The Goldman Sachs Group Cuts Okta (NASDAQ:OKTA) Price Target to $97.00

Okta (NASDAQ:OKTA) had its price target cut by The Goldman Sachs Group from $113.00 to $97.00 in a research note released on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also issued research reports about the stock. Stifel Nicolaus dropped their price target on shares of Okta from $122.00 to $108.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. Jefferies Financial Group lowered their price objective on shares of Okta from $100.00 to $85.00 and set a “hold” rating for the company in a research note on Tuesday, September 24th. UBS Group cut their target price on Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. Robert W. Baird reduced their target price on Okta from $105.00 to $95.00 and set an “outperform” rating on the stock in a report on Friday, October 18th. Finally, Truist Financial dropped their price target on Okta from $95.00 to $80.00 and set a “hold” rating for the company in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Okta currently has an average rating of “Hold” and an average price target of $98.96.

Okta Price Performance

OKTA stock opened at $72.15 on Tuesday. The stock has a market capitalization of $12.26 billion, a price-to-earnings ratio of -85.89, a price-to-earnings-growth ratio of 17.14 and a beta of 1.02. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18. Okta has a 52-week low of $65.04 and a 52-week high of $114.50. The stock’s fifty day simple moving average is $78.78 and its 200-day simple moving average is $88.51.

Okta (NASDAQ:OKTA) last released its earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.29. The firm had revenue of $646.00 million for the quarter, compared to the consensus estimate of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. Equities research analysts expect that Okta will post 0.19 EPS for the current year.

Insider Activity at Okta

In other Okta news, CEO Todd Mckinnon sold 200,512 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the completion of the transaction, the chief executive officer now directly owns 8,495 shares of the company’s stock, valued at $638,908.95. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Todd Mckinnon sold 200,512 shares of Okta stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $75.21, for a total value of $15,080,507.52. Following the completion of the transaction, the chief executive officer now owns 8,495 shares in the company, valued at approximately $638,908.95. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Larissa Schwartz sold 2,795 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $92.02, for a total value of $257,195.90. Following the completion of the sale, the insider now owns 27,014 shares of the company’s stock, valued at $2,485,828.28. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 475,793 shares of company stock valued at $35,759,000 over the last ninety days. Corporate insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC lifted its holdings in Okta by 71.4% in the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after acquiring an additional 142 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new stake in shares of Okta during the 3rd quarter worth approximately $26,000. Blue Trust Inc. lifted its holdings in shares of Okta by 105.5% in the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock worth $28,000 after purchasing an additional 191 shares during the last quarter. First Command Advisory Services Inc. acquired a new position in Okta during the 2nd quarter valued at approximately $47,000. Finally, nVerses Capital LLC bought a new position in Okta during the 2nd quarter worth $47,000. 86.64% of the stock is owned by institutional investors and hedge funds.

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.