Okta (NASDAQ:OKTA) Price Target Lowered to $80.00 at Wells Fargo & Company

Okta (NASDAQ:OKTA) had its price target cut by equities researchers at Wells Fargo & Company from $95.00 to $80.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 14.91% from the company’s current price.

Other equities analysts have also issued reports about the stock. JMP Securities reissued a “market outperform” rating and set a $110.00 price objective on shares of Okta in a report on Friday, October 6th. Mizuho boosted their price target on Okta from $90.00 to $93.00 and gave the stock a “buy” rating in a research report on Thursday, August 31st. Macquarie upped their price objective on Okta from $83.00 to $85.00 and gave the stock a “neutral” rating in a research note on Thursday, August 31st. Stephens reiterated an “equal weight” rating and issued a $90.00 target price on shares of Okta in a research note on Thursday, August 31st. Finally, Citigroup increased their price target on shares of Okta from $87.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, September 6th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat, Okta has an average rating of “Moderate Buy” and a consensus price target of $90.35.

Okta Stock Down 1.1 %

Shares of NASDAQ:OKTA opened at $69.62 on Friday. The business’s 50 day moving average is $77.49 and its 200 day moving average is $75.70. The stock has a market cap of $11.42 billion, a P/E ratio of -18.87 and a beta of 0.97. Okta has a 52-week low of $46.78 and a 52-week high of $91.50. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.26.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Wednesday, August 30th. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.09. Okta had a negative return on equity of 9.40% and a negative net margin of 28.66%. The firm had revenue of $556.00 million during the quarter, compared to the consensus estimate of $534.67 million. During the same period in the previous year, the company posted ($1.19) earnings per share. The firm’s quarterly revenue was up 23.0% on a year-over-year basis. Sell-side analysts predict that Okta will post -2.85 EPS for the current year.

Insider Activity at Okta

In other Okta news, CEO Todd Mckinnon sold 7,471 shares of the stock in a transaction on Monday, September 18th. The shares were sold at an average price of $83.01, for a total transaction of $620,167.71. Following the transaction, the chief executive officer now directly owns 35,641 shares of the company’s stock, valued at $2,958,559.41. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Todd Mckinnon sold 7,471 shares of the firm’s stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $83.01, for a total value of $620,167.71. Following the transaction, the chief executive officer now owns 35,641 shares in the company, valued at $2,958,559.41. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Larissa Schwartz sold 2,334 shares of the business’s stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $70.00, for a total value of $163,380.00. Following the sale, the insider now owns 21,477 shares of the company’s stock, valued at $1,503,390. The disclosure for this sale can be found here. In the last quarter, insiders have sold 23,417 shares of company stock valued at $1,920,707. 7.36% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Norges Bank purchased a new position in Okta during the fourth quarter worth approximately $99,063,000. Champlain Investment Partners LLC boosted its position in shares of Okta by 41.7% during the 2nd quarter. Champlain Investment Partners LLC now owns 4,159,017 shares of the company’s stock valued at $288,428,000 after acquiring an additional 1,224,405 shares during the last quarter. Whale Rock Capital Management LLC grew its holdings in shares of Okta by 114.1% in the second quarter. Whale Rock Capital Management LLC now owns 1,428,363 shares of the company’s stock valued at $99,057,000 after purchasing an additional 761,082 shares during the period. Artemis Investment Management LLP acquired a new stake in Okta during the first quarter worth about $48,772,000. Finally, Schonfeld Strategic Advisors LLC raised its stake in Okta by 685.3% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 604,684 shares of the company’s stock worth $41,318,000 after purchasing an additional 527,684 shares during the period. 77.52% of the stock is owned by hedge funds and other institutional investors.

Okta Company Profile

Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta's, a suite of products and services is used to manage and secure identities, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway enables organizations to extend the Workforce Identity Cloud; Advanced Server Access to manage and secure cloud infrastructure; and Okta Identity Governance, an identity access management and identity governance solutions.