Okta (NASDAQ:OKTA) Downgraded to “Hold” Rating by Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft cut shares of Okta (NASDAQ:OKTA) from a buy rating to a hold rating in a report issued on Tuesday morning, Marketbeat reports. The brokerage currently has $85.00 target price on the stock, down from their prior target price of $115.00.

A number of other research analysts have also weighed in on OKTA. Canaccord Genuity Group decreased their target price on Okta from $90.00 to $82.00 and set a “hold” rating on the stock in a report on Friday, October 18th. Mizuho reduced their price objective on Okta from $104.00 to $92.00 and set a “neutral” rating for the company in a report on Thursday, October 17th. The Goldman Sachs Group lowered their target price on Okta from $113.00 to $97.00 and set a “buy” rating on the stock in a research note on Tuesday, October 22nd. Truist Financial reduced their price target on Okta from $95.00 to $80.00 and set a “hold” rating for the company in a research note on Thursday, October 17th. Finally, Wells Fargo & Company lowered their price objective on Okta from $90.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 17th. One analyst has rated the stock with a sell rating, eighteen have issued a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $98.90.

Okta Stock Performance

Shares of Okta stock traded down $2.92 on Tuesday, reaching $74.01. 557,345 shares of the company were exchanged, compared to its average volume of 1,914,035. Okta has a one year low of $66.69 and a one 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 company has a 50-day moving average of $74.50 and a 200 day moving average of $86.36.

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

Insider Activity

In other news, insider Larissa Schwartz sold 2,791 shares of the firm’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $71.50, for a total transaction of $199,556.50. Following the completion of the transaction, the insider now directly owns 22,125 shares in the company, valued at $1,581,937.50. This trade represents a 11.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CRO Jonathan James Addison sold 9,850 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $77.63, for a total transaction of $764,655.50. Following the transaction, the executive now owns 14,601 shares of the company’s stock, valued at approximately $1,133,475.63. The trade was a 40.28 % 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 valued at $35,701,361. Insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

Large investors have recently made changes to their positions in the company. Investment Management Corp of Ontario grew its stake in Okta by 47.0% in the third quarter. Investment Management Corp of Ontario now owns 5,317 shares of the company’s stock valued at $395,000 after acquiring an additional 1,700 shares during the period. Itau Unibanco Holding S.A. bought a new position in shares of Okta in the 3rd quarter worth $25,000. Benjamin Edwards Inc. bought a new stake in Okta during the 3rd quarter valued at $505,000. Atom Investors LP acquired a new position in Okta during the third quarter worth $566,000. Finally, Paloma Partners Management Co bought a new position in shares of Okta in the third quarter valued at $969,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

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.