Okta (NASDAQ:OKTA) Price Target Lowered to $150.00 at Piper Sandler

Okta (NASDAQ:OKTAGet Rating) had its price objective dropped by research analysts at Piper Sandler from $270.00 to $150.00 in a note issued to investors on Friday, The Fly reports. Piper Sandler’s target price indicates a potential upside of 60.12% from the stock’s previous close.

Several other equities analysts have also weighed in on OKTA. Wolfe Research cut their price objective on shares of Okta from $135.00 to $128.00 in a report on Friday. Truist Financial lowered shares of Okta from a “buy” rating to a “hold” rating and cut their price objective for the company from $270.00 to $170.00 in a report on Tuesday, March 22nd. Deutsche Bank Aktiengesellschaft cut their target price on shares of Okta from $250.00 to $195.00 and set a “buy” rating on the stock in a report on Thursday, March 3rd. Wells Fargo & Company cut their target price on shares of Okta from $175.00 to $130.00 and set a “na” rating on the stock in a report on Monday, May 16th. Finally, Canaccord Genuity Group cut their target price on shares of Okta from $320.00 to $215.00 and set a “buy” rating on the stock in a report on Tuesday, February 22nd. Eight research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $189.46.

OKTA opened at $93.68 on Friday. Okta has a one year low of $77.01 and a one year high of $276.30. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.45 and a quick ratio of 2.45. The company’s 50 day simple moving average is $118.87 and its 200-day simple moving average is $170.55. The stock has a market capitalization of $14.68 billion, a P/E ratio of -16.55 and a beta of 1.18.

Okta (NASDAQ:OKTAGet Rating) last released its quarterly earnings results on Thursday, June 2nd. The company reported ($0.27) EPS for the quarter, beating the consensus estimate of ($0.34) by $0.07. Okta had a negative net margin of 65.25% and a negative return on equity of 13.61%. The business had revenue of $414.94 million for the quarter, compared to analysts’ expectations of $388.77 million. During the same period in the prior year, the firm earned ($0.59) earnings per share. Okta’s revenue was up 65.3% compared to the same quarter last year. As a group, analysts anticipate that Okta will post -5.37 EPS for the current year.

In other news, insider Ledger Susan St. sold 5,879 shares of the firm’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 $899,016.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brett Tighe sold 2,858 shares of the firm’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 $437,045.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,537 shares of company stock valued at $2,984,147. 7.60% of the stock is owned by insiders.

A number of institutional investors have recently modified their holdings of OKTA. Deer Management Co. LLC acquired a new stake in Okta in the 4th quarter worth about $614,155,000. Capital Research Global Investors raised its stake in Okta by 2,405.2% in the 3rd quarter. Capital Research Global Investors now owns 2,687,145 shares of the company’s stock worth $637,767,000 after purchasing an additional 2,579,882 shares in the last quarter. Norges Bank acquired a new stake in Okta in the 4th quarter worth about $240,716,000. Atreides Management LP acquired a new stake in Okta in the 4th quarter worth about $174,716,000. Finally, Janus Henderson Group PLC raised its stake in Okta by 240.4% in the 3rd quarter. Janus Henderson Group PLC now owns 864,516 shares of the company’s stock worth $205,184,000 after purchasing an additional 610,573 shares in the last quarter. Institutional investors and hedge funds own 76.18% of the company’s stock.

Okta Company Profile (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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