Analysts Set Okta, Inc. (NASDAQ:OKTA) Target Price at $98.30

Shares of Okta, Inc. (NASDAQ:OKTA) have received a consensus rating of “Hold” from the thirty-one brokerages that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, eighteen have issued a hold recommendation and twelve have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $98.30.

OKTA has been the subject of a number of research analyst reports. Scotiabank dropped their price objective on shares of Okta from $104.00 to $92.00 and set a “sector perform” rating for the company in a research note on Thursday, August 29th. Susquehanna lowered their price objective on shares of Okta from $110.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. Westpark Capital reaffirmed a “buy” rating and issued a $140.00 target price on shares of Okta in a research report on Thursday, August 29th. UBS Group reduced their target price on Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Finally, Citigroup dropped their price target on Okta from $115.00 to $110.00 and set a “neutral” rating for the company in a research note on Thursday, August 29th.

Insider Activity at Okta

In other news, CEO Todd Mckinnon sold 32,516 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $76.22, for a total transaction of $2,478,369.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Larissa Schwartz sold 2,790 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $74.01, for a total value of $206,487.90. Following the completion of the sale, the insider now directly owns 27,713 shares in the company, valued at approximately $2,051,039.13. This trade represents a 9.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 475,789 shares of company stock valued at $35,701,361 over the last three months. 7.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Okta

Several large investors have recently added to or reduced their stakes in OKTA. Marshall Wace LLP boosted its position in shares of Okta by 117.4% during the second quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after buying an additional 1,227,890 shares during the period. Eminence Capital LP boosted its position in Okta by 18.1% during the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock worth $186,225,000 after acquiring an additional 305,381 shares during the period. Primecap Management Co. CA boosted its position in Okta by 0.8% during the 2nd quarter. Primecap Management Co. CA now owns 1,356,216 shares of the company’s stock worth $126,955,000 after acquiring an additional 10,800 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Okta by 1.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,069,452 shares of the company’s stock worth $79,503,000 after purchasing an additional 17,950 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings 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 during the period. 86.64% of the stock is owned by institutional investors and hedge funds.

Okta Trading Down 0.5 %

Shares of Okta stock opened at $76.42 on Monday. Okta has a fifty-two week low of $66.69 and a fifty-two week high of $114.50. The firm has a market cap of $12.98 billion, a PE ratio of -91.46, a P/E/G ratio of 18.73 and a beta of 1.02. The business’s fifty day moving average is $74.82 and its two-hundred day moving average is $85.02. 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 (NASDAQ:OKTA) last released its earnings results on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, beating the consensus estimate of ($0.08) by $0.29. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. The firm had revenue of $646.00 million during the quarter, compared to analyst estimates of $632.24 million. Analysts anticipate that Okta will post 0.19 earnings per share for the current year.

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.