Morgan Stanley Cuts Okta (NASDAQ:OKTA) Price Target to $92.00

Okta (NASDAQ:OKTA) had its price objective trimmed by Morgan Stanley from $100.00 to $92.00 in a research note published on Monday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other equities analysts have also issued reports on OKTA. Canaccord Genuity Group dropped their target price on shares of Okta from $90.00 to $82.00 and set a “hold” rating on the stock in a research report on Friday, October 18th. Scotiabank decreased their price target on shares of Okta from $104.00 to $92.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 29th. Jefferies Financial Group cut their price objective on shares of Okta from $100.00 to $85.00 and set a “hold” rating for the company in a research report on Tuesday, September 24th. Robert W. Baird decreased their target price on Okta from $105.00 to $95.00 and set an “outperform” rating on the stock in a research report on Friday, October 18th. Finally, The Goldman Sachs Group cut their price target on Okta from $113.00 to $97.00 and set a “buy” rating for the company in a report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $99.39.

Okta Stock Up 0.7 %

Okta stock opened at $77.18 on Monday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. Okta has a fifty-two week low of $65.98 and a fifty-two week high of $114.50. The firm has a fifty day moving average price of $74.39 and a two-hundred day moving average price of $86.90. The firm has a market cap of $13.11 billion, a price-to-earnings ratio of -91.88, a P/E/G ratio of 16.96 and a beta of 1.02.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data 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 business had revenue of $646.00 million during the quarter, compared to analysts’ expectations of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. As a group, analysts forecast that Okta will post 0.19 earnings per share for the current year.

Insider Buying and Selling

In other Okta news, CEO Todd Mckinnon sold 200,512 shares of Okta stock in a transaction 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. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Okta news, CEO Todd Mckinnon sold 200,512 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $75.21, for a total value of $15,080,507.52. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Larissa Schwartz sold 2,795 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $92.02, for a total transaction of $257,195.90. Following the completion of the transaction, the insider now directly owns 27,014 shares of the company’s stock, valued at approximately $2,485,828.28. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 478,584 shares of company stock worth $35,958,556 in the last three months. Insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

Several hedge funds and other institutional investors have recently made changes to their positions in OKTA. SG Americas Securities LLC lifted its stake in shares of Okta by 122.3% during the third quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock valued at $1,265,000 after acquiring an additional 9,364 shares during the period. Truist Financial Corp raised its holdings in Okta by 62.5% during the 2nd quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after purchasing an additional 200,770 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its position in Okta by 14.0% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 229,105 shares of the company’s stock valued at $23,976,000 after purchasing an additional 28,183 shares during the period. Atria Wealth Solutions Inc. boosted its stake in shares of Okta by 75.4% in the 2nd quarter. Atria Wealth Solutions Inc. now owns 11,477 shares of the company’s stock valued at $1,074,000 after purchasing an additional 4,932 shares during the last quarter. Finally, Virtu Financial LLC acquired a new stake in shares of Okta during the 1st quarter worth approximately $1,172,000. 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.