Okta (NASDAQ:OKTA) Price Target Cut to $90.00 by Analysts at Jefferies Financial Group

Okta (NASDAQ:OKTA) had its price objective decreased by equities research analysts at Jefferies Financial Group from $100.00 to $90.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “hold” rating on the stock. Jefferies Financial Group’s price target would suggest a potential upside of 8.07% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Robert W. Baird boosted their target price on shares of Okta from $105.00 to $115.00 and gave the stock an “outperform” rating in a research report on Tuesday. Morgan Stanley upgraded shares of Okta from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $92.00 to $97.00 in a report on Monday, December 2nd. Canaccord Genuity Group upped their price objective on shares of Okta from $82.00 to $94.00 and gave the company a “hold” rating in a research report on Wednesday, December 4th. Sanford C. Bernstein dropped their target price on Okta from $129.00 to $124.00 and set an “outperform” rating on the stock in a research report on Tuesday. Finally, Susquehanna increased their price target on Okta from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $104.45.

Okta Stock Performance

Shares of NASDAQ:OKTA opened at $83.28 on Thursday. The business’s 50-day simple moving average is $77.51 and its 200 day simple moving average is $83.36. The company has a market cap of $14.27 billion, a P/E ratio of -237.94, a PEG ratio of 8.61 and a beta of 1.00. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta has a one year low of $70.56 and a one year high of $114.50.

Insider Transactions at Okta

In other Okta news, CEO Todd Mckinnon sold 224,533 shares of the business’s stock in a transaction dated Friday, October 18th. The shares were 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 can be accessed through this hyperlink. Also, Director Jacques Frederic Kerrest sold 131,426 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $80.68, for a total transaction of $10,603,449.68. Following the completion of the transaction, the director now owns 1,622 shares of the company’s stock, valued at approximately $130,862.96. This trade represents a 98.78 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 403,913 shares of company stock worth $31,017,815. 7.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Okta

Several hedge funds and other institutional investors have recently made changes to their positions in OKTA. Marshall Wace LLP increased its position in Okta by 117.4% in the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock valued at $212,841,000 after acquiring an additional 1,227,890 shares during the period. Eminence Capital LP grew its stake in shares of Okta by 18.1% in 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. Primecap Management Co. CA increased its holdings in shares of Okta by 0.8% during the second quarter. Primecap Management Co. CA now owns 1,356,216 shares of the company’s stock valued at $126,955,000 after purchasing an additional 10,800 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Okta by 1.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,069,452 shares of the company’s stock valued at $79,503,000 after purchasing an additional 17,950 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Okta by 20.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,029,753 shares of the company’s stock valued at $96,388,000 after purchasing an additional 178,011 shares in the last quarter. 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.