Guggenheim Issues Pessimistic Forecast for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA - Free Report) had its price objective cut by Guggenheim from $140.00 to $138.00 in a report released on Wednesday, MarketBeat.com reports. They currently have a buy rating on the stock.

Several other equities analysts have also recently commented on the company. Morgan Stanley cut 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. DA Davidson cut their price target on Okta from $145.00 to $140.00 and set a "buy" rating for the company in a report on Wednesday. Royal Bank of Canada cut their price target on Okta from $143.00 to $135.00 and set an "outperform" rating for the company in a report on Wednesday. JPMorgan Chase & Co. upped their price target on Okta from $120.00 to $140.00 and gave the company an "overweight" rating in a report on Friday, May 23rd. Finally, Needham & Company LLC upped their price target on Okta from $115.00 to $125.00 and gave the company a "buy" rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twenty-one have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $121.83.

Okta Stock Performance

Shares of NASDAQ OKTA traded up $1.41 during trading hours on Wednesday, hitting $106.63. 9,719,647 shares of the company's stock were exchanged, compared to its average volume of 2,955,132. Okta has a 1-year low of $70.56 and a 1-year high of $127.57. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34. The stock has a market capitalization of $18.51 billion, a price-to-earnings ratio of -304.66, a PEG ratio of 6.42 and a beta of 0.96. The company's 50-day moving average price is $109.53 and its 200-day moving average price is $96.67.

Okta (NASDAQ:OKTA - Get Free Report) last posted its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, topping 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 business had revenue of $688.00 million during the quarter, compared to analysts' expectations of $680.14 million. During the same quarter in the previous year, the firm earned $0.65 EPS. The firm's revenue was up 11.5% compared to the same quarter last year. On average, sell-side analysts expect that Okta will post 0.42 earnings per share for the current fiscal year.

Insider Buying and Selling at Okta

In other Okta news, insider Larissa Schwartz sold 11,552 shares of the 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 in the company, valued at approximately $2,524,241.25. This trade represents a 34.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Jonathan James Addison sold 7,005 shares of the stock in a transaction on Friday, April 11th. The shares were sold at an average price of $101.19, for a total value of $708,835.95. Following the completion of the transaction, the executive now directly 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 154,452 shares of company stock worth $16,347,360. Insiders own 5.68% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Wolff Wiese Magana LLC lifted its stake in shares of Okta by 167.4% in the 1st quarter. Wolff Wiese Magana LLC now owns 246 shares of the company's stock valued at $26,000 after purchasing an additional 154 shares during the period. Wayfinding Financial LLC acquired a new position in shares of Okta in the 1st quarter valued at $27,000. Harbour Investments Inc. lifted its stake in shares of Okta by 152.4% in the 1st quarter. Harbour Investments Inc. now owns 260 shares of the company's stock valued at $27,000 after purchasing an additional 157 shares during the period. Rossby Financial LCC acquired a new position in shares of Okta in the 1st quarter valued at $31,000. Finally, Bank of Jackson Hole Trust acquired a new position in shares of Okta in the 4th quarter valued at $25,000. 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.