Guggenheim Issues Pessimistic Forecast for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA) had its target price lowered by Guggenheim from $140.00 to $138.00 in a research report sent to investors on Wednesday, MarketBeat Ratings reports. Guggenheim currently has a buy rating on the stock.

Several other research firms have also recently commented on OKTA. The Goldman Sachs Group raised their target price on Okta from $107.00 to $123.00 and gave the company a “buy” rating in a research report on Tuesday, March 4th. Wells Fargo & Company raised their price target on Okta from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Wednesday. Citigroup lifted their price objective on shares of Okta from $100.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, March 4th. Jefferies Financial Group reiterated a “hold” rating and issued a $135.00 target price (up previously from $110.00) on shares of Okta in a research report on Friday, May 23rd. Finally, Needham & Company LLC boosted their price target on shares of Okta from $115.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat, Okta currently has a consensus rating of “Moderate Buy” and a consensus target price of $121.83.

Okta Stock Performance

Shares of OKTA opened at $105.22 on Wednesday. The firm has a fifty day moving average of $109.73 and a 200-day moving average of $96.48. The company has a market cap of $18.27 billion, a price-to-earnings ratio of -300.63, a price-to-earnings-growth ratio of 6.42 and a beta of 0.96. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta has a 1 year low of $70.56 and a 1 year high of $127.57.

Okta (NASDAQ:OKTA) last posted its earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 period in the previous year, the business posted $0.65 EPS. Okta’s revenue was up 11.5% on a year-over-year basis. As a group, equities analysts anticipate that Okta will post 0.42 earnings per share for the current year.

Insider Buying and Selling at Okta

In other Okta news, Director Jacques Frederic Kerrest sold 130,000 shares of the company’s stock in a transaction that occurred 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 available at this link. Also, insider Eric Robert Kelleher sold 5,895 shares of Okta stock in a transaction on Monday, March 17th. The shares were sold at an average price of $113.75, for a total transaction of $670,556.25. Following the sale, the insider now directly owns 9,828 shares of the company’s stock, valued at $1,117,935. This trade represents a 37.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 154,452 shares of company stock valued at $16,347,360 in the last three months. 5.68% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. GK Wealth Management LLC lifted its holdings in shares of Okta by 13.5% during the 1st quarter. GK Wealth Management LLC now owns 3,837 shares of the company’s stock valued at $404,000 after buying an additional 457 shares during the last quarter. Geneos Wealth Management Inc. raised its position in Okta by 27.2% during the first quarter. Geneos Wealth Management Inc. now owns 13,314 shares of the company’s stock valued at $1,401,000 after acquiring an additional 2,848 shares in the last quarter. Focus Partners Wealth lifted its stake in Okta by 3.5% in the first quarter. Focus Partners Wealth now owns 114,480 shares of the company’s stock valued at $12,046,000 after acquiring an additional 3,857 shares during the last quarter. Bayforest Capital Ltd bought a new stake in Okta in the first quarter worth approximately $374,000. Finally, SCS Capital Management LLC bought a new stake in Okta in the first quarter worth approximately $1,266,000. 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.