Okta, Inc. (NASDAQ:OKTA) Receives $98.30 Average Target Price from Brokerages

Shares of Okta, Inc. (NASDAQ:OKTA) have been given a consensus rating of “Hold” by the thirty-one brokerages that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, eighteen have assigned a hold recommendation and twelve have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $98.30.

Several research firms have issued reports on OKTA. Mizuho decreased their price target on shares of Okta from $104.00 to $92.00 and set a “neutral” rating on the stock in a research report on Thursday, October 17th. Piper Sandler cut their target price on Okta from $100.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, October 17th. Morgan Stanley reduced their target price on Okta from $100.00 to $92.00 and set an “equal weight” rating for the company in a report on Monday, November 4th. Needham & Company LLC began coverage on Okta in a research note on Thursday, October 17th. They issued a “buy” rating and a $100.00 price target on the stock. Finally, Barclays started coverage on shares of Okta in a research note on Tuesday, November 19th. They set an “equal weight” rating and a $81.00 price objective for the company.

Insiders Place Their Bets

In related news, CEO Todd Mckinnon sold 224,533 shares of Okta stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $74.62, for a total transaction of $16,754,652.46. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Larissa Schwartz sold 2,790 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now directly owns 27,713 shares of the company’s stock, valued at approximately $2,051,039.13. This trade represents a 9.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 475,789 shares of company stock valued at $35,701,361 in the last three months. Company insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

A number of institutional investors and hedge funds have recently modified their holdings of the company. O Shaughnessy Asset Management LLC increased its stake in Okta by 16.8% in the first quarter. O Shaughnessy Asset Management LLC now owns 3,074 shares of the company’s stock valued at $322,000 after acquiring an additional 442 shares during the period. UniSuper Management Pty Ltd raised its holdings in shares of Okta by 109.1% in the 1st quarter. UniSuper Management Pty Ltd now owns 2,300 shares of the company’s stock worth $241,000 after buying an additional 1,200 shares in the last quarter. Advisors Asset Management Inc. lifted its position in shares of Okta by 23.6% during the 1st quarter. Advisors Asset Management Inc. now owns 1,042 shares of the company’s stock worth $109,000 after buying an additional 199 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Okta by 5.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 101,079 shares of the company’s stock worth $10,575,000 after buying an additional 4,823 shares during the period. Finally, Tidal Investments LLC boosted its stake in Okta by 15.7% in the 1st quarter. Tidal Investments LLC now owns 5,405 shares of the company’s stock valued at $565,000 after buying an additional 734 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors.

Okta Trading Down 0.5 %

Shares of OKTA stock opened at $76.42 on Monday. The stock has a 50-day simple moving average of $74.82 and a 200 day simple moving average of $85.02. The stock has a market capitalization of $12.98 billion, a P/E ratio of -91.46, a P/E/G ratio of 18.73 and a beta of 1.02. Okta has a fifty-two week low of $66.69 and a fifty-two 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 posted its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.29. The company had revenue of $646.00 million during the quarter, compared to analyst estimates of $632.24 million. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. On average, sell-side analysts expect that Okta will post 0.19 earnings per share for the current fiscal year.

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.