Okta (NASDAQ:OKTA) Price Target Lowered to $165.00 at JMP Securities

Okta (NASDAQ:OKTAGet Rating) had its target price reduced by equities researchers at JMP Securities from $260.00 to $165.00 in a report issued on Friday, The Fly reports. JMP Securities’ price target would suggest a potential upside of 76.13% from the company’s current price.

Other equities analysts have also issued reports about the company. Mizuho cut their price target on Okta from $225.00 to $165.00 and set a “buy” rating for the company in a report on Wednesday, May 18th. Wolfe Research lowered their price objective on Okta from $135.00 to $128.00 in a research report on Friday. Robert W. Baird lowered their price objective on Okta from $230.00 to $195.00 in a research report on Thursday, March 3rd. Morgan Stanley lowered their price objective on Okta to $150.00 and set a “na” rating on the stock in a research report on Wednesday, May 18th. Finally, Stephens began coverage on Okta in a research report on Wednesday, May 25th. They issued an “overweight” rating and a $145.00 price objective on the stock. Eight investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $189.46.

Okta stock opened at $93.68 on Friday. Okta has a one year low of $77.01 and a one year high of $276.30. The business has a fifty day moving average price of $118.87 and a 200-day moving average price of $170.55. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.45 and a quick ratio of 2.45. The firm has a market capitalization of $14.68 billion, a P/E ratio of -16.55 and a beta of 1.18.

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

In other Okta news, CFO Brett Tighe sold 2,858 shares of Okta stock in a transaction that occurred on Wednesday, March 16th. The stock was sold at an average price of $152.92, for a total transaction of $437,045.36. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Christopher K. Kramer sold 1,035 shares of Okta stock in a transaction that occurred on 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 19,537 shares of company stock worth $2,984,147 over the last three months. 7.60% of the stock is owned by insiders.

Institutional investors have recently bought and sold shares of the business. Natixis Advisors L.P. bought a new stake in Okta during the 4th quarter valued at approximately $2,440,000. Frontier Capital Management Co. LLC boosted its position in shares of Okta by 3.7% in the 4th quarter. Frontier Capital Management Co. LLC now owns 370,859 shares of the company’s stock worth $83,135,000 after purchasing an additional 13,309 shares in the last quarter. Advisor Group Holdings Inc. boosted its position in shares of Okta by 6.2% in the 4th quarter. Advisor Group Holdings Inc. now owns 54,677 shares of the company’s stock worth $12,250,000 after purchasing an additional 3,195 shares in the last quarter. Glynn Capital Management LLC boosted its position in shares of Okta by 27.9% in the 4th quarter. Glynn Capital Management LLC now owns 335,282 shares of the company’s stock worth $75,160,000 after purchasing an additional 73,093 shares in the last quarter. Finally, Viridian Ria LLC bought a new stake in shares of Okta in the 4th quarter worth approximately $2,439,000. 76.18% of the stock is currently owned by institutional investors and hedge funds.

About Okta (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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