Okta (NASDAQ:OKTA) Price Target Lowered to $165.00 at Mizuho

Okta (NASDAQ:OKTAGet Rating) had its price objective decreased by equities researchers at Mizuho from $225.00 to $165.00 in a research note issued on Wednesday, The Fly reports. Mizuho’s price objective indicates a potential upside of 88.61% from the stock’s previous close.

Several other analysts have also weighed in on OKTA. Royal Bank of Canada cut their price objective on Okta from $300.00 to $260.00 and set an “outperform” rating for the company in a report on Monday, February 28th. Needham & Company LLC cut their price target on shares of Okta from $320.00 to $235.00 and set a “buy” rating for the company in a report on Thursday, March 3rd. Canaccord Genuity Group lowered their price objective on shares of Okta from $320.00 to $215.00 and set a “buy” rating on the stock in a research note on Tuesday, February 22nd. Morgan Stanley dropped their target price on shares of Okta from $270.00 to $200.00 and set an “overweight” rating on the stock in a report on Wednesday, April 13th. Finally, Wolfe Research reduced their target price on shares of Okta from $260.00 to $225.00 and set an “outperform” rating for the company in a report on Thursday, March 3rd. Eight equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $219.89.

Shares of NASDAQ:OKTA opened at $87.48 on Wednesday. The company has a 50 day moving average of $136.96 and a 200-day moving average of $184.50. The company has a current ratio of 2.45, a quick ratio of 2.45 and a debt-to-equity ratio of 0.31. The firm has a market cap of $13.71 billion, a P/E ratio of -15.46 and a beta of 1.15. Okta has a twelve month low of $80.31 and a twelve month high of $276.30.

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

In related news, CEO Todd Mckinnon sold 7,655 shares of the firm’s stock in a transaction on Wednesday, March 16th. The shares were sold at an average price of $152.92, for a total value of $1,170,602.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Brett Tighe sold 2,858 shares of the company’s stock in a transaction dated Wednesday, March 16th. The shares were sold at an average price of $152.92, for a total transaction 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 in the last ninety days. Insiders own 7.60% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. Natixis Advisors L.P. bought a new position in Okta in the 4th quarter worth approximately $2,440,000. Alliancebernstein L.P. grew its stake in shares of Okta by 20.1% in the third quarter. Alliancebernstein L.P. now owns 198,721 shares of the company’s stock worth $47,164,000 after acquiring an additional 33,306 shares during the last quarter. Frontier Capital Management Co. LLC increased its position in Okta by 3.7% during the fourth quarter. Frontier Capital Management Co. LLC now owns 370,859 shares of the company’s stock worth $83,135,000 after acquiring an additional 13,309 shares during the period. Advisor Group Holdings Inc. raised its stake in Okta by 6.2% during the 4th quarter. Advisor Group Holdings Inc. now owns 54,677 shares of the company’s stock valued at $12,250,000 after purchasing an additional 3,195 shares during the last quarter. Finally, Glynn Capital Management LLC boosted its holdings in Okta by 27.9% in the 4th quarter. Glynn Capital Management LLC now owns 335,282 shares of the company’s stock valued at $75,160,000 after purchasing an additional 73,093 shares during the period. Hedge funds and other institutional investors own 76.18% of the company’s stock.

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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