DA Davidson Lowers Okta (NASDAQ:OKTA) Price Target to $45.00

Okta (NASDAQ:OKTAGet Rating) had its target price reduced by investment analysts at DA Davidson to $45.00 in a research report issued on Tuesday, Stock Target Advisor reports. DA Davidson’s price target would indicate a potential downside of 10.75% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. BMO Capital Markets dropped their target price on shares of Okta from $94.00 to $58.00 and set an “outperform” rating on the stock in a report on Wednesday, November 9th. Mizuho dropped their target price on shares of Okta from $110.00 to $90.00 and set a “buy” rating on the stock in a report on Thursday, November 10th. Wolfe Research lowered their price target on shares of Okta from $100.00 to $70.00 and set an “outperform” rating on the stock in a report on Friday, November 11th. JMP Securities lowered their price target on shares of Okta from $145.00 to $105.00 and set a “market outperform” rating on the stock in a report on Monday. Finally, Macquarie assumed coverage on shares of Okta in a report on Wednesday, November 2nd. They issued a “neutral” rating and a $60.00 price target on the stock. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $89.59.

Okta Trading Down 5.6 %

Shares of NASDAQ:OKTA opened at $50.42 on Tuesday. The company’s 50-day moving average price is $54.98 and its two-hundred day moving average price is $80.00. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.38 and a quick ratio of 2.38. Okta has a one year low of $44.12 and a one year high of $272.27. The stock has a market capitalization of $8.01 billion, a PE ratio of -8.55 and a beta of 1.21.

Okta (NASDAQ:OKTAGet Rating) last issued its earnings results on Wednesday, August 31st. The company reported ($1.19) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.41) by $0.22. The company had revenue of $435.38 million for the quarter, compared to analysts’ expectations of $430.66 million. Okta had a negative net margin of 57.21% and a negative return on equity of 13.18%. Okta’s quarterly revenue was up 43.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($1.35) EPS. On average, equities analysts forecast that Okta will post -5.12 EPS for the current fiscal year.

Insider Buying and Selling at Okta

In other Okta news, CFO Brett Tighe sold 2,844 shares of the firm’s stock in a transaction that occurred on Friday, September 16th. The shares were sold at an average price of $59.39, for a total value of $168,905.16. Following the sale, the chief financial officer now owns 36,337 shares in the company, valued at $2,158,054.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Brett Tighe sold 2,844 shares of the firm’s stock in a transaction on Friday, September 16th. The shares were sold at an average price of $59.39, for a total transaction of $168,905.16. Following the completion of the transaction, the chief financial officer now owns 36,337 shares of the company’s stock, valued at $2,158,054.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ledger Susan St. sold 30,760 shares of the firm’s stock in a transaction on Friday, September 16th. The shares were sold at an average price of $59.39, for a total transaction of $1,826,836.40. Following the transaction, the insider now directly owns 39,106 shares of the company’s stock, valued at approximately $2,322,505.34. The disclosure for this sale can be found here. Insiders have sold 59,797 shares of company stock worth $3,359,843 over the last quarter. Corporate insiders own 7.60% of the company’s stock.

Hedge Funds Weigh In On Okta

Large investors have recently modified their holdings of the business. Slow Capital Inc. raised its stake in Okta by 123.3% during the second quarter. Slow Capital Inc. now owns 39,525 shares of the company’s stock worth $3,573,000 after buying an additional 21,824 shares during the last quarter. Handelsbanken Fonder AB raised its stake in Okta by 49.0% during the second quarter. Handelsbanken Fonder AB now owns 28,188 shares of the company’s stock worth $2,548,000 after buying an additional 9,270 shares during the last quarter. Diversified Trust Co grew its holdings in Okta by 22.6% in the second quarter. Diversified Trust Co now owns 6,500 shares of the company’s stock worth $588,000 after purchasing an additional 1,200 shares during the period. Nisa Investment Advisors LLC grew its holdings in shares of Okta by 768.4% during the second quarter. Nisa Investment Advisors LLC now owns 13,200 shares of the company’s stock valued at $1,193,000 after buying an additional 11,680 shares during the last quarter. Finally, Riverbridge Partners LLC grew its holdings in shares of Okta by 48.9% during the second quarter. Riverbridge Partners LLC now owns 7,747 shares of the company’s stock valued at $700,000 after buying an additional 2,543 shares during the last quarter. Institutional investors own 75.47% of the company’s stock.

Okta Company Profile

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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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