Okta (NASDAQ:OKTA) PT Lowered to $80.00 at Piper Sandler

Okta (NASDAQ:OKTAGet Rating) had its price objective reduced by Piper Sandler from $125.00 to $80.00 in a research report released on Tuesday, The Fly reports. They currently have an overweight rating on the stock.

Several other research firms have also recently weighed in on OKTA. Moffett Nathanson started coverage on shares of Okta in a research note on Thursday, September 22nd. They issued a sell rating and a $71.00 target price for the company. Mizuho reduced their price objective on Okta from $110.00 to $90.00 and set a buy rating for the company in a research report on Thursday, November 10th. Stephens lowered their price objective on Okta from $80.00 to $60.00 and set an equal weight rating on the stock in a research report on Friday, November 11th. BMO Capital Markets cut their target price on Okta from $94.00 to $58.00 and set an outperform rating for the company in a research note on Wednesday, November 9th. Finally, JMP Securities decreased their price target on shares of Okta from $145.00 to $105.00 and set a market outperform rating on the stock in a research note on Monday, November 14th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, Okta currently has a consensus rating of Hold and an average price target of $88.03.

Okta Stock Performance

OKTA opened at $47.97 on Tuesday. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 0.40. The stock’s 50 day moving average price is $53.81 and its two-hundred day moving average price is $77.88. The firm has a market capitalization of $7.62 billion, a P/E ratio of -8.13 and a beta of 1.21. Okta has a 12-month low of $44.12 and a 12-month high of $244.18.

Okta (NASDAQ:OKTAGet Rating) last posted its quarterly earnings data on Wednesday, August 31st. The company reported ($1.19) earnings per share for the quarter, beating the consensus estimate of ($1.41) by $0.22. Okta had a negative return on equity of 13.18% and a negative net margin of 57.21%. The company had revenue of $435.38 million during the quarter, compared to analysts’ expectations of $430.66 million. During the same period in the prior year, the business earned ($1.35) earnings per share. Okta’s revenue for the quarter was up 43.6% compared to the same quarter last year. On average, equities analysts forecast that Okta will post -5.12 earnings per share for the current year.

Insider Activity at Okta

In other Okta news, CFO Brett Tighe sold 2,844 shares of the company’s stock in a transaction on Friday, September 16th. The stock was sold at an average price of $59.39, for a total transaction of $168,905.16. Following the transaction, the chief financial officer now owns 36,337 shares of the company’s stock, valued at approximately $2,158,054.43. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Ledger Susan St. sold 30,760 shares of the firm’s stock in a transaction dated Friday, September 16th. The stock was sold at an average price of $59.39, for a total value of $1,826,836.40. Following the transaction, the insider now owns 39,106 shares in the company, valued at $2,322,505.34. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Brett Tighe sold 2,844 shares of the business’s stock in a transaction dated Friday, September 16th. The stock was sold at an average price of $59.39, for a total value of $168,905.16. Following the sale, the chief financial officer now directly owns 36,337 shares of the company’s stock, valued at $2,158,054.43. The disclosure for this sale can be found here. Insiders sold a total of 59,797 shares of company stock valued at $3,359,843 over the last quarter. Corporate insiders own 7.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Teachers Retirement System of The State of Kentucky acquired a new position in Okta in the third quarter valued at approximately $1,365,000. Seaport Global Advisors LLC raised its position in shares of Okta by 27.7% during the 3rd quarter. Seaport Global Advisors LLC now owns 3,039 shares of the company’s stock valued at $173,000 after acquiring an additional 659 shares during the last quarter. Sunbelt Securities Inc. lifted its stake in shares of Okta by 7.9% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,777 shares of the company’s stock valued at $215,000 after purchasing an additional 277 shares during the period. Industrial Alliance Investment Management Inc. lifted its stake in shares of Okta by 3.9% in the 3rd quarter. Industrial Alliance Investment Management Inc. now owns 9,400 shares of the company’s stock valued at $535,000 after purchasing an additional 357 shares during the period. Finally, National Pension Service boosted its position in shares of Okta by 12.6% in the 3rd quarter. National Pension Service now owns 242,033 shares of the company’s stock worth $13,747,000 after purchasing an additional 27,052 shares during the last quarter. Institutional investors own 75.47% of the company’s stock.

Okta Company Profile

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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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