Stifel Nicolaus Lowers Okta (NASDAQ:OKTA) Price Target to $108.00

Okta (NASDAQ:OKTA) had its price objective lowered by analysts at Stifel Nicolaus from $122.00 to $108.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Stifel Nicolaus’ price target would indicate a potential upside of 35.85% from the company’s current price.

OKTA has been the subject of a number of other reports. Wells Fargo & Company cut their price objective on Okta from $100.00 to $90.00 and set an “equal weight” rating for the company in a research report on Thursday. Scotiabank cut their price target on Okta from $104.00 to $92.00 and set a “sector perform” rating for the company in a report on Thursday. The Goldman Sachs Group decreased their price objective on shares of Okta from $130.00 to $113.00 and set a “buy” rating on the stock in a report on Thursday. Susquehanna cut their target price on shares of Okta from $115.00 to $110.00 and set a “neutral” rating for the company in a research note on Thursday, May 30th. Finally, Westpark Capital reiterated a “buy” rating and issued a $140.00 price target on shares of Okta in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, nineteen have given a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Okta currently has an average rating of “Hold” and an average price target of $104.00.

Okta Stock Down 17.7 %

Shares of NASDAQ:OKTA traded down $17.04 during midday trading on Thursday, hitting $79.50. The stock had a trading volume of 6,244,242 shares, compared to its average volume of 1,839,431. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.19. The business’s 50-day simple moving average is $93.37 and its 200-day simple moving average is $95.54. Okta has a 12 month low of $65.04 and a 12 month high of $114.50. The company has a market cap of $13.37 billion, a P/E ratio of -47.60 and a beta of 1.03.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.29. Okta had a negative net margin of 11.69% and a negative return on equity of 3.81%. The company had revenue of $646.00 million for the quarter, compared to analyst estimates of $632.24 million. On average, sell-side analysts forecast that Okta will post -0.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Okta

In related news, CEO Todd Mckinnon sold 179,687 shares of the company’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $93.42, for a total value of $16,786,359.54. Following the completion of the transaction, the chief executive officer now directly owns 47,883 shares in the company, valued at $4,473,229.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Okta news, Director Jacques Frederic Kerrest sold 1,552 shares of the stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $86.99, for a total transaction of $135,008.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Todd Mckinnon sold 179,687 shares of the business’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $93.42, for a total value of $16,786,359.54. Following the transaction, the chief executive officer now owns 47,883 shares in the company, valued at approximately $4,473,229.86. The disclosure for this sale can be found here. Insiders have sold a total of 365,051 shares of company stock valued at $34,411,773 in the last 90 days. Corporate insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Several hedge funds have recently made changes to their positions in the business. International Assets Investment Management LLC lifted its holdings in Okta by 7,678.0% in the fourth quarter. International Assets Investment Management LLC now owns 27,612 shares of the company’s stock worth $2,500,000 after buying an additional 27,257 shares during the period. GAMMA Investing LLC purchased a new position in shares of Okta in the 4th quarter valued at approximately $29,000. Atria Wealth Solutions Inc. boosted its position in shares of Okta by 126.5% during the fourth quarter. Atria Wealth Solutions Inc. now owns 5,580 shares of the company’s stock valued at $505,000 after purchasing an additional 3,116 shares in the last quarter. Gilbert & Cook Inc. grew its stake in Okta by 21.4% in the fourth quarter. Gilbert & Cook Inc. now owns 15,196 shares of the company’s stock worth $1,376,000 after purchasing an additional 2,676 shares during the period. Finally, Fisher Asset Management LLC bought a new position in Okta in the fourth quarter worth $317,000. 86.64% of the stock is owned by hedge funds and other 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.