Okta’s (OKTA) Market Perform Rating Reaffirmed at JMP Securities

Okta (NASDAQ:OKTA)‘s stock had its “market perform” rating reaffirmed by research analysts at JMP Securities in a research report issued on Wednesday,Benzinga reports.

Other equities analysts have also issued reports about the stock. Bank of America lowered shares of Okta from a “buy” rating to an “underperform” rating and decreased their price objective for the company from $135.00 to $75.00 in a research report on Thursday, August 29th. The Goldman Sachs Group increased their price objective on shares of Okta from $97.00 to $107.00 and gave the company a “buy” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft lowered shares of Okta from a “buy” rating to a “hold” rating and decreased their price objective for the company from $115.00 to $85.00 in a research report on Tuesday, November 12th. Guggenheim reissued a “buy” rating and set a $130.00 price target on shares of Okta in a research report on Wednesday. Finally, Needham & Company LLC raised their price target on shares of Okta from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $103.07.

Okta Stock Performance

Shares of Okta stock traded up $4.40 during midday trading on Wednesday, hitting $86.11. The company had a trading volume of 12,473,466 shares, compared to its average volume of 2,044,000. The stock has a market cap of $14.63 billion, a price-to-earnings ratio of -102.51, a PEG ratio of 19.79 and a beta of 1.00. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18. The company has a fifty day simple moving average of $75.15 and a 200 day simple moving average of $84.27. Okta has a 12-month low of $70.56 and a 12-month high of $114.50.

Insider Activity at Okta

In other Okta news, CEO Todd Mckinnon sold 200,512 shares of Okta stock in a transaction on Friday, September 20th. The shares were sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the sale, the chief executive officer now owns 8,495 shares of the company’s stock, valued at $638,908.95. The trade was a 95.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Larissa Schwartz sold 2,791 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $71.50, for a total transaction of $199,556.50. Following the completion of the sale, the insider now directly owns 22,125 shares of the company’s stock, valued at $1,581,937.50. This represents a 11.20 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 475,789 shares of company stock valued at $35,701,361. 7.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Marshall Wace LLP lifted its position in Okta by 117.4% in the second quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock valued at $212,841,000 after buying an additional 1,227,890 shares during the last quarter. Eminence Capital LP lifted its position in Okta by 18.1% in the second quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock valued at $186,225,000 after buying an additional 305,381 shares during the last quarter. Primecap Management Co. CA lifted its position in Okta by 0.8% in the second quarter. Primecap Management Co. CA now owns 1,356,216 shares of the company’s stock valued at $126,955,000 after buying an additional 10,800 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Okta by 1.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,069,452 shares of the company’s stock valued at $79,503,000 after buying an additional 17,950 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Okta by 20.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,029,753 shares of the company’s stock valued at $96,388,000 after buying an additional 178,011 shares during the last quarter. Institutional investors and hedge funds 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.