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

Okta (NASDAQ:OKTA - Free Report) had its price target decreased by Mizuho from $135.00 to $130.00 in a research note released on Wednesday,Benzinga reports. Mizuho currently has an outperform rating on the stock.

OKTA has been the topic of a number of other research reports. Stifel Nicolaus lifted their price objective on Okta from $120.00 to $130.00 and gave the stock a "buy" rating in a research report on Wednesday. Morgan Stanley reduced their price target on Okta from $125.00 to $123.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Citigroup upped their price objective on shares of Okta from $100.00 to $110.00 and gave the company a "neutral" rating in a report on Tuesday, March 4th. Westpark Capital reaffirmed a "buy" rating and set a $140.00 target price on shares of Okta in a research note on Wednesday. Finally, Truist Financial boosted their target price on shares of Okta from $92.00 to $100.00 and gave the company a "hold" rating in a report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $121.59.

Okta Price Performance

Shares of Okta stock traded down $3.83 during trading hours on Wednesday, reaching $102.80. The stock had a trading volume of 7,711,011 shares, compared to its average volume of 2,942,376. The stock's 50 day moving average is $109.26 and its 200 day moving average is $96.97. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta has a twelve month low of $70.56 and a twelve month high of $127.57. The firm has a market capitalization of $17.85 billion, a PE ratio of -293.71, a PEG ratio of 6.42 and a beta of 0.96.

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

Insiders Place Their Bets

In related news, CRO Jonathan James Addison sold 7,005 shares of the business's stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $101.19, for a total transaction of $708,835.95. Following the transaction, the executive now directly owns 19,067 shares of the company's stock, valued at approximately $1,929,389.73. The trade was a 26.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Eric Robert Kelleher sold 5,895 shares of the company's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $113.75, for a total transaction of $670,556.25. Following the completion of the transaction, the insider now owns 9,828 shares in the company, valued at approximately $1,117,935. This represents a 37.49% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 154,452 shares of company stock worth $16,347,360. Corporate insiders own 5.68% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Bank of Jackson Hole Trust bought a new stake in shares of Okta in the fourth quarter valued at approximately $25,000. Wolff Wiese Magana LLC increased its position in Okta by 167.4% during the first quarter. Wolff Wiese Magana LLC now owns 246 shares of the company's stock worth $26,000 after acquiring an additional 154 shares during the period. Wayfinding Financial LLC acquired a new position in Okta during the 1st quarter valued at $27,000. Harbour Investments Inc. increased 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 purchasing an additional 157 shares during the period. Finally, Rossby Financial LCC acquired a new position in shares of Okta during the first quarter valued at about $31,000. Institutional investors own 86.64% of the company's stock.

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.