DA Davidson Lowers Okta (NASDAQ:OKTA) Price Target to $75.00

Okta (NASDAQ:OKTA) had its price target decreased by investment analysts at DA Davidson from $85.00 to $75.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. DA Davidson’s price target would suggest a potential upside of 0.24% from the company’s current price.

A number of other research analysts have also issued reports on OKTA. Royal Bank of Canada lowered their target price on Okta from $125.00 to $101.00 and set an “outperform” rating for the company in a research note on Thursday. Scotiabank lowered their price objective on Okta from $104.00 to $92.00 and set a “sector perform” rating for the company in a research report on Thursday, August 29th. Mizuho reduced their target price on shares of Okta from $104.00 to $92.00 and set a “neutral” rating on the stock in a report on Thursday. Canaccord Genuity Group lowered their price target on shares of Okta from $95.00 to $90.00 and set a “hold” rating for the company in a report on Thursday, August 29th. Finally, Guggenheim reiterated a “buy” rating and set a $130.00 target price on shares of Okta in a research note on Tuesday, June 25th. One equities research 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. According to data from MarketBeat.com, Okta presently has an average rating of “Hold” and an average target price of $99.38.

Okta Price Performance

OKTA opened at $74.82 on Thursday. The stock’s 50-day moving average price is $80.44 and its 200 day moving average price is $89.29. Okta has a 12-month low of $65.04 and a 12-month high of $114.50. The firm has a market cap of $12.71 billion, a price-to-earnings ratio of -89.07, a PEG ratio of 18.05 and a beta of 1.02. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18.

Okta (NASDAQ:OKTA) last issued its quarterly 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. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. The company had revenue of $646.00 million for the quarter, compared to analyst estimates of $632.24 million. As a group, sell-side analysts expect that Okta will post 0.19 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Todd Mckinnon sold 200,512 shares of the business’s 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 owns 8,495 shares of the company’s stock, valued at approximately $638,908.95. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Larissa Schwartz sold 2,790 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $74.01, for a total value of $206,487.90. Following the completion of the sale, the insider now owns 27,713 shares in the company, valued at approximately $2,051,039.13. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Todd Mckinnon sold 200,512 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the transaction, the chief executive officer now owns 8,495 shares in the company, valued at approximately $638,908.95. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 343,989 shares of company stock valued at $27,806,184. 7.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Okta

A number of institutional investors have recently added to or reduced their stakes in OKTA. Vanguard Group Inc. lifted its holdings in shares of Okta by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 15,848,525 shares of the company’s stock valued at $1,658,073,000 after buying an additional 128,906 shares during the period. Marshall Wace LLP lifted its holdings in Okta by 117.4% in the second quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock valued at $212,841,000 after acquiring an additional 1,227,890 shares during the period. Eminence Capital LP boosted its position in shares of Okta by 18.1% during the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock worth $186,225,000 after purchasing an additional 305,381 shares in the last quarter. Primecap Management Co. CA grew its stake in shares of Okta by 0.8% during the 2nd quarter. Primecap Management Co. CA now owns 1,356,216 shares of the company’s stock worth $126,955,000 after purchasing an additional 10,800 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Okta by 20.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,029,753 shares of the company’s stock valued at $96,388,000 after purchasing an additional 178,011 shares in the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s stock.

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.