Piper Sandler Trims Okta (NASDAQ:OKTA) Target Price to $80.00

Okta (NASDAQ:OKTAGet Rating) had its price target reduced by Piper Sandler from $125.00 to $80.00 in a report published on Tuesday morning, The Fly reports. Piper Sandler currently has an overweight rating on the stock.

Other equities analysts have also recently issued reports about the stock. Stephens reduced their price target on shares of Okta from $80.00 to $60.00 and set an equal weight rating on the stock in a research report on Friday, November 11th. DA Davidson dropped their price objective on shares of Okta to $45.00 in a report on Tuesday, November 15th. Wells Fargo & Company dropped their price objective on shares of Okta to $100.00 in a report on Tuesday, September 6th. Robert W. Baird restated an outperform rating and set a $92.00 price objective on shares of Okta in a report on Wednesday, October 19th. Finally, Moffett Nathanson initiated coverage on shares of Okta in a research note on Thursday, September 22nd. They issued a sell rating and a $71.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $87.21.

Okta Trading Up 5.8 %

Shares of NASDAQ OKTA opened at $50.74 on Tuesday. The company’s fifty day moving average is $53.37 and its 200-day moving average is $77.51. The stock has a market cap of $8.06 billion, a price-to-earnings ratio of -8.60 and a beta of 1.21. Okta has a twelve month low of $44.12 and a twelve month high of $244.18. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 0.40.

Okta (NASDAQ:OKTAGet Rating) last announced its quarterly earnings results on Wednesday, August 31st. The company reported ($1.19) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.41) by $0.22. The company had revenue of $435.38 million for the quarter, compared to analysts’ expectations of $430.66 million. Okta had a negative net margin of 57.21% and a negative return on equity of 13.18%. The business’s quarterly revenue was up 43.6% compared to the same quarter last year. During the same period last year, the firm posted ($1.35) earnings per share. Equities research analysts predict that Okta will post -5.12 EPS for the current year.

Insider Buying and Selling

In related news, CFO Brett Tighe sold 2,844 shares of Okta stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $59.39, for a total transaction of $168,905.16. Following the completion of the sale, the chief financial officer now owns 36,337 shares of the company’s stock, valued at approximately $2,158,054.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Okta news, insider Ledger Susan St. sold 30,760 shares of the business’s stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $59.39, for a total value of $1,826,836.40. Following the completion of the sale, the insider now owns 39,106 shares of the company’s stock, valued at approximately $2,322,505.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brett Tighe sold 2,844 shares of the business’s stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $59.39, for a total transaction of $168,905.16. Following the completion of the sale, the chief financial officer now directly owns 36,337 shares of the company’s stock, valued at approximately $2,158,054.43. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,797 shares of company stock valued at $3,359,843. Company insiders own 7.60% of the company’s stock.

Institutional Trading of Okta

Institutional investors have recently bought and sold shares of the business. Slow Capital Inc. boosted its holdings in Okta by 123.3% in the 2nd quarter. Slow Capital Inc. now owns 39,525 shares of the company’s stock valued at $3,573,000 after purchasing an additional 21,824 shares during the period. Handelsbanken Fonder AB raised its position in shares of Okta by 49.0% in the 2nd quarter. Handelsbanken Fonder AB now owns 28,188 shares of the company’s stock valued at $2,548,000 after buying an additional 9,270 shares in the last quarter. Diversified Trust Co raised its position in shares of Okta by 22.6% in the 2nd quarter. Diversified Trust Co now owns 6,500 shares of the company’s stock valued at $588,000 after buying an additional 1,200 shares in the last quarter. Nisa Investment Advisors LLC raised its position in shares of Okta by 768.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 13,200 shares of the company’s stock valued at $1,193,000 after buying an additional 11,680 shares in the last quarter. Finally, Rafferty Asset Management LLC raised its position in shares of Okta by 74.4% in the 2nd quarter. Rafferty Asset Management LLC now owns 108,853 shares of the company’s stock valued at $9,840,000 after buying an additional 46,455 shares in the last quarter. Institutional investors own 75.47% of the company’s stock.

About Okta

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Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products and services, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway that enables organizations to extend the Okta Identity Cloud from the cloud to their existing on-premise applications; and Advanced Server Access to secure cloud infrastructure.

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