Jefferies Financial Group Cuts Okta (NASDAQ:OKTA) Price Target to $90.00

Okta (NASDAQ:OKTA) had its price objective decreased by analysts at Jefferies Financial Group from $100.00 to $90.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “hold” rating on the stock. Jefferies Financial Group’s price target would suggest a potential upside of 10.77% from the stock’s current price.

Several other research analysts have also weighed in on the company. Truist Financial reiterated a “hold” rating and set a $92.00 target price (up from $80.00) on shares of Okta in a report on Wednesday, December 4th. Citigroup upped their price objective on Okta from $90.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. Canaccord Genuity Group boosted their price target on Okta from $82.00 to $94.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. Stifel Nicolaus raised their price objective on Okta from $108.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Finally, Sanford C. Bernstein cut their target price on shares of Okta from $129.00 to $124.00 and set an “outperform” rating on the stock in a research report on Tuesday. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $104.45.

Okta Price Performance

Shares of OKTA traded down $0.16 on Thursday, hitting $81.25. The company’s stock had a trading volume of 817,348 shares, compared to its average volume of 2,159,452. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The company has a market capitalization of $13.92 billion, a PE ratio of -232.14, a PEG ratio of 8.61 and a beta of 1.00. The company has a 50 day moving average price of $77.44 and a 200 day moving average price of $83.37. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $114.50.

Insider Buying and Selling at Okta

In related news, insider Larissa Schwartz sold 2,797 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $77.63, for a total value of $217,131.11. Following the transaction, the insider now directly owns 24,916 shares of the company’s stock, valued at approximately $1,934,229.08. This trade represents a 10.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Todd Mckinnon sold 32,516 shares of Okta stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $76.22, for a total transaction of $2,478,369.52. The disclosure for this sale can be found here. In the last three months, insiders have sold 604,425 shares of company stock valued at $46,098,322. 7.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Okta

A number of institutional investors have recently made changes to their positions in the company. Paloma Partners Management Co bought a new position in shares of Okta in the third quarter worth $969,000. SG Americas Securities LLC lifted its position in shares of Okta by 122.3% in the 3rd quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock valued at $1,265,000 after acquiring an additional 9,364 shares in the last quarter. Truist Financial Corp grew its holdings in shares of Okta by 62.5% during the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after buying an additional 200,770 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Okta by 105.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock worth $26,627,000 after purchasing an additional 184,107 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Okta by 7.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,547 shares of the company’s stock worth $8,813,000 after purchasing an additional 8,239 shares during the last quarter. 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.