Okta, Inc. (NASDAQ:OKTA) Receives $98.96 Consensus Price Target from Analysts

Shares of Okta, Inc. (NASDAQ:OKTA) have been assigned an average recommendation of “Hold” from the thirty research firms that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and twelve have assigned a buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $99.39.

A number of brokerages have weighed in on OKTA. Royal Bank of Canada decreased their price target on shares of Okta from $125.00 to $101.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. Piper Sandler reduced their target price on Okta from $100.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday, October 17th. Westpark Capital reissued a “buy” rating and set a $140.00 price target on shares of Okta in a research report on Thursday, August 29th. Morgan Stanley cut their price objective on Okta from $100.00 to $92.00 and set an “equal weight” rating on the stock in a report on Monday. Finally, BTIG Research reduced their price objective on Okta from $128.00 to $98.00 and set a “buy” rating on the stock in a research note on Thursday, October 17th.

Insider Activity at Okta

In other news, insider Larissa Schwartz sold 2,790 shares of Okta 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 transaction, the insider now owns 27,713 shares in the company, valued at approximately $2,051,039.13. This trade represents 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 the SEC website. In other news, insider Larissa Schwartz sold 2,790 shares of Okta stock in a transaction dated 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Todd Mckinnon sold 32,516 shares of the stock in a transaction dated Monday, September 23rd. The stock was 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. Insiders sold a total of 478,584 shares of company stock valued at $35,958,556 over the last three months. 7.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Okta

Hedge funds have recently added to or reduced their stakes in the stock. Caprock Group LLC lifted its position in Okta by 4.7% in the 2nd quarter. Caprock Group LLC now owns 2,856 shares of the company’s stock valued at $267,000 after purchasing an additional 129 shares during the last quarter. National Bank of Canada FI boosted its position in shares of Okta by 11.0% during the second quarter. National Bank of Canada FI now owns 1,315 shares of the company’s stock worth $124,000 after buying an additional 130 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Okta by 71.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after buying an additional 142 shares in the last quarter. CWM LLC increased its position in Okta by 5.3% in the 2nd quarter. CWM LLC now owns 2,910 shares of the company’s stock valued at $272,000 after acquiring an additional 147 shares during the period. Finally, Bleakley Financial Group LLC raised its stake in Okta by 4.6% during the 3rd quarter. Bleakley Financial Group LLC now owns 4,114 shares of the company’s stock valued at $306,000 after acquiring an additional 182 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors.

Okta Trading Up 3.4 %

Shares of OKTA opened at $76.61 on Thursday. Okta has a fifty-two week low of $65.98 and a fifty-two week high of $114.50. The company has a market capitalization of $13.01 billion, a PE ratio of -91.20, a price-to-earnings-growth ratio of 16.96 and a beta of 1.02. The stock has a fifty day moving average of $74.84 and a two-hundred day moving average of $87.04. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83.

Okta (NASDAQ:OKTA) last released its earnings results on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, beating the consensus estimate of ($0.08) by $0.29. The firm had revenue of $646.00 million during the quarter, compared to analyst estimates of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. As a group, analysts forecast that Okta will post 0.19 EPS for the current 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.