Okta (NASDAQ:OKTA) Price Target Lowered to $100.00 at Barclays

Okta (NASDAQ:OKTA) had its price target cut by Barclays from $120.00 to $100.00 in a research report report published on Monday morning,Benzinga reports. They currently have an equal weight rating on the stock.

Several other brokerages have also issued reports on OKTA. Stifel Nicolaus boosted their price objective on Okta from $120.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, May 28th. JPMorgan Chase & Co. boosted their price objective on Okta from $120.00 to $140.00 and gave the company an “overweight” rating in a research report on Friday, May 23rd. Jefferies Financial Group decreased their price objective on Okta from $130.00 to $105.00 and set a “hold” rating for the company in a research report on Thursday, July 24th. BTIG Research reiterated a “buy” rating on shares of Okta in a research report on Thursday, May 22nd. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Okta in a research report on Wednesday, May 28th. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $118.06.

Okta Price Performance

Okta stock opened at $91.38 on Monday. The firm has a market capitalization of $16.00 billion, a P/E ratio of 145.05, a PEG ratio of 4.45 and a beta of 0.80. Okta has a 1 year low of $70.56 and a 1 year high of $127.57. The business has a 50-day moving average of $96.32 and a 200-day moving average of $102.63. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.05.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.09. Okta had a return on equity of 2.79% and a net margin of 4.85%. The business had revenue of $688.00 million during the quarter, compared to analyst estimates of $680.14 million. During the same period in the previous year, the firm earned $0.65 EPS. Okta’s quarterly revenue was up 11.5% compared to the same quarter last year. On average, equities analysts anticipate that Okta will post 0.42 EPS for the current year.

Insiders Place Their Bets

In other Okta news, CRO Jonathan James Addison sold 9,000 shares of the company’s stock in a transaction on Friday, July 25th. The stock was sold at an average price of $100.00, for a total value of $900,000.00. Following the transaction, the executive directly owned 7,067 shares of the company’s stock, valued at $706,700. This represents a 56.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Brett Tighe sold 10,000 shares of the company’s stock in a transaction on Friday, July 18th. The shares were sold at an average price of $95.00, for a total value of $950,000.00. Following the completion of the transaction, the chief financial officer directly owned 132,288 shares in the company, valued at approximately $12,567,360. This represents a 7.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 88,594 shares of company stock worth $8,382,790 in the last quarter. Company insiders own 5.68% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wolff Wiese Magana LLC grew its holdings in shares of Okta by 167.4% during the 1st quarter. Wolff Wiese Magana LLC now owns 246 shares of the company’s stock worth $26,000 after purchasing an additional 154 shares in the last quarter. Wayfinding Financial LLC acquired a new stake in Okta in the first quarter valued at about $27,000. Harbour Investments Inc. boosted its stake in Okta by 152.4% in the first quarter. Harbour Investments Inc. now owns 260 shares of the company’s stock valued at $27,000 after buying an additional 157 shares in the last quarter. Pinnacle Bancorp Inc. acquired a new stake in Okta in the second quarter valued at about $26,000. Finally, Rossby Financial LCC acquired a new stake in Okta in the first quarter valued at about $31,000. 86.64% of the stock is owned by institutional investors and hedge funds.

Okta Company Profile

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.