Wells Fargo & Company Lowers Okta (NASDAQ:OKTA) Price Target to $80.00

Okta (NASDAQ:OKTA) had its target price reduced by Wells Fargo & Company from $95.00 to $80.00 in a research note published on Friday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Other research analysts have also recently issued research reports about the stock. Morgan Stanley decreased their price objective on shares of Okta from $89.00 to $85.00 and set an equal weight rating for the company in a report on Monday, October 2nd. Piper Sandler decreased their price objective on shares of Okta from $100.00 to $95.00 and set an overweight rating for the company in a report on Monday, October 23rd. Needham & Company LLC restated a buy rating and set a $100.00 price objective on shares of Okta in a report on Tuesday, August 29th. Canaccord Genuity Group boosted their price objective on shares of Okta from $75.00 to $85.00 and gave the company a hold rating in a report on Thursday, August 31st. Finally, TheStreet upgraded shares of Okta from a d+ rating to a c- rating in a report on Thursday, September 28th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, Okta has a consensus rating of Moderate Buy and a consensus price target of $90.35.

Okta Trading Up 2.6 %

OKTA opened at $72.06 on Friday. The firm has a 50 day simple moving average of $76.79 and a 200 day simple moving average of $75.78. Okta has a fifty-two week low of $46.78 and a fifty-two week high of $91.50. The company has a market cap of $11.82 billion, a price-to-earnings ratio of -19.53 and a beta of 0.97. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.84 and a quick ratio of 1.84.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Wednesday, August 30th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.09. Okta had a negative return on equity of 9.40% and a negative net margin of 28.66%. The business had revenue of $556.00 million for the quarter, compared to analyst estimates of $534.67 million. During the same period last year, the company earned ($1.19) EPS. The firm’s revenue was up 23.0% on a year-over-year basis. On average, sell-side analysts anticipate that Okta will post -2.85 earnings per share for the current year.

Insider Transactions at Okta

In related news, insider Larissa Schwartz sold 3,578 shares of the firm’s stock in a transaction that occurred on Friday, October 13th. The shares were sold at an average price of $85.03, for a total value of $304,237.34. Following the completion of the transaction, the insider now owns 23,811 shares in the company, valued at approximately $2,024,649.33. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Okta news, CEO Todd Mckinnon sold 7,471 shares of the firm’s stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $83.01, for a total transaction of $620,167.71. Following the completion of the transaction, the chief executive officer now owns 35,641 shares in the company, valued at approximately $2,958,559.41. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Larissa Schwartz sold 3,578 shares of the firm’s stock in a transaction that occurred on Friday, October 13th. The stock was sold at an average price of $85.03, for a total transaction of $304,237.34. Following the transaction, the insider now owns 23,811 shares of the company’s stock, valued at approximately $2,024,649.33. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 23,417 shares of company stock valued at $1,920,707. 7.36% of the stock is currently owned by insiders.

Institutional Trading of Okta

Large investors have recently modified their holdings of the stock. NBC Securities Inc. acquired a new stake in shares of Okta during the 3rd quarter worth approximately $27,000. International Assets Investment Management LLC acquired a new stake in shares of Okta during the 3rd quarter worth approximately $29,000. Harvest Fund Management Co. Ltd acquired a new stake in shares of Okta during the 3rd quarter worth approximately $39,000. Dupont Capital Management Corp grew its position in shares of Okta by 350.0% during the 2nd quarter. Dupont Capital Management Corp now owns 576 shares of the company’s stock worth $40,000 after buying an additional 448 shares during the period. Finally, Alpha Paradigm Partners LLC acquired a new stake in shares of Okta during the 3rd quarter worth approximately $41,000. Institutional investors and hedge funds own 77.52% of the company’s stock.

Okta Company Profile

Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta's, a suite of products and services is used to manage and secure identities, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway enables organizations to extend the Workforce Identity Cloud; Advanced Server Access to manage and secure cloud infrastructure; and Okta Identity Governance, an identity access management and identity governance solutions.