Okta (NASDAQ:OKTA) Given New $135.00 Price Target at Royal Bank of Canada

Okta (NASDAQ:OKTA - Free Report) had its price objective trimmed by Royal Bank of Canada from $143.00 to $135.00 in a research report released on Wednesday morning, Marketbeat Ratings reports. The firm currently has an outperform rating on the stock.

A number of other research analysts have also weighed in on the company. Mizuho increased their price target on Okta from $127.00 to $135.00 and gave the stock an "outperform" rating in a research note on Thursday, May 15th. Scotiabank raised their price target on Okta from $94.00 to $109.00 and gave the stock a "sector perform" rating in a research note on Tuesday, March 4th. Wells Fargo & Company lifted their price target on Okta from $100.00 to $110.00 and gave the company an "equal weight" rating in a report on Wednesday. Oppenheimer increased their price objective on shares of Okta from $125.00 to $135.00 and gave the stock an "outperform" rating in a report on Tuesday, March 4th. Finally, BTIG Research reissued a "buy" rating on shares of Okta in a research report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $121.59.

Okta Price Performance

Okta stock traded down $3.83 during midday trading on Wednesday, reaching $102.80. 7,711,011 shares of the company were exchanged, compared to its average volume of 2,946,802. The company has a market capitalization of $17.85 billion, a price-to-earnings ratio of -293.71, a P/E/G ratio of 6.42 and a beta of 0.96. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. The firm's 50-day simple moving average is $109.26 and its 200-day simple moving average is $96.84. Okta has a 1 year low of $70.56 and a 1 year high of $127.57.

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

Insider Buying and Selling

In related news, insider Eric Robert Kelleher sold 5,895 shares of the business'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 sale, the insider now directly owns 9,828 shares of the company's stock, valued at $1,117,935. The trade was a 37.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Larissa Schwartz sold 11,552 shares of the stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total value of $1,317,967.68. Following the transaction, the insider now directly owns 22,125 shares in the company, valued at approximately $2,524,241.25. This represents a 34.30% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 154,452 shares of company stock worth $16,347,360. Insiders own 5.68% of the company's stock.

Hedge Funds Weigh In On Okta

A number of hedge funds have recently added to or reduced their stakes in OKTA. GK Wealth Management LLC raised its holdings in shares of Okta by 13.5% during the first quarter. GK Wealth Management LLC now owns 3,837 shares of the company's stock worth $404,000 after purchasing an additional 457 shares during the period. Geneos Wealth Management Inc. grew its position in shares of Okta by 27.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 13,314 shares of the company's stock valued at $1,401,000 after buying an additional 2,848 shares during the last quarter. Focus Partners Wealth grew its position in shares of Okta by 3.5% during the 1st quarter. Focus Partners Wealth now owns 114,480 shares of the company's stock valued at $12,046,000 after buying an additional 3,857 shares during the last quarter. Bayforest Capital Ltd acquired a new stake in Okta during the first quarter worth about $374,000. Finally, SCS Capital Management LLC acquired a new stake in Okta during the first quarter worth about $1,266,000. Institutional investors and hedge funds 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.