Scotiabank Cuts Okta (NASDAQ:OKTA) Price Target to $105.00

Key Points

• Scotiabank has lowered its price target for Okta (NASDAQ:OKTA) from $115.00 to $105.00, maintaining a "sector perform" rating.
• Okta's shares experienced a 3.4% increase in trading, reaching $94.68, with trading volume exceeding its average significantly.
• Despite Scotiabank's reduction, a majority of analysts maintain a positive outlook, with 22 analysts rating it as a "Buy."

Okta (NASDAQ:OKTA - Get Free Report) had its price target cut by investment analysts at Scotiabank from $115.00 to $105.00 in a report released on Wednesday,Benzinga reports. The firm presently has a "sector perform" rating on the stock. Scotiabank's target price would indicate a potential upside of 10.90% from the company's current price.

OKTA has been the subject of a number of other reports. BTIG Research reaffirmed a "buy" rating on shares of Okta in a report on Thursday, May 22nd. JPMorgan Chase & Co. raised their price target on shares of Okta from $120.00 to $140.00 and gave the stock an "overweight" rating in a research report on Friday, May 23rd. UBS Group cut their price objective on shares of Okta from $150.00 to $130.00 and set a "buy" rating on the stock in a research report on Wednesday, May 28th. Barclays dropped their price target on shares of Okta from $120.00 to $100.00 and set an "equal weight" rating on the stock in a research report on Monday, August 18th. Finally, Truist Financial raised shares of Okta from a "hold" rating to a "buy" rating and lifted their target price for the stock from $100.00 to $125.00 in a research report on Monday. Twenty-two research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $117.36.

Okta Trading Up 3.4%

Shares of Okta stock traded up $3.12 during mid-day trading on Wednesday, hitting $94.68. The stock had a trading volume of 7,266,599 shares, compared to its average volume of 3,642,375. 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 12-month low of $70.56 and a 12-month high of $127.57. The firm has a market cap of $16.58 billion, a P/E ratio of 150.19, a price-to-earnings-growth ratio of 4.42 and a beta of 0.80. The firm has a 50-day moving average of $95.32 and a two-hundred day moving average of $102.39.

Okta (NASDAQ:OKTA - Get Free Report) last announced its earnings results on Tuesday, August 26th. The company reported $0.91 EPS for the quarter, beating analysts' consensus estimates of $0.84 by $0.07. Okta had a net margin of 4.85% and a return on equity of 2.79%. The business had revenue of $728,000 billion during the quarter, compared to analysts' expectations of $711.84 million. During the same period in the prior year, the company earned $0.72 earnings per share. The business's revenue was up 12.7% compared to the same quarter last year. Okta has set its FY 2026 guidance at 3.330-3.380 EPS. Q3 2026 guidance at 0.740-0.750 EPS. Sell-side analysts forecast that Okta will post 0.42 earnings per share for the current year.

Insider Activity at Okta

In related news, 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 completion of the transaction, the chief executive officer owned 20,682 shares of the company's stock, valued at $1,970,994.60. The trade was a 60.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CRO Jonathan James Addison sold 9,000 shares of Okta stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $100.00, for a total value of $900,000.00. Following the completion of the transaction, the executive owned 7,067 shares in the company, valued at approximately $706,700. This represents a 56.02% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 88,594 shares of company stock worth $8,382,790. 5.68% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Okta

Several institutional investors have recently bought and sold shares of OKTA. Vanguard Group Inc. grew its stake in Okta by 5.3% in the 2nd quarter. Vanguard Group Inc. now owns 18,728,250 shares of the company's stock valued at $1,872,263,000 after purchasing an additional 935,364 shares during the period. First Trust Advisors LP lifted its holdings in Okta by 9.1% during the 2nd quarter. First Trust Advisors LP now owns 4,901,123 shares of the company's stock worth $489,966,000 after purchasing an additional 407,087 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Okta by 20.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 4,455,653 shares of the company's stock worth $445,432,000 after purchasing an additional 755,709 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Okta by 11.1% in the 2nd quarter. Geode Capital Management LLC now owns 3,155,011 shares of the company's stock valued at $314,488,000 after acquiring an additional 314,525 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Okta by 76.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,748,847 shares of the company's stock valued at $289,234,000 after acquiring an additional 1,189,222 shares in the last quarter. 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.

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