Morgan Stanley Has Lowered Expectations for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA) had its target price reduced by stock analysts at Morgan Stanley from $100.00 to $92.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 24.21% from the stock’s previous close.

A number of other research firms also recently weighed in on OKTA. Westpark Capital reissued a “buy” rating and set a $140.00 target price on shares of Okta in a report on Thursday, August 29th. Stifel Nicolaus dropped their price objective on shares of Okta from $122.00 to $108.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Susquehanna decreased their target price on shares of Okta from $110.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. JPMorgan Chase & Co. dropped their price target on shares of Okta from $110.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. Finally, Canaccord Genuity Group lowered their price objective on Okta from $90.00 to $82.00 and set a “hold” rating on the stock in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $99.39.

Okta Stock Performance

NASDAQ OKTA opened at $74.07 on Monday. The stock has a market cap of $12.58 billion, a PE ratio of -88.20, a P/E/G ratio of 16.95 and a beta of 1.02. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. The firm has a 50-day moving average of $75.30 and a 200-day moving average of $87.16. Okta has a 52-week low of $65.98 and a 52-week high of $114.50.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.29. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. The firm had revenue of $646.00 million during the quarter, compared to the consensus estimate of $632.24 million. On average, sell-side analysts anticipate that Okta will post 0.19 EPS for the current year.

Insider Activity at Okta

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

Institutional Trading of Okta

Several institutional investors have recently added to or reduced their stakes in the stock. Future Financial Wealth Managment LLC acquired a new position in shares of Okta in the 3rd quarter worth approximately $26,000. Blue Trust Inc. lifted its holdings in Okta by 105.5% in the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after buying an additional 191 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Okta by 71.4% in the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after buying an additional 142 shares during the period. First Command Advisory Services Inc. acquired a new stake in Okta during the 2nd quarter worth about $47,000. Finally, nVerses Capital LLC bought a new position in shares of Okta in the 2nd quarter worth about $47,000. 86.64% of the stock is currently owned by institutional investors.

About Okta

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.