UBS Group Trims Okta (NASDAQ:OKTA) Target Price to $120.00

Okta (NASDAQ:OKTAFree Report) had its price target cut by UBS Group from $130.00 to $120.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts have also issued reports about the company. Evercore ISI raised Okta from an in-line rating to an outperform rating and boosted their target price for the stock from $102.00 to $122.00 in a research report on Thursday. Robert W. Baird upped their price target on Okta from $90.00 to $108.00 and gave the company an outperform rating in a research report on Thursday, February 29th. Needham & Company LLC reissued a buy rating and set a $130.00 price target on shares of Okta in a research report on Thursday. Royal Bank of Canada upped their price target on Okta from $95.00 to $125.00 and gave the company an outperform rating in a research report on Thursday, February 29th. Finally, The Goldman Sachs Group upped their price target on Okta from $105.00 to $120.00 and gave the company a buy rating in a research report on Thursday, February 29th. Nineteen equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of Hold and an average target price of $104.81.

Read Our Latest Analysis on OKTA

Okta Stock Down 7.8 %

Shares of Okta stock opened at $88.81 on Thursday. The stock’s fifty day moving average is $98.33 and its 200-day moving average is $90.20. The firm has a market capitalization of $14.87 billion, a PE ratio of -40.93 and a beta of 0.98. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.20. Okta has a 12-month low of $65.04 and a 12-month high of $114.50.

Okta (NASDAQ:OKTAGet Free Report) last announced its earnings results on Wednesday, February 28th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.35. The company had revenue of $605.00 million for the quarter, compared to analyst estimates of $586.25 million. Okta had a negative return on equity of 5.69% and a negative net margin of 15.69%. Equities analysts anticipate that Okta will post -1.51 earnings per share for the current year.

Insider Activity at Okta

In related news, Director Shellye L. Archambeau sold 5,000 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $106.96, for a total transaction of $534,800.00. Following the completion of the sale, the director now owns 6,042 shares in the company, valued at approximately $646,252.32. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Shellye L. Archambeau sold 5,000 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $106.96, for a total transaction of $534,800.00. Following the completion of the sale, the director now owns 6,042 shares in the company, valued at approximately $646,252.32. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Shibu Ninan sold 4,279 shares of the stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $104.14, for a total value of $445,615.06. Following the sale, the chief accounting officer now owns 4,111 shares of the company’s stock, valued at approximately $428,119.54. The disclosure for this sale can be found here. 7.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Okta

Several large investors have recently added to or reduced their stakes in OKTA. Principal Financial Group Inc. raised its holdings in Okta by 6.0% in the 3rd quarter. Principal Financial Group Inc. now owns 12,339 shares of the company’s stock valued at $1,006,000 after acquiring an additional 694 shares in the last quarter. NBC Securities Inc. acquired a new stake in Okta during the 3rd quarter valued at $27,000. Versor Investments LP bought a new position in Okta in the 3rd quarter valued at $313,000. Sigma Planning Corp boosted its position in Okta by 20.5% in the 3rd quarter. Sigma Planning Corp now owns 4,177 shares of the company’s stock valued at $340,000 after buying an additional 710 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new position in Okta in the 3rd quarter valued at $39,000. Institutional investors and hedge funds own 86.64% of the company’s stock.

About Okta

(Get Free Report)

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.

Further Reading

Analyst Recommendations for Okta (NASDAQ:OKTA)

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