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

Okta (NASDAQ:OKTA – Free Report) had its price objective trimmed by Mizuho from $85.00 to $80.00 in a research report released on Thursday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other research analysts also recently weighed in on the stock. KeyCorp restated a sector weight rating on shares of Okta in a research report on Thursday. Morgan Stanley cut their price objective on shares of Okta from $85.00 to $80.00 and set an equal weight rating for the company in a report on Thursday. Citigroup increased their price objective on shares of Okta from $87.00 to $90.00 and gave the company a neutral rating in a report on Wednesday, September 6th. JPMorgan Chase & Co. dropped their price target on shares of Okta from $85.00 to $74.00 and set a neutral rating for the company in a research note on Tuesday, November 14th. Finally, Royal Bank of Canada dropped their price target on shares of Okta from $100.00 to $95.00 and set an outperform rating for the company in a research note on Thursday. Two research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Hold and an average price target of $86.86.

View Our Latest Research Report on OKTA

Okta Trading Up 9.8 %

Want More Great Investing Ideas?

Shares of Okta stock opened at $73.63 on Thursday. The firm has a 50-day simple moving average of $74.52 and a two-hundred day simple moving average of $75.38. The company has a market cap of $12.08 billion, a P/E ratio of -25.74 and a beta of 0.92. Okta has a fifty-two week low of $60.22 and a fifty-two week high of $91.50. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.84 and a current ratio of 1.84.

Okta (NASDAQ:OKTA – Get Free Report) last issued its quarterly earnings data on Wednesday, November 29th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.14. Okta had a negative net margin of 21.40% and a negative return on equity of 7.59%. The business had revenue of $584.00 million during the quarter, compared to the consensus estimate of $560.58 million. During the same quarter in the prior year, the firm posted ($1.09) earnings per share. The company’s revenue was up 21.4% compared to the same quarter last year. As a group, equities analysts predict that Okta will post -2.83 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Larissa Schwartz sold 1,906 shares of the firm’s stock in a transaction on Monday, September 18th. The shares were sold at an average price of $83.01, for a total value of $158,217.06. Following the sale, the insider now directly owns 24,090 shares in the company, valued at approximately $1,999,710.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Todd Mckinnon sold 7,471 shares of Okta stock in a transaction on Monday, September 18th. The shares were sold at an average price of $83.01, for a total transaction of $620,167.71. Following the sale, the chief executive officer now directly owns 35,641 shares in the company, valued at approximately $2,958,559.41. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Larissa Schwartz sold 1,906 shares of Okta stock in a transaction on Monday, September 18th. The stock was sold at an average price of $83.01, for a total transaction of $158,217.06. Following the sale, the insider now owns 24,090 shares in the company, valued at $1,999,710.90. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,417 shares of company stock worth $1,920,707. 7.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Okta

Several hedge funds and other institutional investors have recently bought and sold shares of OKTA. Creative Planning grew its position in Okta by 1.0% during the 3rd quarter. Creative Planning now owns 41,639 shares of the company’s stock worth $3,394,000 after purchasing an additional 405 shares during the last quarter. American Trust purchased a new position in Okta during the 3rd quarter worth $309,000. Penserra Capital Management LLC purchased a new position in Okta during the 3rd quarter worth $1,169,000. Toroso Investments LLC grew its position in Okta by 19.9% during the 3rd quarter. Toroso Investments LLC now owns 4,485 shares of the company’s stock worth $366,000 after purchasing an additional 745 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new position in Okta during the 3rd quarter worth $304,000. 77.52% of the stock is currently owned by institutional investors and hedge funds.

Okta Company Profile

(Get Free Report)

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’s, a suite of products and services is used to manage and secure identities, 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 enables organizations to extend the Workforce Identity Cloud; Advanced Server Access to manage and secure cloud infrastructure; and Okta Identity Governance, an identity access management and identity governance solutions.