Okta (NASDAQ:OKTA) PT Lowered to $108.00

Okta (NASDAQ:OKTA) had its price objective reduced by investment analysts at UBS Group from $120.00 to $108.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the stock. UBS Group’s price objective suggests a potential upside of 37.18% from the company’s previous close.

Other equities research analysts also recently issued reports about the stock. Needham & Company LLC reissued a “buy” rating and issued a $130.00 price target on shares of Okta in a report on Thursday. Bank of America lowered shares of Okta from a “buy” rating to an “underperform” rating and cut their target price for the company from $135.00 to $75.00 in a research note on Thursday. Mizuho lifted their price target on shares of Okta from $105.00 to $110.00 and gave the stock a “neutral” rating in a research report on Friday, May 17th. Scotiabank dropped their price target on Okta from $104.00 to $92.00 and set a “sector perform” rating on the stock in a report on Thursday. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $125.00 price objective on shares of Okta in a research note on Monday, June 17th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Okta has an average rating of “Hold” and an average target price of $104.81.

Okta Stock Performance

OKTA opened at $78.73 on Thursday. The business has a 50 day moving average price of $93.07 and a two-hundred day moving average price of $95.38. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.73 and a quick ratio of 1.73. The company has a market capitalization 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.

Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Wednesday, May 29th. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.27. Okta had a negative return on equity of 3.81% and a negative net margin of 11.69%. The business had revenue of $617.00 million during the quarter, compared to analyst estimates of $604.33 million. Research analysts predict that Okta will post -0.28 EPS for the current fiscal year.

Insider Activity at Okta

In related news, Director Jacques Frederic Kerrest sold 1,552 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $86.99, for a total transaction of $135,008.48. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Okta news, Director Jacques Frederic Kerrest sold 1,552 shares of the stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $86.99, for a total transaction of $135,008.48. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Larissa Schwartz sold 2,792 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $99.40, for a total value of $277,524.80. Following the transaction, the insider now owns 29,809 shares in the company, valued at $2,963,014.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 365,051 shares of company stock valued at $34,411,773. 7.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Okta

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Okta by 0.8% in the first quarter. Vanguard Group Inc. now owns 15,848,525 shares of the company’s stock worth $1,658,073,000 after buying an additional 128,906 shares during the last quarter. Sands Capital Management LLC raised its holdings in Okta by 42.3% in the 4th quarter. Sands Capital Management LLC now owns 8,358,414 shares of the company’s stock worth $756,687,000 after acquiring an additional 2,486,456 shares during the period. First Trust Advisors LP lifted its position 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. Marshall Wace LLP boosted its holdings in Okta by 117.4% during the second 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. Finally, Eminence Capital LP grew its position in shares of Okta by 18.1% in the second quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock valued at $186,225,000 after purchasing an additional 305,381 shares during the last quarter. 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.