Okta (NASDAQ:OKTA) Price Target Cut to $125.00 by Analysts at Robert W. Baird

Okta (NASDAQ:OKTAGet Rating) had its target price dropped by investment analysts at Robert W. Baird from $195.00 to $125.00 in a report released on Friday, The Fly reports. Robert W. Baird’s price target would indicate a potential upside of 33.43% from the company’s previous close.

A number of other brokerages have also recently issued reports on OKTA. Morgan Stanley cut their target price on shares of Okta to $150.00 and set a “na” rating for the company in a research report on Wednesday, May 18th. JMP Securities lowered their target price on shares of Okta from $260.00 to $165.00 in a report on Friday. Needham & Company LLC decreased their price objective on shares of Okta from $320.00 to $235.00 and set a “buy” rating for the company in a research note on Thursday, March 3rd. Canaccord Genuity Group reduced their target price on shares of Okta from $320.00 to $215.00 and set a “buy” rating on the stock in a research report on Tuesday, February 22nd. Finally, BTIG Research reduced their target price on shares of Okta from $273.00 to $216.00 in a research report on Sunday, April 3rd. Eight investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, Okta has a consensus rating of “Buy” and a consensus price target of $189.46.

Shares of OKTA opened at $93.68 on Friday. Okta has a twelve month low of $77.01 and a twelve month high of $276.30. The firm’s fifty day simple moving average is $118.87 and its 200-day simple moving average is $170.55. The firm has a market capitalization of $14.68 billion, a price-to-earnings ratio of -16.55 and a beta of 1.18. The company has a current ratio of 2.45, a quick ratio of 2.45 and a debt-to-equity ratio of 0.31.

Okta (NASDAQ:OKTAGet Rating) last issued its quarterly earnings data on Thursday, June 2nd. The company reported ($0.27) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.07. The company had revenue of $414.94 million for the quarter, compared to the consensus estimate of $388.77 million. Okta had a negative net margin of 65.25% and a negative return on equity of 13.61%. Okta’s revenue for the quarter was up 65.3% on a year-over-year basis. During the same period last year, the firm posted ($0.59) EPS. On average, analysts predict that Okta will post -5.37 earnings per share for the current fiscal year.

In related news, CFO Brett Tighe sold 2,858 shares of the firm’s stock in a transaction on Wednesday, March 16th. The stock was sold at an average price of $152.92, for a total value of $437,045.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Christopher K. Kramer sold 1,035 shares of the firm’s stock in a transaction on Wednesday, March 16th. The stock was sold at an average price of $152.92, for a total value of $158,272.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,537 shares of company stock worth $2,984,147. 7.60% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Okta by 2.0% in the first quarter. Vanguard Group Inc. now owns 13,506,847 shares of the company’s stock worth $2,038,994,000 after purchasing an additional 264,423 shares during the period. Capital Research Global Investors lifted its holdings in shares of Okta by 4.9% during the fourth quarter. Capital Research Global Investors now owns 2,819,551 shares of the company’s stock valued at $632,059,000 after acquiring an additional 132,406 shares during the period. Deer Management Co. LLC bought a new position in shares of Okta during the fourth quarter valued at $614,155,000. Sands Capital Management LLC lifted its holdings in shares of Okta by 0.9% during the first quarter. Sands Capital Management LLC now owns 2,633,732 shares of the company’s stock valued at $397,588,000 after acquiring an additional 23,800 shares during the period. Finally, First Trust Advisors LP lifted its holdings in shares of Okta by 4.0% during the first quarter. First Trust Advisors LP now owns 2,320,801 shares of the company’s stock valued at $350,348,000 after acquiring an additional 89,070 shares during the period. 76.18% of the stock is owned by hedge funds and other institutional investors.

Okta Company Profile (Get Rating)

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 Identity Cloud, a platform that offers a suite of products and services, 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 that enables organizations to extend the Okta Identity Cloud from the cloud to their existing on-premise applications; and Advanced Server Access to secure cloud infrastructure.

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