JPMorgan Chase & Co. Issues Pessimistic Forecast for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA) had its price objective reduced by stock analysts at JPMorgan Chase & Co. from $105.00 to $85.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 9.68% from the stock’s current price.

Other equities research analysts have also issued reports about the company. Morgan Stanley decreased their target price on Okta from $100.00 to $92.00 and set an “equal weight” rating for the company in a research report on Monday, November 4th. Scotiabank cut their price target on Okta from $104.00 to $92.00 and set a “sector perform” rating for the company in a research note on Thursday, August 29th. Truist Financial cut their price target on Okta from $95.00 to $80.00 and set a “hold” rating for the company in a research note on Thursday, October 17th. Piper Sandler cut their price target on Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, October 17th. Finally, Royal Bank of Canada cut their price target on Okta from $125.00 to $101.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Okta currently has an average rating of “Hold” and an average target price of $97.63.

Okta Stock Up 1.4 %

NASDAQ OKTA traded up $1.08 on Friday, reaching $77.50. The company had a trading volume of 1,144,141 shares, compared to its average volume of 1,960,294. The stock has a market capitalization of $13.16 billion, a P/E ratio of -92.17, a P/E/G ratio of 18.71 and a beta of 1.02. The company’s fifty day moving average is $74.87 and its 200 day moving average is $84.96. Okta has a 52-week low of $66.69 and a 52-week high of $114.50. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18.

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

Insider Transactions at Okta

In other news, insider Larissa Schwartz sold 2,791 shares of the business’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $71.50, for a total value of $199,556.50. Following the completion of the transaction, the insider now owns 22,125 shares in the company, valued at $1,581,937.50. The trade was a 11.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CRO Jonathan James Addison sold 9,850 shares of the business’s stock in a transaction on 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 transaction, the executive now owns 14,601 shares of the company’s stock, valued at $1,133,475.63. This represents a 40.28 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 475,789 shares of company stock worth $35,701,361 over the last quarter. 7.00% of the stock is currently owned by insiders.

Institutional Trading of Okta

Several hedge funds have recently bought and sold shares of OKTA. Itau Unibanco Holding S.A. bought a new stake in Okta during the third quarter valued at about $25,000. Future Financial Wealth Managment LLC bought a new position in shares of Okta in the third quarter worth about $26,000. Blue Trust Inc. boosted its stake in shares of Okta by 105.5% in the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after acquiring an additional 191 shares during the period. Legacy Investment Solutions LLC bought a new position in shares of Okta in the third quarter worth about $32,000. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Okta by 71.4% in the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after acquiring an additional 142 shares during the period. 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.