Okta (NASDAQ:OKTA) Given New $150.00 Price Target at Morgan Stanley

Okta (NASDAQ:OKTAGet Rating) had its price objective cut by investment analysts at Morgan Stanley to $150.00 in a note issued to investors on Wednesday, Stock Target Advisor reports. The brokerage currently has a “na” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 93.08% from the stock’s current price.

Several other equities research analysts also recently issued reports on the stock. BTIG Research lowered their price objective on shares of Okta from $273.00 to $216.00 in a research note on Sunday, April 3rd. Truist Financial downgraded shares of Okta from a “buy” rating to a “hold” rating and decreased their price target for the stock from $270.00 to $170.00 in a research note on Tuesday, March 22nd. Wells Fargo & Company decreased their price target on shares of Okta from $175.00 to $130.00 and set a “na” rating on the stock in a research note on Monday. TheStreet downgraded shares of Okta from a “c-” rating to a “d+” rating in a research note on Thursday, January 27th. Finally, Mizuho decreased their price target on shares of Okta from $225.00 to $165.00 and set a “buy” rating on the stock in a research note on Wednesday. Eight investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $218.04.

OKTA stock traded down $9.79 during midday trading on Wednesday, hitting $77.69. 121,307 shares of the company traded hands, compared to its average volume of 2,608,640. Okta has a twelve month low of $80.31 and a twelve month high of $276.30. The company has a quick ratio of 2.45, a current ratio of 2.45 and a debt-to-equity ratio of 0.31. The business has a 50 day simple moving average of $136.96 and a 200-day simple moving average of $184.50. The stock has a market capitalization of $12.17 billion, a price-to-earnings ratio of -13.70 and a beta of 1.15.

Okta (NASDAQ:OKTAGet Rating) last announced its quarterly earnings data on Wednesday, March 2nd. The company reported ($1.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.27) by $0.07. The business had revenue of $383.02 million for the quarter, compared to the consensus estimate of $359.46 million. Okta had a negative net margin of 65.25% and a negative return on equity of 13.61%. During the same quarter last year, the company posted ($0.37) earnings per share. Equities research analysts forecast that Okta will post -5.37 EPS for the current year.

In other Okta news, CEO Todd Mckinnon sold 7,655 shares of the business’s stock in a transaction dated Wednesday, March 16th. The stock was sold at an average price of $152.92, for a total transaction of $1,170,602.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Brett Tighe sold 2,858 shares of the business’s stock in a transaction dated Wednesday, March 16th. The stock was sold at an average price of $152.92, for a total value of $437,045.36. The disclosure for this sale can be found here. Insiders sold 19,537 shares of company stock valued at $2,984,147 over the last ninety days. 7.60% of the stock is currently owned by company insiders.

A number of large investors have recently made changes to their positions in OKTA. CI Investments Inc. raised its holdings in Okta by 944.4% during the 1st quarter. CI Investments Inc. now owns 188 shares of the company’s stock worth $28,000 after purchasing an additional 170 shares during the last quarter. Global Trust Asset Management LLC acquired a new position in shares of Okta during the 4th quarter worth about $30,000. Addison Advisors LLC grew its position in shares of Okta by 121.4% during the 1st quarter. Addison Advisors LLC now owns 228 shares of the company’s stock worth $34,000 after buying an additional 125 shares during the period. GoalVest Advisory LLC acquired a new position in shares of Okta during the 1st quarter worth about $37,000. Finally, KB Financial Partners LLC acquired a new position in shares of Okta during the 4th quarter worth about $42,000. 76.18% of the stock is owned by hedge funds and other institutional investors.

About Okta (Get Rating)

Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products and services, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway that enables organizations to extend the Okta Identity Cloud from the cloud to their existing on-premise applications; and Advanced Server Access to secure cloud infrastructure.

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