Okta (NASDAQ:OKTA) Price Target Lowered to $112.00 at BMO Capital Markets

Key Points

• BMO Capital Markets has lowered Okta's price target from $132.00 to $112.00, maintaining a "market perform" rating, which suggests a potential upside of 22.32%.
• Okta's stock has seen varied analyst ratings, with 22 having a "Buy," 12 a "Hold," and 3 a "Sell," resulting in a consensus target price of $118.19.
• Despite the recent decrease in price targets, Okta reported better-than-expected quarterly earnings of $0.86 per share, surpassing analysts' estimates of $0.77.

Okta (NASDAQ:OKTA - Get Free Report) had its price objective decreased by analysts at BMO Capital Markets from $132.00 to $112.00 in a research report issued on Wednesday,Briefing.com Automated Import reports. The brokerage presently has a "market perform" rating on the stock. BMO Capital Markets' price objective indicates a potential upside of 22.32% from the stock's previous close.

Other research analysts have also recently issued reports about the stock. Barclays cut their price target on shares of Okta from $120.00 to $100.00 and set an "equal weight" rating on the stock in a report on Monday, August 18th. Guggenheim reissued a "buy" rating and set a $138.00 price target on shares of Okta in a research report on Monday, August 18th. Westpark Capital reaffirmed a "buy" rating and issued a $140.00 price objective on shares of Okta in a research report on Wednesday, May 28th. Mizuho decreased their price objective on shares of Okta from $135.00 to $130.00 and set an "outperform" rating for the company in a research report on Wednesday, May 28th. Finally, BTIG Research reiterated a "buy" rating on shares of Okta in a report on Thursday, May 22nd. Twenty-two research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $118.19.

Okta Trading Up 0.2%

OKTA stock opened at $91.56 on Wednesday. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.05. Okta has a twelve month low of $70.56 and a twelve month high of $127.57. The stock has a market capitalization of $16.03 billion, a price-to-earnings ratio of 145.34, a price-to-earnings-growth ratio of 4.42 and a beta of 0.80. The firm's fifty day simple moving average is $95.32 and its two-hundred day simple moving average is $102.39.

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, beating analysts' consensus estimates of $0.77 by $0.09. Okta had a net margin of 4.85% and a return on equity of 2.79%. The business had revenue of $688.00 million for the quarter, compared to analysts' expectations of $680.14 million. During the same quarter in the previous year, the business posted $0.65 earnings per share. The business's revenue was up 11.5% compared to the same quarter last year. As a group, analysts anticipate that Okta will post 0.42 earnings per share for the current year.

Insider Buying and Selling at Okta

In other news, insider Larissa Schwartz sold 2,244 shares of the business's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $100.00, for a total transaction of $224,400.00. Following the completion of the transaction, the insider directly owned 23,640 shares of the company's stock, valued at approximately $2,364,000. The trade was a 8.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Todd Mckinnon sold 31,592 shares of the business's stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $95.30, for a total value of $3,010,717.60. Following the transaction, the chief executive officer directly owned 20,682 shares of the company's stock, valued at approximately $1,970,994.60. This represents a 60.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 88,594 shares of company stock valued at $8,382,790. 5.68% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Okta

Several institutional investors have recently added to or reduced their stakes in the business. TD Private Client Wealth LLC boosted its holdings in shares of Okta by 19.6% in the first quarter. TD Private Client Wealth LLC now owns 561 shares of the company's stock valued at $59,000 after acquiring an additional 92 shares during the period. Allworth Financial LP raised its position in Okta by 5.7% in the first quarter. Allworth Financial LP now owns 1,708 shares of the company's stock worth $173,000 after acquiring an additional 92 shares in the last quarter. Smartleaf Asset Management LLC raised its position in Okta by 12.6% in the first quarter. Smartleaf Asset Management LLC now owns 824 shares of the company's stock worth $89,000 after acquiring an additional 92 shares in the last quarter. GPS Wealth Strategies Group LLC raised its position in Okta by 7.2% in the first quarter. GPS Wealth Strategies Group LLC now owns 1,484 shares of the company's stock worth $156,000 after acquiring an additional 100 shares in the last quarter. Finally, First Horizon Advisors Inc. raised its position in Okta by 18.9% in the first quarter. First Horizon Advisors Inc. now owns 678 shares of the company's stock worth $71,000 after acquiring an additional 108 shares in the last quarter. Hedge funds and other 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.

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