Okta (NASDAQ:OKTA) Price Target Lowered to $130.00 at UBS Group

Okta (NASDAQ:OKTA - Get Free Report) had its price objective dropped by investment analysts at UBS Group from $150.00 to $130.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. UBS Group's price target suggests a potential upside of 21.92% from the stock's current price.

OKTA has been the subject of a number of other reports. KeyCorp lifted their price target on shares of Okta from $125.00 to $135.00 and gave the stock an "overweight" rating in a research note on Tuesday, March 4th. Susquehanna lifted their price target on shares of Okta from $95.00 to $105.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 4th. Robert W. Baird lifted their price target on shares of Okta from $115.00 to $130.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 4th. Royal Bank of Canada dropped their price target on shares of Okta from $143.00 to $135.00 and set an "outperform" rating for the company in a research note on Wednesday. Finally, Canaccord Genuity Group lifted their price target on shares of Okta from $100.00 to $115.00 and gave the stock a "hold" rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat, Okta has a consensus rating of "Moderate Buy" and a consensus target price of $121.83.

Okta Price Performance

OKTA stock traded up $1.41 during trading on Wednesday, hitting $106.63. 9,719,647 shares of the company's stock traded hands, compared to its average volume of 2,955,132. Okta has a 52 week low of $70.56 and a 52 week high of $127.57. 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 business has a fifty day simple moving average of $109.53 and a 200 day simple moving average of $96.67. The stock has a market capitalization of $18.51 billion, a price-to-earnings ratio of -304.66, a P/E/G ratio of 6.42 and a beta of 0.96.

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

Insider Buying and Selling

In other news, Director Jacques Frederic Kerrest sold 130,000 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $105.00, for a total value of $13,650,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Eric Robert Kelleher sold 5,895 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $113.75, for a total transaction of $670,556.25. Following the completion of the sale, the insider now owns 9,828 shares in the company, valued at $1,117,935. The trade was a 37.49% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 154,452 shares of company stock worth $16,347,360 in the last 90 days. 5.68% of the stock is owned by corporate insiders.

Institutional Trading of Okta

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. TD Private Client Wealth LLC increased its stake 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 worth $59,000 after acquiring an additional 92 shares during the period. Allworth Financial LP increased its stake in shares of 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 during the period. Smartleaf Asset Management LLC increased its stake in shares of 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 during the period. GPS Wealth Strategies Group LLC increased its stake in shares of 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 during the period. Finally, Frank Rimerman Advisors LLC grew its position 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 period. Institutional investors and hedge funds 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.