Okta (NASDAQ:OKTA) Shares Gap Down on Analyst Downgrade

Okta, Inc. (NASDAQ:OKTA - Get Free Report)'s stock price gapped down before the market opened on Wednesday after Mizuho lowered their price target on the stock from $135.00 to $130.00. The stock had previously closed at $125.50, but opened at $109.15. Mizuho currently has an outperform rating on the stock. Okta shares last traded at $109.91, with a volume of 8,754,279 shares trading hands.

Other research analysts have also recently issued research reports about the company. Evercore ISI boosted their price target on Okta from $122.00 to $130.00 and gave the stock an "outperform" rating in a research note on Wednesday. Loop Capital started coverage on Okta in a research note on Monday, May 5th. They issued a "buy" rating and a $140.00 price target for the company. JMP Securities restated a "market perform" rating on shares of Okta in a research note on Wednesday. Scotiabank boosted their price target on Okta from $109.00 to $115.00 and gave the stock a "sector perform" rating in a research note on Wednesday. Finally, Susquehanna boosted their price target on Okta from $95.00 to $105.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $121.83.

Insider Transactions at Okta

In other news, insider Eric Robert Kelleher sold 5,895 shares of the company's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $113.75, for a total value of $670,556.25. Following the completion of the transaction, the insider now owns 9,828 shares of the company's stock, valued at $1,117,935. This represents a 37.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Jacques Frederic Kerrest sold 130,000 shares of the company's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $105.00, for a total value of $13,650,000.00. The disclosure for this sale can be found here. Insiders sold a total of 154,452 shares of company stock valued at $16,347,360 over the last 90 days. Company insiders own 5.68% of the company's stock.

Hedge Funds Weigh In On Okta

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. TD Private Client Wealth LLC boosted its stake in Okta by 19.6% during the first quarter. TD Private Client Wealth LLC now owns 561 shares of the company's stock valued at $59,000 after buying an additional 92 shares during the last quarter. Allworth Financial LP boosted its stake in Okta by 5.7% during the first quarter. Allworth Financial LP now owns 1,708 shares of the company's stock valued at $173,000 after buying an additional 92 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in Okta by 12.6% during the first quarter. Smartleaf Asset Management LLC now owns 824 shares of the company's stock valued at $89,000 after buying an additional 92 shares during the last quarter. GPS Wealth Strategies Group LLC boosted its stake in Okta by 7.2% during the first quarter. GPS Wealth Strategies Group LLC now owns 1,484 shares of the company's stock valued at $156,000 after buying an additional 100 shares during the last quarter. Finally, Frank Rimerman Advisors LLC boosted its stake in Okta by 2.4% during the fourth quarter. Frank Rimerman Advisors LLC now owns 4,465 shares of the company's stock valued at $352,000 after buying an additional 105 shares during the last quarter. 86.64% of the stock is owned by institutional investors.

Okta Stock Performance

The business has a 50 day moving average of $109.53 and a 200 day moving average of $96.67. The company has a market capitalization of $18.51 billion, a P/E ratio of -304.66, a price-to-earnings-growth ratio of 6.42 and a beta of 0.96. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06.

Okta (NASDAQ:OKTA - Get Free Report) last announced its quarterly earnings results on Tuesday, May 27th. The company reported $0.86 EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $688.00 million during the quarter, compared to analyst estimates of $680.14 million. During the same period in the prior year, the company earned $0.65 earnings per share. The firm's revenue was up 11.5% on a year-over-year basis. On average, sell-side analysts predict that Okta, Inc. will post 0.42 earnings per share for the current year.

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.