Okta (NASDAQ:OKTA) Price Target Cut to $85.00 by Analysts at JPMorgan Chase & Co.

Okta (NASDAQ:OKTA - Get Free Report) had its target price cut by equities research analysts at JPMorgan Chase & Co. from $105.00 to $85.00 in a research report issued on Friday,Benzinga reports. The firm presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 9.59% from the company's previous close.

Several other equities research analysts also recently issued reports on the company. Barclays assumed coverage on Okta in a report on Tuesday, November 19th. They issued an "equal weight" rating and a $81.00 price target for the company. Canaccord Genuity Group decreased their price target on Okta from $90.00 to $82.00 and set a "hold" rating for the company in a research note on Friday, October 18th. BTIG Research lowered their target price on shares of Okta from $128.00 to $98.00 and set a "buy" rating on the stock in a report on Thursday, October 17th. Susquehanna cut their price target on shares of Okta from $110.00 to $85.00 and set a "neutral" rating for the company in a research note on Thursday, September 5th. Finally, The Goldman Sachs Group lowered their price objective on shares of Okta from $113.00 to $97.00 and set a "buy" rating on the stock in a research note on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $97.63.

Okta Stock Performance

OKTA traded up $1.14 during midday trading on Friday, reaching $77.56. The company's stock had a trading volume of 2,132,567 shares, compared to its average volume of 1,964,999. Okta has a twelve month low of $66.69 and a twelve month high of $114.50. The company has a fifty day simple moving average of $74.94 and a 200 day simple moving average of $84.76. The stock has a market cap of $13.17 billion, a P/E ratio of -92.33, a PEG ratio of 18.71 and a beta of 1.02. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18.

Okta (NASDAQ:OKTA - Get Free Report) last announced its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.29. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. The firm had revenue of $646.00 million during the quarter, compared to the consensus estimate of $632.24 million. Research analysts expect that Okta will post 0.19 earnings per share for the current year.

Insiders Place Their Bets

In related news, CRO Jonathan James Addison sold 9,850 shares of the company's stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $77.63, for a total value of $764,655.50. Following the transaction, the executive now owns 14,601 shares in the company, valued at approximately $1,133,475.63. This represents a 40.28 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Larissa Schwartz sold 2,790 shares of Okta stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $74.01, for a total transaction of $206,487.90. Following the completion of the sale, the insider now owns 27,713 shares of the company's stock, valued at $2,051,039.13. This trade represents a 9.15 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 475,789 shares of company stock valued at $35,701,361. 7.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in OKTA. Itau Unibanco Holding S.A. acquired a new position in Okta in the third quarter valued at $25,000. Future Financial Wealth Managment LLC bought a new stake in shares of Okta in the 3rd quarter valued at $26,000. Blue Trust Inc. lifted its position in shares of Okta by 105.5% during the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company's stock valued at $28,000 after acquiring an additional 191 shares during the period. Legacy Investment Solutions LLC bought a new position in Okta during the third quarter worth $32,000. Finally, EverSource Wealth Advisors LLC grew its holdings in Okta by 71.4% in the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company's stock worth $36,000 after purchasing an additional 142 shares during the period. Institutional investors 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.