Okta (NASDAQ:OKTA) Given New $97.00 Price Target at The Goldman Sachs Group

Okta (NASDAQ:OKTA) had its target price lowered by analysts at The Goldman Sachs Group from $113.00 to $97.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s price target would suggest a potential upside of 34.42% from the company’s previous close.

A number of other research firms have also issued reports on OKTA. Stifel Nicolaus lowered their target price on Okta from $122.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Citigroup dropped their target price on shares of Okta from $115.00 to $110.00 and set a “neutral” rating on the stock in a report on Thursday, August 29th. Robert W. Baird reduced their target price on shares of Okta from $105.00 to $95.00 and set an “outperform” rating for the company in a report on Friday, October 18th. UBS Group dropped their price target on Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Finally, BTIG Research reduced their price objective on Okta from $128.00 to $98.00 and set a “buy” rating for the company in a research note on Thursday, October 17th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $98.96.

Okta Stock Down 2.5 %

OKTA stock opened at $72.16 on Tuesday. The firm’s 50-day moving average is $79.70 and its two-hundred day moving average is $88.74. The company has a market capitalization of $12.26 billion, a price-to-earnings ratio of -88.13, a price-to-earnings-growth ratio of 17.32 and a beta of 1.02. Okta has a 52 week low of $65.04 and a 52 week 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.

Okta (NASDAQ:OKTA) last announced its earnings results on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, topping the consensus estimate of ($0.08) by $0.29. The firm 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 forecast that Okta will post 0.19 earnings per share for the current fiscal year.

Insider Activity at Okta

In related news, CRO Jonathan James Addison sold 9,850 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were 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. This trade represents a 0.00 % 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. In other Okta news, insider Larissa Schwartz sold 2,795 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $92.02, for a total value of $257,195.90. Following the completion of the sale, the insider now owns 27,014 shares of the company’s stock, valued at $2,485,828.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Jonathan James Addison sold 9,850 shares of the stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $77.63, for a total value of $764,655.50. Following the transaction, the executive now directly owns 14,601 shares in the company, valued at approximately $1,133,475.63. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 475,793 shares of company stock valued at $35,759,000. 7.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Okta

Several institutional investors and hedge funds have recently added to or reduced their stakes in OKTA. Future Financial Wealth Managment LLC acquired a new stake in shares of Okta in the third quarter worth $26,000. Blue Trust Inc. raised its holdings in Okta by 105.5% in the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after acquiring an additional 191 shares during the period. EverSource Wealth Advisors LLC lifted its position in Okta by 71.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after acquiring an additional 142 shares during the last quarter. First Command Advisory Services Inc. bought a new stake in Okta during the second quarter valued at about $47,000. Finally, nVerses Capital LLC bought a new stake in Okta during the second quarter valued at about $47,000. 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.