Okta (NASDAQ:OKTA) PT Lowered to $115.00 at Stifel Nicolaus

Okta (NASDAQ:OKTA – Get Rating) had its target price cut by analysts at Stifel Nicolaus from $195.00 to $115.00 in a note issued to investors on Friday, The Fly reports. Stifel Nicolaus’ price objective indicates a potential upside of 22.76% from the stock’s previous close.

Several other brokerages have also commented on OKTA. Citigroup upped their price target on Okta from $105.00 to $130.00 in a research note on Friday. DA Davidson dropped their price target on Okta from $225.00 to $125.00 in a research note on Thursday, May 12th. Oppenheimer lowered 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. Stephens initiated coverage on Okta in a research note on Wednesday, May 25th. They issued an “overweight” rating and a $145.00 target price for the company. Finally, Truist Financial lowered Okta from a “buy” rating to a “hold” rating and lowered their target price for the company from $270.00 to $170.00 in a research note on Tuesday, March 22nd. Eight investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, Okta currently has a consensus rating of “Buy” and a consensus price target of $183.04.

NASDAQ OKTA opened at $93.68 on Friday. The company has a market capitalization of $14.68 billion, a PE 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. The business’s 50-day moving average price is $118.87 and its 200 day moving average price is $170.55. Okta has a twelve month low of $77.01 and a twelve month high of $276.30.

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

In related news, CFO Brett Tighe sold 2,858 shares of the firm’s stock in a transaction that occurred 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 filing with the SEC, which is accessible through the SEC website. Also, General Counsel Jonathan T. Runyan sold 2,010 shares of the firm’s stock in a transaction that occurred on Wednesday, March 16th. The stock was sold at an average price of $152.92, for a total value of $307,369.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,537 shares of company stock worth $2,984,147. 7.60% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in OKTA. Deer Management Co. LLC acquired a new stake in Okta in the 4th quarter valued at approximately $614,155,000. Capital Research Global Investors increased its position in Okta by 2,405.2% in the 3rd quarter. Capital Research Global Investors now owns 2,687,145 shares of the company’s stock valued at $637,767,000 after acquiring an additional 2,579,882 shares during the period. Norges Bank acquired a new stake in Okta in the 4th quarter valued at approximately $240,716,000. Atreides Management LP acquired a new stake in Okta in the 4th quarter valued at approximately $174,716,000. Finally, Janus Henderson Group PLC increased its position in Okta by 240.4% in the 3rd quarter. Janus Henderson Group PLC now owns 864,516 shares of the company’s stock valued at $205,184,000 after acquiring an additional 610,573 shares during the period. 76.18% of the stock is currently owned by institutional investors and hedge funds.

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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