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

Okta (NASDAQ:OKTA) had its price target lowered by Wells Fargo & Company from $90.00 to $80.00 in a research report released on Thursday, Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other analysts have also issued reports on OKTA. Stifel Nicolaus cut their target price on shares of Okta from $122.00 to $108.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Needham & Company LLC started coverage on Okta in a report on Thursday. They issued a “buy” rating and a $100.00 target price on the stock. Bank of America lowered Okta from a “buy” rating to an “underperform” rating and cut their price target for the company from $135.00 to $75.00 in a report on Thursday, August 29th. Canaccord Genuity Group decreased their price objective on Okta from $95.00 to $90.00 and set a “hold” rating on the stock in a research note on Thursday, August 29th. Finally, Guggenheim reiterated a “buy” rating and set a $130.00 price objective on shares of Okta in a research note on Tuesday, June 25th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Okta currently has a consensus rating of “Hold” and an average target price of $100.00.

Okta Price Performance

Shares of OKTA opened at $74.45 on Thursday. The firm has a market cap of $12.52 billion, a PE ratio of -44.58, a P/E/G ratio of 26.91 and a beta of 1.02. Okta has a 1-year low of $65.04 and a 1-year high of $114.50. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. The firm has a fifty day simple moving average of $80.75 and a two-hundred day simple moving average of $89.49.

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 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, equities analysts anticipate that Okta will post 0.12 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Todd Mckinnon sold 92,729 shares of Okta stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $94.92, for a total value of $8,801,836.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Okta news, CEO Todd Mckinnon sold 92,729 shares of Okta stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $94.92, for a total transaction of $8,801,836.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Larissa Schwartz sold 2,797 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $77.63, for a total transaction of $217,131.11. Following the transaction, the insider now owns 24,916 shares in the company, valued at $1,934,229.08. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 343,989 shares of company stock valued at $27,806,184 in the last three months. Corporate insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

Several hedge funds and other institutional investors have recently modified their holdings of the business. Aaron Wealth Advisors LLC grew its position in Okta by 19.0% in the 3rd quarter. Aaron Wealth Advisors LLC now owns 3,419 shares of the company’s stock valued at $254,000 after acquiring an additional 547 shares during the last quarter. Bleakley Financial Group LLC boosted its stake in shares of Okta by 4.6% during the third quarter. Bleakley Financial Group LLC now owns 4,114 shares of the company’s stock valued at $306,000 after purchasing an additional 182 shares during the period. SWS Partners lifted its holdings in Okta by 31.8% during the 3rd quarter. SWS Partners now owns 32,486 shares of the company’s stock valued at $2,415,000 after buying an additional 7,838 shares in the last quarter. Swedbank AB lifted its holdings in Okta by 0.8% during the 3rd quarter. Swedbank AB now owns 80,011 shares of the company’s stock valued at $5,948,000 after buying an additional 609 shares in the last quarter. Finally, NBC Securities Inc. grew its stake in Okta by 1,379.5% in the 3rd quarter. NBC Securities Inc. now owns 2,885 shares of the company’s stock worth $214,000 after acquiring an additional 2,690 shares in the last quarter. 86.64% of the stock is currently owned by hedge funds and other 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.