JPMorgan Chase & Co. Has Lowered Expectations for Okta (NASDAQ:OKTA) Stock Price

Key Points

• JPMorgan cut its price target for Okta from $140 to $115 but maintained an "overweight" rating, signaling lowered near‑term expectations while remaining positive.
• Analysts collectively rate Okta a "Moderate Buy" with an average target of about $115.94, implying roughly a 44% upside from the recent close according to JPMorgan.
• Okta shares were trading around $79.99, well below analyst targets, and insiders (including the CEO and CFO) have sold stock recently, while institutional ownership sits high at about 86.6%.

Okta (NASDAQ:OKTA - Get Free Report) had its price objective cut by equities research analysts at JPMorgan Chase & Co. from $140.00 to $115.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 43.76% from the company's previous close.

Several other analysts also recently weighed in on the stock. Royal Bank Of Canada reissued an "outperform" rating and issued a $115.00 price target on shares of Okta in a research note on Friday, September 26th. Scotiabank decreased their price objective on Okta from $115.00 to $105.00 and set a "sector perform" rating on the stock in a report on Wednesday, August 27th. Barclays lowered their target price on Okta from $112.00 to $95.00 and set an "equal weight" rating for the company in a research note on Tuesday, November 18th. Sanford C. Bernstein restated an "outperform" rating on shares of Okta in a report on Monday. Finally, Mizuho reduced their price target on Okta from $120.00 to $110.00 and set an "outperform" rating on the stock in a research report on Monday, November 17th. Twenty-three investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, Okta presently has a consensus rating of "Moderate Buy" and an average target price of $115.94.

Okta Trading Down 0.4%

Shares of OKTA stock traded down $0.34 during trading hours on Monday, hitting $79.99. 748,386 shares of the company's stock were exchanged, compared to its average volume of 3,333,773. The company has a market capitalization of $14.00 billion, a PE ratio of 94.18, a PEG ratio of 3.94 and a beta of 0.78. Okta has a 12-month low of $76.35 and a 12-month high of $127.57. The business's 50 day simple moving average is $87.50 and its 200-day simple moving average is $94.70.

Insider Activity at Okta

In other Okta news, CEO Todd Mckinnon sold 31,968 shares of the stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $92.33, for a total value of $2,951,605.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brett Tighe sold 10,000 shares of Okta stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $95.00, for a total value of $950,000.00. Following the completion of the sale, the chief financial officer owned 133,336 shares in the company, valued at approximately $12,666,920. This represents a 6.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 64,975 shares of company stock worth $6,011,126 over the last 90 days. 5.68% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Pinnacle Bancorp Inc. bought a new position in Okta in the second quarter worth about $26,000. Root Financial Partners LLC bought a new stake in Okta during the 3rd quarter valued at approximately $26,000. Harbour Investments Inc. grew its holdings in shares of Okta by 152.4% during the 1st quarter. Harbour Investments Inc. now owns 260 shares of the company's stock worth $27,000 after acquiring an additional 157 shares during the period. Promus Capital LLC purchased a new position in shares of Okta during the 2nd quarter worth approximately $27,000. Finally, Kiker Wealth Management LLC raised its position in shares of Okta by 1,159.3% in the 2nd quarter. Kiker Wealth Management LLC now owns 340 shares of the company's stock worth $34,000 after acquiring an additional 313 shares in the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

About Okta

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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