Susquehanna Trims Okta (NASDAQ:OKTA) Target Price to $85.00

Okta (NASDAQ:OKTA) had its price target lowered by Susquehanna from $110.00 to $85.00 in a report issued on Thursday, Benzinga reports. The firm currently has a neutral rating on the stock.

Several other analysts have also issued reports on the stock. Guggenheim reiterated a buy rating and issued a $130.00 target price on shares of Okta in a research report on Tuesday, June 25th. Scotiabank decreased their price objective on Okta from $104.00 to $92.00 and set a sector perform rating on the stock in a report on Thursday, August 29th. Stifel Nicolaus lowered their target price on shares of Okta from $122.00 to $108.00 and set a buy rating on the stock in a research note on Thursday, August 29th. UBS Group reduced their target price on shares of Okta from $120.00 to $108.00 and set a buy rating for the company in a research report on Thursday, August 29th. Finally, Royal Bank of Canada restated an outperform rating and set a $125.00 price target on shares of Okta in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $105.14.

Okta Trading Down 3.0 %

Shares of OKTA stock opened at $72.45 on Thursday. Okta has a 1-year low of $65.04 and a 1-year high of $114.50. The company has a market cap of $12.19 billion, a price-to-earnings ratio of -43.38 and a beta of 1.02. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. The stock has a 50 day simple moving average of $91.58 and a 200-day simple moving average of $95.03.

Insiders Place Their Bets

In other news, Director Jacques Frederic Kerrest sold 1,552 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $86.99, for a total value of $135,008.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Jacques Frederic Kerrest sold 1,552 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $86.99, for a total value of $135,008.48. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Larissa Schwartz sold 2,795 shares of the business’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $92.02, for a total value of $257,195.90. Following the transaction, the insider now directly owns 27,014 shares of the company’s stock, valued at $2,485,828.28. The disclosure for this sale can be found here. Insiders have sold 365,051 shares of company stock worth $34,411,773 over the last three months. Company insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

A number of large investors have recently made changes to their positions in OKTA. City State Bank grew its holdings in Okta by 160.0% during the 1st quarter. City State Bank now owns 260 shares of the company’s stock worth $27,000 after acquiring an additional 160 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Okta by 71.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after purchasing an additional 142 shares during the last quarter. First Command Advisory Services Inc. purchased a new stake in shares of Okta during the 2nd quarter worth $47,000. nVerses Capital LLC acquired a new position in shares of Okta during the second quarter worth $47,000. Finally, Principal Securities Inc. purchased a new position in Okta in the fourth quarter valued at $48,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

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.