Mizuho Lowers Okta (NASDAQ:OKTA) Price Target to $92.00

Okta (NASDAQ:OKTA) had its target price cut by equities research analysts at Mizuho from $104.00 to $92.00 in a note issued to investors on Thursday, MarketBeat reports. The brokerage presently has a “neutral” rating on the stock. Mizuho’s target price points to a potential upside of 22.96% from the stock’s current price.

OKTA has been the topic of a number of other research reports. Westpark Capital reiterated a “buy” rating and issued a $140.00 price target on shares of Okta in a report on Thursday, August 29th. BMO Capital Markets boosted their price target on Okta from $100.00 to $103.00 and gave the company a “market perform” rating in a research report on Thursday, August 29th. Jefferies Financial Group cut their price objective on Okta from $100.00 to $85.00 and set a “hold” rating on the stock in a report on Tuesday, September 24th. UBS Group decreased their target price on Okta from $120.00 to $108.00 and set a “buy” rating for the company in a report on Thursday, August 29th. Finally, Piper Sandler cut their price target on shares of Okta from $100.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Okta has an average rating of “Hold” and an average price target of $99.38.

Okta Stock Performance

Okta stock opened at $74.82 on Thursday. The stock has a fifty day moving average price of $80.44 and a 200 day moving average price of $89.29. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. Okta has a 52 week low of $65.04 and a 52 week high of $114.50. The firm has a market capitalization of $12.71 billion, a P/E ratio of -89.07, a PEG ratio of 18.05 and a beta of 1.02.

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

Insider Buying and Selling at Okta

In other news, insider Larissa Schwartz sold 2,790 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $74.01, for a total value of $206,487.90. Following the completion of the sale, the insider now directly owns 27,713 shares in the company, valued at approximately $2,051,039.13. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Okta news, insider Larissa Schwartz sold 2,790 shares of Okta stock in a transaction 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 owns 27,713 shares of the company’s stock, valued at $2,051,039.13. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Todd Mckinnon sold 92,729 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $94.92, for a total transaction of $8,801,836.68. The disclosure for this sale can be found here. Insiders have sold 343,989 shares of company stock worth $27,806,184 over the last quarter. 7.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Okta

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Okta by 2.9% during the 4th quarter. Vanguard Group Inc. now owns 15,719,619 shares of the company’s stock valued at $1,423,097,000 after purchasing an additional 438,496 shares during the period. B. Riley Wealth Advisors Inc. boosted its holdings in shares of Okta by 19.5% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 3,405 shares of the company’s stock valued at $308,000 after acquiring an additional 556 shares during the period. SG Americas Securities LLC grew its position in shares of Okta by 122.3% during the third quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock worth $1,265,000 after acquiring an additional 9,364 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Okta by 28.6% in the 1st quarter. Principal Financial Group Inc. now owns 13,144 shares of the company’s stock worth $1,375,000 after acquiring an additional 2,925 shares during the period. Finally, Truist Financial Corp lifted its position in Okta by 62.5% in the 2nd quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after purchasing an additional 200,770 shares during the last quarter. 86.64% of the stock is owned by institutional investors.

Okta Company Profile

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.