Okta (NASDAQ:OKTA) Cut to Hold at Deutsche Bank Aktiengesellschaft

Okta (NASDAQ:OKTA) was downgraded by equities research analysts at Deutsche Bank Aktiengesellschaft from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday,Finviz reports. They currently have a $85.00 price objective on the stock, down from their previous price objective of $115.00. Deutsche Bank Aktiengesellschaft’s price objective points to a potential upside of 8.35% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. Susquehanna lowered their target price on Okta from $110.00 to $85.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. Piper Sandler lowered their price objective on Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, October 17th. Truist Financial reduced their price target on shares of Okta from $95.00 to $80.00 and set a “hold” rating for the company in a report on Thursday, October 17th. DA Davidson dropped their price target on Okta from $85.00 to $75.00 and set a “neutral” rating on the stock in a research note on Thursday, October 17th. Finally, UBS Group cut their target price on Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $98.90.

Okta Trading Up 2.2 %

Shares of NASDAQ:OKTA opened at $78.45 on Tuesday. 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 has a 52-week low of $66.69 and a 52-week high of $114.50. The company has a 50-day simple moving average of $74.35 and a 200 day simple moving average of $86.58. The company has a market capitalization of $13.33 billion, a P/E ratio of -93.39, a price-to-earnings-growth ratio of 17.55 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 analysts’ consensus estimates of ($0.08) by $0.29. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. The company had revenue of $646.00 million during the quarter, compared to analysts’ expectations of $632.24 million. Sell-side analysts forecast that Okta will post 0.19 earnings per share for the current year.

Insiders Place Their Bets

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 sale, the insider now directly owns 27,713 shares of the company’s stock, valued at $2,051,039.13. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Okta news, CEO Todd Mckinnon sold 224,533 shares of the business’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $74.62, for a total transaction of $16,754,652.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction of $206,487.90. Following 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 475,789 shares of company stock worth $35,701,361. 7.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Okta

Several hedge funds have recently modified their holdings of OKTA. Marshall Wace LLP boosted its holdings in shares of Okta by 117.4% in the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after purchasing an additional 1,227,890 shares during the period. Eminence Capital LP increased its position in shares of Okta by 18.1% during the second quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock worth $186,225,000 after purchasing an additional 305,381 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its stake in Okta by 232.0% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock valued at $29,479,000 after purchasing an additional 277,084 shares in the last quarter. Truist Financial Corp increased its holdings in shares of Okta by 62.5% in the second 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 period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Okta by 105.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock valued at $26,627,000 after acquiring an additional 184,107 shares during the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s stock.

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.