Okta (NASDAQ:OKTA) Price Target Lowered to $110.00 at Susquehanna

Okta (NASDAQ:OKTAFree Report) had its price target cut by Susquehanna from $115.00 to $110.00 in a research report sent to investors on Thursday morning, Benzinga reports. They currently have a neutral rating on the stock.

A number of other equities research analysts also recently weighed in on the stock. Truist Financial reissued a hold rating and set a $105.00 price target (up from $85.00) on shares of Okta in a research note on Thursday, February 29th. Oppenheimer boosted their price target on shares of Okta from $110.00 to $125.00 and gave the stock an outperform rating in a research note on Thursday, February 29th. Needham & Company LLC reissued a buy rating and set a $130.00 price target on shares of Okta in a research note on Thursday. Wedbush reissued an outperform rating and set a $130.00 price target on shares of Okta in a research note on Wednesday. Finally, Piper Sandler boosted their price target on shares of Okta from $85.00 to $110.00 and gave the stock a neutral rating in a research note on Thursday, February 29th. Nineteen investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Hold and an average price target of $104.81.

Read Our Latest Analysis on Okta

Okta Price Performance

Shares of NASDAQ OKTA opened at $88.81 on Thursday. Okta has a 1-year low of $65.04 and a 1-year high of $114.50. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.20. The company has a 50-day moving average of $98.33 and a two-hundred day moving average of $90.20.

Okta (NASDAQ:OKTAGet Free Report) last announced its earnings results on Wednesday, February 28th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.35. Okta had a negative net margin of 11.69% and a negative return on equity of 3.84%. The company had revenue of $605.00 million during the quarter, compared to the consensus estimate of $586.25 million. On average, equities research analysts expect that Okta will post -1.51 earnings per share for the current year.

Insider Activity

In other news, CAO Shibu Ninan sold 4,279 shares of the stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $104.14, for a total value of $445,615.06. Following the transaction, the chief accounting officer now directly owns 4,111 shares of the company’s stock, valued at $428,119.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Shellye L. Archambeau sold 5,000 shares of the firm’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $106.96, for a total transaction of $534,800.00. Following the transaction, the director now directly owns 6,042 shares of the company’s stock, valued at $646,252.32. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Shibu Ninan sold 4,279 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $104.14, for a total transaction of $445,615.06. Following the transaction, the chief accounting officer now directly owns 4,111 shares in the company, valued at $428,119.54. The disclosure for this sale can be found here. Insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

A number of hedge funds have recently bought and sold shares of the business. Banque Cantonale Vaudoise grew its stake in Okta by 4.3% during the first quarter. Banque Cantonale Vaudoise now owns 2,933 shares of the company’s stock worth $307,000 after buying an additional 122 shares in the last quarter. Venturi Wealth Management LLC grew its stake in Okta by 50.4% during the first quarter. Venturi Wealth Management LLC now owns 391 shares of the company’s stock worth $41,000 after buying an additional 131 shares in the last quarter. Blue Zone Wealth Advisors LLC grew its stake in Okta by 2.7% during the fourth quarter. Blue Zone Wealth Advisors LLC now owns 5,142 shares of the company’s stock worth $466,000 after buying an additional 134 shares in the last quarter. Creative Financial Designs Inc. ADV grew its stake in Okta by 7.7% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 1,926 shares of the company’s stock worth $174,000 after buying an additional 138 shares in the last quarter. Finally, Choreo LLC grew its stake in Okta by 5.0% during the third quarter. Choreo LLC now owns 3,366 shares of the company’s stock worth $274,000 after buying an additional 160 shares in the last quarter. 86.64% of the stock is owned by institutional investors.

Okta Company Profile

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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.

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