Morgan Stanley Cuts Okta (NASDAQ:OKTA) Price Target to $123.00

Okta (NASDAQ:OKTA) had its price target decreased by Morgan Stanley from $125.00 to $123.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

Other equities analysts have also recently issued research reports about the stock. DA Davidson raised shares of Okta from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $90.00 to $125.00 in a research report on Tuesday, March 4th. BTIG Research reissued a “buy” rating on shares of Okta in a research report on Tuesday, March 4th. Susquehanna raised their target price on Okta from $95.00 to $105.00 and gave the company a “neutral” rating in a research report on Tuesday, March 4th. Oppenheimer increased their price target on shares of Okta from $125.00 to $135.00 and gave the company an “outperform” rating in a research report on Tuesday, March 4th. Finally, Westpark Capital reaffirmed a “buy” rating and issued a $140.00 price objective on shares of Okta in a research report on Friday, February 28th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Okta currently has an average rating of “Moderate Buy” and an average target price of $116.03.

Okta Price Performance

OKTA opened at $97.93 on Wednesday. The firm’s fifty day moving average price is $102.38 and its two-hundred day moving average price is $88.53. The company has a market capitalization of $17.00 billion, a price-to-earnings ratio of -279.80, a P/E/G ratio of 6.42 and a beta of 1.07. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. Okta has a 1 year low of $70.56 and a 1 year high of $118.07.

Insider Activity

In related news, CFO Brett Tighe sold 5,000 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $89.00, for a total transaction of $445,000.00. Following the completion of the sale, the chief financial officer now directly owns 112,533 shares in the company, valued at $10,015,437. This represents a 4.25 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Larissa Schwartz sold 2,704 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $89.58, for a total transaction of $242,224.32. Following the completion of the sale, the insider now directly owns 23,311 shares in the company, valued at approximately $2,088,199.38. This trade represents a 10.39 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 768,202 shares of company stock valued at $71,371,369. 7.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Stifel Financial Corp lifted its stake in Okta by 56.1% in the third quarter. Stifel Financial Corp now owns 37,258 shares of the company’s stock worth $2,770,000 after acquiring an additional 13,387 shares during the period. Virtu Financial LLC bought a new position in Okta in the 3rd quarter worth $2,436,000. Sanctuary Advisors LLC boosted its stake in shares of Okta by 125.8% during the 3rd quarter. Sanctuary Advisors LLC now owns 11,244 shares of the company’s stock valued at $861,000 after purchasing an additional 6,265 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Okta during the third quarter valued at about $108,000. Finally, Tidal Investments LLC raised its stake in Okta by 132.0% in the third quarter. Tidal Investments LLC now owns 25,103 shares of the company’s stock worth $1,866,000 after buying an additional 14,283 shares in the last quarter. 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.