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

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

OKTA has been the subject of several other research reports. DA Davidson dropped their price target on Okta from $85.00 to $75.00 and set a “neutral” rating for the company in a research report on Thursday, October 17th. Piper Sandler decreased their price objective on Okta from $100.00 to $85.00 and set a “neutral” rating on the stock in a research note on Thursday, October 17th. The Goldman Sachs Group cut their target price on shares of Okta from $113.00 to $97.00 and set a “buy” rating for the company in a research note on Tuesday, October 22nd. Stifel Nicolaus decreased their price target on shares of Okta from $122.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Finally, Jefferies Financial Group lowered their price target on shares of Okta from $100.00 to $85.00 and set a “hold” rating for the company in a report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $99.39.

Okta Trading Up 3.4 %

NASDAQ:OKTA opened at $76.61 on Monday. The company has a market capitalization of $13.01 billion, a PE ratio of -91.20, a price-to-earnings-growth ratio of 16.96 and a beta of 1.02. Okta has a 52-week low of $65.98 and a 52-week high of $114.50. The stock has a fifty day simple moving average of $74.84 and a 200-day simple moving average of $87.04. 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 (NASDAQ:OKTA) last announced its earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.29. The company had revenue of $646.00 million during the quarter, compared to analysts’ expectations of $632.24 million. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. On average, equities research analysts expect that Okta will post 0.19 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Okta news, insider Larissa Schwartz sold 2,791 shares of Okta stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $71.50, for a total transaction of $199,556.50. Following the transaction, the insider now directly owns 22,125 shares of the company’s stock, valued at $1,581,937.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Todd Mckinnon sold 224,533 shares of the stock in a transaction on Friday, October 18th. The stock was sold at an average price of $74.62, for a total value of $16,754,652.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Larissa Schwartz sold 2,791 shares of the firm’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $71.50, for a total value of $199,556.50. Following the completion of the transaction, the insider now directly owns 22,125 shares in the company, valued at $1,581,937.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 478,584 shares of company stock valued at $35,958,556. 7.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Okta

Hedge funds have recently modified their holdings of the stock. Future Financial Wealth Managment LLC acquired a new position in Okta during the 3rd quarter worth approximately $26,000. Blue Trust Inc. boosted its stake in shares of Okta by 105.5% in the third quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after purchasing an additional 191 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Okta by 71.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after purchasing an additional 142 shares in the last quarter. First Command Advisory Services Inc. acquired a new stake in Okta during the 2nd quarter valued at $47,000. Finally, nVerses Capital LLC purchased a new stake in Okta during the 2nd quarter worth $47,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

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.