JPMorgan Chase & Co. Cuts Okta (NASDAQ:OKTA) Price Target to $85.00

Okta (NASDAQ:OKTA) had its target price lowered by JPMorgan Chase & Co. from $105.00 to $85.00 in a research note issued to investors on Friday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other brokerages have also recently weighed in on OKTA. Deutsche Bank Aktiengesellschaft cut Okta from a “buy” rating to a “hold” rating and dropped their price objective for the company from $115.00 to $85.00 in a report on Tuesday, November 12th. Citigroup cut their price objective on shares of Okta from $115.00 to $110.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. Bank of America lowered shares of Okta from a “buy” rating to an “underperform” rating and decreased their target price for the company from $135.00 to $75.00 in a report on Thursday, August 29th. BTIG Research cut their price target on shares of Okta from $128.00 to $98.00 and set a “buy” rating for the company in a report on Thursday, October 17th. Finally, Barclays assumed coverage on shares of Okta in a research report on Tuesday, November 19th. They set an “equal weight” rating and a $81.00 price target on the stock. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $98.45.

Okta Stock Up 1.5 %

NASDAQ OKTA opened at $77.56 on Friday. 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 market cap of $13.17 billion, a price-to-earnings ratio of -92.33, a PEG ratio of 18.99 and a beta of 1.02. The company has a 50 day moving average of $74.94 and a 200-day moving average of $84.67. Okta has a 1-year low of $66.69 and a 1-year high of $114.50.

Insider Buying and Selling at Okta

In other news, insider Larissa Schwartz sold 2,790 shares of the stock in a transaction dated 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 owns 27,713 shares of the company’s stock, valued at approximately $2,051,039.13. This represents a 9.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Todd Mckinnon sold 200,512 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $75.21, for a total value of $15,080,507.52. Following the transaction, the chief executive officer now owns 8,495 shares of the company’s stock, valued at $638,908.95. This trade represents a 95.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 475,789 shares of company stock worth $35,701,361. 7.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Okta

Institutional investors have recently modified their holdings of the company. Advisors Asset Management Inc. boosted its position in Okta by 23.6% during the first quarter. Advisors Asset Management Inc. now owns 1,042 shares of the company’s stock valued at $109,000 after acquiring an additional 199 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Okta by 5.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 101,079 shares of the company’s stock worth $10,575,000 after purchasing an additional 4,823 shares during the period. Tidal Investments LLC increased its holdings in Okta by 15.7% in the first quarter. Tidal Investments LLC now owns 5,405 shares of the company’s stock worth $565,000 after purchasing an additional 734 shares in the last quarter. Swedbank AB acquired a new position in Okta in the first quarter valued at approximately $8,422,000. Finally, Cetera Investment Advisers boosted its holdings in shares of Okta by 87.4% during the 1st quarter. Cetera Investment Advisers now owns 17,265 shares of the company’s stock worth $1,806,000 after buying an additional 8,051 shares in the last quarter. 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.