Okta (NASDAQ:OKTA) Price Target Lowered to $120.00 at Barclays

Okta (NASDAQ:OKTA) had its price objective reduced by Barclays from $135.00 to $120.00 in a research report released on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Robert W. Baird lifted their price objective on shares of Okta from $115.00 to $130.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. Guggenheim restated a “buy” rating and set a $140.00 price objective (up from $130.00) on shares of Okta in a research note on Tuesday, May 20th. Stifel Nicolaus boosted their price target on shares of Okta from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. Susquehanna boosted their price target on shares of Okta from $95.00 to $105.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 4th. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $135.00 price target (up from $110.00) on shares of Okta in a research report on Friday, May 23rd. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $121.83.

Okta Price Performance

Shares of NASDAQ OKTA opened at $105.22 on Wednesday. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $127.57. The firm’s 50-day simple moving average is $109.73 and its 200 day simple moving average is $96.48. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The stock has a market cap of $18.27 billion, a P/E ratio of -300.63, a P/E/G ratio of 6.42 and a beta of 0.96.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 earnings per share 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 business had revenue of $688.00 million for the quarter, compared to analysts’ expectations of $680.14 million. During the same period in the previous year, the business earned $0.65 earnings per share. The company’s revenue was up 11.5% on a year-over-year basis. Equities analysts expect that Okta will post 0.42 EPS for the current year.

Insider Buying and Selling

In other Okta news, insider Larissa Schwartz sold 11,552 shares of Okta stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total transaction of $1,317,967.68. Following the transaction, the insider now owns 22,125 shares of the company’s stock, valued at $2,524,241.25. The trade was a 34.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Jacques Frederic Kerrest sold 130,000 shares of Okta stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $105.00, for a total value of $13,650,000.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 154,452 shares of company stock valued at $16,347,360. 5.68% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Okta

Several large investors have recently made changes to their positions in OKTA. Bank of Jackson Hole Trust bought a new stake in shares of Okta in the 4th quarter valued at approximately $25,000. Wolff Wiese Magana LLC grew its stake in shares of Okta by 167.4% in the 1st quarter. Wolff Wiese Magana LLC now owns 246 shares of the company’s stock valued at $26,000 after buying an additional 154 shares in the last quarter. Wayfinding Financial LLC bought a new stake in shares of Okta in the 1st quarter valued at approximately $27,000. Harbour Investments Inc. grew its stake in shares of Okta by 152.4% in the 1st quarter. Harbour Investments Inc. now owns 260 shares of the company’s stock valued at $27,000 after buying an additional 157 shares in the last quarter. Finally, Rossby Financial LCC bought a new stake in shares of Okta in the 1st quarter valued at approximately $31,000. Institutional investors own 86.64% of the company’s stock.

About Okta

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.