Barclays Lowers Okta (NASDAQ:OKTA) Price Target to $120.00

Okta (NASDAQ:OKTA - Free Report) had its price objective reduced by Barclays from $135.00 to $120.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have an equal weight rating on the stock.

Other research analysts have also issued reports about the stock. Mizuho boosted their price objective on shares of Okta from $127.00 to $135.00 and gave the stock an "outperform" rating in a research note on Thursday, May 15th. Morgan Stanley reduced their price target on Okta from $125.00 to $123.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Truist Financial upped their price objective on Okta from $92.00 to $100.00 and gave the company a "hold" rating in a research note on Tuesday, March 4th. Royal Bank of Canada raised their price objective on Okta from $115.00 to $120.00 and gave the company an "outperform" rating in a research report on Tuesday, March 4th. Finally, Cantor Fitzgerald assumed coverage on Okta in a report on Monday, March 31st. They set an "overweight" rating and a $130.00 target price on the stock. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $121.59.

Okta Stock Down 3.6%

NASDAQ OKTA traded down $3.83 during trading hours on Wednesday, hitting $102.80. 7,711,011 shares of the company traded hands, compared to its average volume of 2,946,802. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. The business's 50-day moving average is $109.53 and its 200-day moving average is $96.67. The stock has a market capitalization of $17.85 billion, a price-to-earnings ratio of -293.71, a P/E/G ratio of 6.42 and a beta of 0.96. Okta has a twelve month low of $70.56 and a twelve month high of $127.57.

Okta (NASDAQ:OKTA - Get Free Report) last released its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.77 by $0.09. Okta had a positive return on equity of 0.47% and a negative net margin of 1.54%. The company had revenue of $688.00 million during the quarter, compared to the consensus estimate of $680.14 million. During the same quarter in the prior year, the firm posted $0.65 EPS. The firm's revenue for the quarter was up 11.5% compared to the same quarter last year. Sell-side analysts anticipate that Okta will post 0.42 earnings per share for the current year.

Insider Buying and Selling at Okta

In other news, CRO Jonathan James Addison sold 7,005 shares of Okta stock in a transaction on Friday, April 11th. The stock was sold at an average price of $101.19, for a total value of $708,835.95. Following the transaction, the executive now owns 19,067 shares in the company, valued at approximately $1,929,389.73. This trade represents a 26.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Larissa Schwartz sold 11,552 shares of the business's stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total value of $1,317,967.68. Following the transaction, the insider now directly owns 22,125 shares of the company's stock, valued at $2,524,241.25. This trade represents a 34.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 154,452 shares of company stock valued at $16,347,360 in the last ninety days. 5.68% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in Okta by 3.4% during the 1st quarter. Vanguard Group Inc. now owns 17,792,886 shares of the company's stock worth $1,872,167,000 after purchasing an additional 582,956 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Okta by 325.6% during the first quarter. Massachusetts Financial Services Co. MA now owns 3,699,944 shares of the company's stock worth $389,308,000 after buying an additional 2,830,582 shares during the last quarter. Marshall Wace LLP grew its stake in shares of Okta by 35.5% during the fourth quarter. Marshall Wace LLP now owns 3,583,937 shares of the company's stock worth $282,414,000 after buying an additional 938,509 shares during the last quarter. Norges Bank acquired a new position in shares of Okta during the fourth quarter worth $234,992,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Okta by 76.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,748,847 shares of the company's stock worth $289,234,000 after buying an additional 1,189,222 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company's stock.

Okta Company Profile

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.