction of $8,801,836.68. The disclosure for this sale can be found here. Insiders sold a total of 343,989 shares of company stock worth $27,806,184 in the last quarter. 7.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Aaron Wealth Advisors LLC raised its holdings in Okta by 19.0% during the 3rd quarter. Aaron Wealth Advisors LLC now owns 3,419 shares of the company’s stock worth $254,000 after purchasing an additional 547 shares during the last quarter. Bleakley Financial Group LLC raised its holdings in Okta by 4.6% during the 3rd quarter. Bleakley Financial Group LLC now owns 4,114 shares of the company’s stock worth $306,000 after purchasing an additional 182 shares during the last quarter. SWS Partners raised its holdings in Okta by 31.8% during the 3rd quarter. SWS Partners now owns 32,486 shares of the company’s stock worth $2,415,000 after purchasing an additional 7,838 shares during the last quarter. Swedbank AB raised its holdings in Okta by 0.8% during the 3rd quarter. Swedbank AB now owns 80,011 shares of the company’s stock worth $5,948,000 after purchasing an additional 609 shares during the last quarter. Finally, NBC Securities Inc. increased its stake in shares of Okta by 1,379.5% in the 3rd quarter. NBC Securities Inc. now owns 2,885 shares of the company’s stock valued at $214,000 after acquiring an additional 2,690 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.