Okta (NASDAQ:OKTA) Price Target Cut to $138.00 by Analysts at Guggenheim

Okta (NASDAQ:OKTA) had its price objective cut by Guggenheim from $140.00 to $138.00 in a research note published on Wednesday morning, Marketbeat.com reports. They currently have a buy rating on the stock.

Other analysts have also issued reports about the company. Stifel Nicolaus raised their price target on Okta from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, March 4th. Canaccord Genuity Group boosted their target price on shares of Okta from $100.00 to $115.00 and gave the company a “hold” rating in a report on Wednesday. DA Davidson cut their price target on shares of Okta from $145.00 to $140.00 and set a “buy” rating on the stock in a research note on Wednesday. Truist Financial lifted their price target on shares of Okta from $92.00 to $100.00 and gave the company a “hold” rating in a report on Tuesday, March 4th. Finally, Westpark Capital restated a “buy” rating and set a $140.00 price objective on shares of Okta in a report on Wednesday. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat.com, Okta presently has an average rating of “Moderate Buy” and an average price target of $121.83.

Okta Stock Down 16.2%

Shares of NASDAQ OKTA opened at $105.22 on Wednesday. The firm has a market cap of $18.27 billion, a P/E ratio of -300.63, a price-to-earnings-growth ratio of 6.42 and a beta of 0.96. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta has a 1 year low of $70.56 and a 1 year high of $127.57. The firm’s 50 day moving average price is $109.73 and its 200 day moving average price is $96.48.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.09. The business had revenue of $688.00 million for the quarter, compared to analysts’ expectations of $680.14 million. Okta had a positive return on equity of 0.47% and a negative net margin of 1.54%. The business’s revenue was up 11.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.65 earnings per share. As a group, sell-side analysts anticipate that Okta will post 0.42 earnings per share for the current year.

Insiders Place Their Bets

In other news, CRO Jonathan James Addison sold 7,005 shares of the stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $101.19, for a total transaction of $708,835.95. Following the transaction, the executive now owns 19,067 shares of the company’s stock, valued at approximately $1,929,389.73. This trade represents a 26.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jacques Frederic Kerrest sold 130,000 shares of Okta stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $105.00, for a total value of $13,650,000.00. The disclosure for this sale can be found here. Insiders sold a total of 154,452 shares of company stock valued at $16,347,360 in the last ninety days. Corporate insiders own 5.68% of the company’s stock.

Hedge Funds Weigh In On Okta

Large investors have recently added to or reduced their stakes in the company. GK Wealth Management LLC increased its stake in Okta by 13.5% during the first quarter. GK Wealth Management LLC now owns 3,837 shares of the company’s stock valued at $404,000 after purchasing an additional 457 shares during the last quarter. Geneos Wealth Management Inc. grew its position in shares of Okta by 27.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 13,314 shares of the company’s stock valued at $1,401,000 after buying an additional 2,848 shares during the last quarter. Focus Partners Wealth grew its position in shares of Okta by 3.5% during the 1st quarter. Focus Partners Wealth now owns 114,480 shares of the company’s stock valued at $12,046,000 after buying an additional 3,857 shares during the last quarter. Bayforest Capital Ltd acquired a new stake in Okta during the first quarter worth about $374,000. Finally, SCS Capital Management LLC bought a new position in Okta in the first quarter worth about $1,266,000. 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.