Okta (NASDAQ:OKTA - Get Free Report) was downgraded by analysts at Bank of America from a "buy" rating to an "underperform" rating in a research note issued to investors on Thursday, Marketbeat reports. They presently have a $75.00 price objective on the stock, down from their previous price objective of $135.00. Bank of America's price objective would indicate a potential downside of 5.67% from the stock's current price.
OKTA has been the subject of several other research reports. Westpark Capital reissued a "buy" rating and issued a $140.00 target price on shares of Okta in a research report on Friday, August 23rd. Susquehanna decreased their target price on Okta from $115.00 to $110.00 and set a "neutral" rating for the company in a research report on Thursday, May 30th. Evercore ISI raised Okta from an "in-line" rating to an "outperform" rating and increased their target price for the stock from $102.00 to $122.00 in a research report on Thursday, May 30th. JPMorgan Chase & Co. upped their price target on Okta from $105.00 to $110.00 and gave the stock a "neutral" rating in a research note on Thursday, May 30th. Finally, Guggenheim restated a "buy" rating and issued a $130.00 price target on shares of Okta in a research note on Tuesday, June 25th. One analyst has rated the stock with a sell rating, nineteen have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $104.81.
Read Our Latest Stock Analysis on Okta
Okta Trading Down 17.6 %
OKTA stock traded down $17.03 during trading on Thursday, hitting $79.51. 14,462,129 shares of the company traded hands, compared to its average volume of 1,888,625. The firm has a market capitalization of $13.38 billion, a PE ratio of -48.38 and a beta of 1.03. Okta has a 1 year low of $65.04 and a 1 year high of $114.50. The company has a 50-day moving average of $93.37 and a 200-day moving average of $95.54. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.73 and a current ratio of 1.73.
Okta (NASDAQ:OKTA - Get Free Report) last released its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, beating analysts' consensus estimates of ($0.08) by $0.29. The business had revenue of $646.00 million during the quarter, compared to analyst estimates of $632.24 million. Okta had a negative return on equity of 3.81% and a negative net margin of 11.69%. Analysts predict that Okta will post -0.28 earnings per share for the current fiscal year.
Insider Buying and Selling at Okta
In related news, CEO Todd Mckinnon sold 179,687 shares of the stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $93.42, for a total transaction of $16,786,359.54. Following the completion of the transaction, the chief executive officer now owns 47,883 shares of the company's stock, valued at approximately $4,473,229.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Todd Mckinnon sold 179,687 shares of the stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $93.42, for a total transaction of $16,786,359.54. Following the completion of the transaction, the chief executive officer now owns 47,883 shares of the company's stock, valued at approximately $4,473,229.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jacques Frederic Kerrest sold 26,618 shares of the stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $100.29, for a total transaction of $2,669,519.22. The disclosure for this sale can be found here. In the last quarter, insiders sold 365,051 shares of company stock worth $34,411,773. Insiders own 7.00% of the company's stock.
Institutional Investors Weigh In On Okta
A number of hedge funds and other institutional investors have recently modified their holdings of the company. International Assets Investment Management LLC raised its stake in Okta by 7,678.0% during the 4th quarter. International Assets Investment Management LLC now owns 27,612 shares of the company's stock worth $2,500,000 after acquiring an additional 27,257 shares in the last quarter. GAMMA Investing LLC acquired a new stake in Okta during the 4th quarter worth $29,000. Atria Wealth Solutions Inc. raised its stake in Okta by 126.5% during the 4th quarter. Atria Wealth Solutions Inc. now owns 5,580 shares of the company's stock worth $505,000 after acquiring an additional 3,116 shares in the last quarter. Gilbert & Cook Inc. raised its stake in Okta by 21.4% during the 4th quarter. Gilbert & Cook Inc. now owns 15,196 shares of the company's stock worth $1,376,000 after acquiring an additional 2,676 shares in the last quarter. Finally, Fisher Asset Management LLC acquired a new stake in Okta during the 4th quarter worth $317,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.
Okta Company Profile
(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.
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