Okta (NASDAQ:OKTA) Price Target Lowered to $150.00 at Piper Sandler

Okta (NASDAQ:OKTAGet Rating) had its price objective dropped by equities research analysts at Piper Sandler from $270.00 to $150.00 in a report issued on Friday, The Fly reports. Piper Sandler’s target price points to a potential upside of 60.12% from the company’s previous close.

Other equities analysts also recently issued reports about the company. Oppenheimer cut their target price on Okta from $295.00 to $250.00 and set an “outperform” rating for the company in a research note on Thursday, March 3rd. Deutsche Bank Aktiengesellschaft lowered their price target on Okta from $250.00 to $195.00 and set a “buy” rating on the stock in a report on Thursday, March 3rd. Stifel Nicolaus lowered their price target on Okta from $200.00 to $195.00 and set a “hold” rating on the stock in a report on Monday, March 21st. Mizuho lowered their price target on Okta from $225.00 to $165.00 and set a “buy” rating on the stock in a report on Wednesday, May 18th. Finally, Needham & Company LLC lowered their price target on Okta from $320.00 to $235.00 and set a “buy” rating on the stock in a report on Thursday, March 3rd. Eight equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $189.46.

OKTA opened at $93.68 on Friday. The business has a 50 day moving average price of $118.87 and a two-hundred day moving average price of $170.55. The company has a quick ratio of 2.45, a current ratio of 2.45 and a debt-to-equity ratio of 0.31. The company has a market cap of $14.68 billion, a PE ratio of -16.55 and a beta of 1.18. Okta has a 52 week low of $77.01 and a 52 week high of $276.30.

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

In other Okta news, CFO Brett Tighe sold 2,858 shares of the firm’s stock in a transaction dated Wednesday, March 16th. The stock was sold at an average price of $152.92, for a total value of $437,045.36. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Christopher K. Kramer sold 1,035 shares of the firm’s stock in a transaction dated Wednesday, March 16th. The shares were 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. Insiders sold a total of 19,537 shares of company stock worth $2,984,147 over the last ninety days. Corporate insiders own 7.60% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. Penserra Capital Management LLC raised its position in Okta by 10.0% in the third quarter. Penserra Capital Management LLC now owns 439 shares of the company’s stock valued at $104,000 after purchasing an additional 40 shares during the period. Aristotle Atlantic Partners LLC grew its stake in shares of Okta by 4.0% during the third quarter. Aristotle Atlantic Partners LLC now owns 1,413 shares of the company’s stock valued at $335,000 after acquiring an additional 54 shares in the last quarter. Metropolitan Life Insurance Co NY grew its stake in shares of Okta by 0.7% during the fourth quarter. Metropolitan Life Insurance Co NY now owns 8,388 shares of the company’s stock valued at $1,880,000 after acquiring an additional 58 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Okta by 1.8% during the third quarter. The Manufacturers Life Insurance Company now owns 3,324 shares of the company’s stock valued at $789,000 after acquiring an additional 60 shares in the last quarter. Finally, FUKOKU MUTUAL LIFE INSURANCE Co grew its stake in shares of Okta by 5.7% during the fourth quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 1,120 shares of the company’s stock valued at $251,000 after acquiring an additional 60 shares in the last quarter. 76.18% of the stock is currently owned by 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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