The Goldman Sachs Group Lowers Okta (NASDAQ:OKTA) Price Target to $97.00

Okta (NASDAQ:OKTAGet Free Report) had its target price dropped by stock analysts at The Goldman Sachs Group from $113.00 to $97.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective indicates a potential upside of 34.42% from the stock’s current price.

A number of other equities research analysts also recently issued reports on the stock. Bank of America downgraded shares of Okta from a “buy” rating to an “underperform” rating and lowered their target price for the company from $135.00 to $75.00 in a report on Thursday, August 29th. Royal Bank of Canada lowered their price objective on shares of Okta from $125.00 to $101.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. BMO Capital Markets increased their target price on Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a research report on Thursday, August 29th. Mizuho lowered their price target on Okta from $104.00 to $92.00 and set a “neutral” rating for the company in a research report on Thursday, October 17th. Finally, BTIG Research cut their price objective on Okta from $128.00 to $98.00 and set a “buy” rating on the stock in a report on Thursday, October 17th. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, Okta presently has a consensus rating of “Hold” and a consensus price target of $98.96.

Read Our Latest Stock Analysis on OKTA

Okta Price Performance

Okta stock opened at $72.16 on Tuesday. The stock has a market capitalization of $12.26 billion, a P/E ratio of -88.13, a P/E/G ratio of 17.32 and a beta of 1.02. Okta has a 12-month low of $65.04 and a 12-month high of $114.50. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. The firm’s 50-day moving average is $79.70 and its two-hundred day moving average is $88.74.

Okta (NASDAQ:OKTAGet Free Report) last announced its earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.29. The firm had revenue of $646.00 million for the quarter, compared to analyst estimates of $632.24 million. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. Equities analysts predict that Okta will post 0.19 earnings per share for the current year.

Insider Buying and Selling

In other Okta news, CRO Jonathan James Addison sold 9,850 shares of the stock in a transaction on Monday, October 14th. The shares were sold at an average price of $77.63, for a total transaction of $764,655.50. Following the transaction, the executive now directly owns 14,601 shares in the company, valued at $1,133,475.63. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CRO Jonathan James Addison sold 9,850 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $77.63, for a total value of $764,655.50. Following the completion of the sale, the executive now directly owns 14,601 shares of the company’s stock, valued at $1,133,475.63. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Todd Mckinnon sold 200,512 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $75.21, for a total value of $15,080,507.52. Following the transaction, the chief executive officer now directly owns 8,495 shares in the company, valued at approximately $638,908.95. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 475,793 shares of company stock worth $35,759,000. Insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

Institutional investors have recently added to or reduced their stakes in the business. Fisher Asset Management LLC acquired a new position in shares of Okta in the 4th quarter valued at about $296,000. B. Riley Wealth Advisors Inc. boosted its stake in Okta by 19.5% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 3,405 shares of the company’s stock valued at $308,000 after acquiring an additional 556 shares during the period. Ballentine Partners LLC grew its holdings in shares of Okta by 6.9% during the first quarter. Ballentine Partners LLC now owns 2,651 shares of the company’s stock valued at $277,000 after purchasing an additional 170 shares during the last quarter. Sunbelt Securities Inc. raised its position in shares of Okta by 310.1% during the 1st quarter. Sunbelt Securities Inc. now owns 1,903 shares of the company’s stock worth $199,000 after purchasing an additional 1,439 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of Okta in the 1st quarter worth approximately $63,000. Institutional investors own 86.64% of the company’s stock.

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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Analyst Recommendations for Okta (NASDAQ:OKTA)

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