Brokerages Set Okta, Inc. (NASDAQ:OKTA) Target Price at $98.96

Okta, Inc. (NASDAQ:OKTA) has earned a consensus recommendation of “Hold” from the thirty research firms that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, seventeen have assigned a hold recommendation and twelve have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $98.96.

Several brokerages have recently commented on OKTA. Truist Financial reduced their target price on Okta from $95.00 to $80.00 and set a “hold” rating for the company in a research note on Thursday, October 17th. Citigroup decreased their price objective 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. BMO Capital Markets raised their target price on shares of Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a research note on Thursday, August 29th. DA Davidson decreased their price target on shares of Okta from $85.00 to $75.00 and set a “neutral” rating on the stock in a research note on Thursday, October 17th. Finally, Jefferies Financial Group cut their price objective on shares of Okta from $100.00 to $85.00 and set a “hold” rating for the company in a research report on Tuesday, September 24th.

Okta Trading Up 1.9 %

Shares of Okta stock opened at $73.23 on Thursday. The stock has a market cap of $12.44 billion, a P/E ratio of -87.18, a P/E/G ratio of 16.64 and a beta of 1.01. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18. Okta has a 12-month low of $65.04 and a 12-month high of $114.50. The business’s 50 day moving average is $75.79 and its 200-day moving average is $87.41.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share (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 analyst estimates of $632.24 million. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. Equities research analysts predict that Okta will post 0.19 earnings per share for the current fiscal year.

Insider Activity at Okta

In related news, CEO Todd Mckinnon sold 224,533 shares of Okta stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $74.62, for a total transaction of $16,754,652.46. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CRO Jonathan James Addison sold 9,850 shares of Okta stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $77.63, for a total transaction of $764,655.50. Following the sale, the executive now directly 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 document filed with the SEC, which can be accessed through the SEC website. Also, CEO Todd Mckinnon sold 224,533 shares of the company’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $74.62, for a total value of $16,754,652.46. The disclosure for this sale can be found here. Insiders have sold 475,793 shares of company stock valued at $35,759,000 over the last ninety days. 7.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Okta

A number of institutional investors have recently added to or reduced their stakes in OKTA. Future Financial Wealth Managment LLC bought a new position in shares of Okta during the third quarter valued at $26,000. Blue Trust Inc. increased its stake in shares of Okta by 105.5% in the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after buying an additional 191 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of Okta by 71.4% during the first 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. acquired a new position in shares of Okta in the second quarter worth approximately $47,000. Finally, nVerses Capital LLC bought a new stake in Okta in the second quarter valued at approximately $47,000. 86.64% of the stock is owned by 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.