Shares of Okta, Inc. (NASDAQ:OKTA – Get Free Report) gapped down prior to trading on Thursday after Jefferies Financial Group lowered their price target on the stock from $110.00 to $100.00. The stock had previously closed at $96.54, but opened at $83.01. Jefferies Financial Group currently has a hold rating on the stock. Okta shares last traded at $79.94, with a volume of 5,388,864 shares.
OKTA has been the subject of several other research reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $125.00 price objective on shares of Okta in a report on Thursday. Piper Sandler cut their price target on Okta from $110.00 to $100.00 and set a “neutral” rating for the company in a research note on Thursday. Citigroup lowered their price objective on shares of Okta from $115.00 to $110.00 and set a “neutral” rating on the stock in a research note on Thursday. Evercore ISI upgraded shares of Okta from an “in-line” rating to an “outperform” rating and boosted their target price for the company from $102.00 to $122.00 in a research report on Thursday, May 30th. Finally, Susquehanna decreased their price target on shares of Okta from $115.00 to $110.00 and set a “neutral” rating on the stock in a research report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $104.81.
Insider Activity
In other Okta news, CEO Todd Mckinnon sold 179,687 shares of Okta stock in a transaction on Friday, July 19th. The shares were sold at an average price of $93.42, for a total transaction of $16,786,359.54. Following the completion of the transaction, the chief executive officer now directly owns 47,883 shares of the company’s stock, valued at $4,473,229.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Jacques Frederic Kerrest sold 1,552 shares of the business’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $86.99, for a total transaction of $135,008.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Todd Mckinnon sold 179,687 shares of the stock in a transaction on Friday, July 19th. The stock was sold at an average price of $93.42, for a total value of $16,786,359.54. Following the completion of the sale, the chief executive officer now owns 47,883 shares in the company, valued at approximately $4,473,229.86. The disclosure for this sale can be found here. Insiders sold 365,051 shares of company stock valued at $34,411,773 in the last ninety days. Insiders own 7.00% of the company’s stock.
Hedge Funds Weigh In On Okta
A number of institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC increased its stake in shares of Okta by 7,678.0% during the fourth quarter. International Assets Investment Management LLC now owns 27,612 shares of the company’s stock valued at $2,500,000 after buying an additional 27,257 shares during the period. GAMMA Investing LLC purchased a new position in Okta during the 4th quarter valued at about $29,000. Atria Wealth Solutions Inc. raised its holdings in shares of Okta by 126.5% in the 4th quarter. Atria Wealth Solutions Inc. now owns 5,580 shares of the company’s stock valued at $505,000 after purchasing an additional 3,116 shares in the last quarter. Gilbert & Cook Inc. lifted its position in shares of Okta by 21.4% in the 4th quarter. Gilbert & Cook Inc. now owns 15,196 shares of the company’s stock worth $1,376,000 after purchasing an additional 2,676 shares during the period. Finally, Andar Capital Management HK Ltd purchased a new stake in shares of Okta in the 4th quarter worth approximately $3,531,000. 86.64% of the stock is owned by hedge funds and other institutional investors.
Okta Trading Down 17.6 %
The stock has a market capitalization of $13.38 billion, a P/E ratio of -48.38 and a beta of 1.03. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.19. The stock’s 50 day moving average price is $93.37 and its 200-day moving average price is $95.54.
Okta (NASDAQ:OKTA – Get Free Report) last issued its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.29. The company had revenue of $646.00 million for the quarter, compared to the consensus estimate of $632.24 million. Okta had a negative return on equity of 3.81% and a negative net margin of 11.69%. As a group, equities research analysts expect that Okta, Inc. will post -0.28 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.
