Wells Fargo & Company Trims Okta (NASDAQ:OKTA) Target Price to $80.00

Okta (NASDAQ:OKTA) had its price objective cut by Wells Fargo & Company from $90.00 to $80.00 in a report released on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 6.57% from the stock’s previous close.

OKTA has been the subject of a number of other reports. UBS Group decreased their price target on shares of Okta from $120.00 to $108.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Westpark Capital reissued a “buy” rating and set a $140.00 target price on shares of Okta in a research report on Thursday, August 29th. BMO Capital Markets lifted their price target on shares of Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a report on Thursday, August 29th. Piper Sandler decreased their price objective on Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a report on Thursday. Finally, Scotiabank dropped their target price on Okta from $104.00 to $92.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Okta currently has a consensus rating of “Hold” and a consensus target price of $100.43.

Okta Stock Down 0.9 %

Shares of OKTA stock traded down $0.65 during mid-day trading on Thursday, hitting $75.07. The stock had a trading volume of 1,658,292 shares, compared to its average volume of 1,937,581. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. The firm’s 50-day moving average is $81.03 and its two-hundred day moving average is $89.60. Okta has a 12-month low of $65.04 and a 12-month high of $114.50. The firm has a market capitalization of $12.63 billion, a P/E ratio of -44.72, a price-to-earnings-growth ratio of 26.91 and a beta of 1.02.

Okta (NASDAQ:OKTA) last announced its earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.29. The business had revenue of $646.00 million for the quarter, compared to analysts’ expectations of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. On average, analysts predict that Okta will post 0.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, 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 transaction of $16,786,359.54. Following the transaction, the chief executive officer now owns 47,883 shares of the company’s stock, valued at approximately $4,473,229.86. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Todd Mckinnon sold 179,687 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was 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 directly owns 47,883 shares in the company, valued at approximately $4,473,229.86. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Larissa Schwartz sold 2,790 shares of the 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 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 disclosure for this sale can be found here. Insiders sold 523,676 shares of company stock valued at $44,592,544 in the last three months. 7.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Okta

Institutional investors have recently made changes to their positions in the stock. Marshall Wace LLP boosted its position in shares of Okta by 117.4% during the second quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after buying an additional 1,227,890 shares during the period. Vanguard Group Inc. increased its stake in Okta by 2.9% during the 4th quarter. Vanguard Group Inc. now owns 15,719,619 shares of the company’s stock worth $1,423,097,000 after buying an additional 438,496 shares during the period. Eminence Capital LP boosted its position in Okta by 18.1% in the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock valued at $186,225,000 after buying an additional 305,381 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Okta by 49.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 645,448 shares of the company’s stock valued at $67,527,000 after buying an additional 214,302 shares during the period. Finally, Truist Financial Corp increased its position in shares of Okta by 62.5% during the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after acquiring an additional 200,770 shares during the period. 86.64% of the stock is currently owned by institutional investors and hedge funds.

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.