Wells Fargo & Company Trims Okta (NASDAQ:OKTA) Target Price to $80.00

Okta (NASDAQ:OKTA) had its price objective trimmed by Wells Fargo & Company from $95.00 to $80.00 in a research note issued to investors on Friday morning, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other equities research analysts also recently weighed in on the stock. Canaccord Genuity Group raised their target price on shares of Okta from $75.00 to $85.00 and gave the company a hold rating in a research note on Thursday, August 31st. Macquarie raised their target price on shares of Okta from $83.00 to $85.00 and gave the company a neutral rating in a research note on Thursday, August 31st. Morgan Stanley decreased their price target on shares of Okta from $89.00 to $85.00 and set an equal weight rating for the company in a report on Monday, October 2nd. The Goldman Sachs Group decreased their price target on shares of Okta from $100.00 to $88.00 and set a buy rating for the company in a report on Monday, October 30th. Finally, Jefferies Financial Group decreased their price target on shares of Okta from $105.00 to $95.00 and set a buy rating for the company in a report on Tuesday, October 24th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $90.35.

Okta Price Performance

Shares of OKTA stock opened at $72.06 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.84 and a quick ratio of 1.84. The company has a market capitalization of $11.82 billion, a P/E ratio of -19.53 and a beta of 0.97. The company’s 50-day simple moving average is $76.79 and its two-hundred day simple moving average is $75.78. Okta has a one year low of $46.78 and a one year high of $91.50.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Wednesday, August 30th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.09. The firm had revenue of $556.00 million for the quarter, compared to the consensus estimate of $534.67 million. Okta had a negative net margin of 28.66% and a negative return on equity of 9.40%. The company’s quarterly revenue was up 23.0% on a year-over-year basis. During the same period last year, the firm earned ($1.19) earnings per share. As a group, equities analysts anticipate that Okta will post -2.85 EPS for the current year.

Insider Activity

In other Okta news, CEO Todd Mckinnon sold 7,471 shares of Okta stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $83.01, for a total transaction of $620,167.71. Following the transaction, the chief executive officer now directly owns 35,641 shares of the company’s stock, valued at $2,958,559.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Shibu Ninan sold 3,282 shares of the business’s stock in a transaction on Monday, September 18th. The stock was sold at an average price of $83.01, for a total value of $272,438.82. Following the sale, the chief accounting officer now owns 6,834 shares in the company, valued at approximately $567,290.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Todd Mckinnon sold 7,471 shares of Okta stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $83.01, for a total value of $620,167.71. Following the completion of the transaction, the chief executive officer now directly owns 35,641 shares of the company’s stock, valued at $2,958,559.41. The disclosure for this sale can be found here. Insiders sold 23,417 shares of company stock worth $1,920,707 over the last ninety days. Corporate insiders own 7.36% of the company’s stock.

Institutional Investors Weigh In On Okta

Several large investors have recently added to or reduced their stakes in the business. NBC Securities Inc. purchased a new stake in Okta during the 3rd quarter worth about $27,000. International Assets Investment Management LLC purchased a new stake in shares of Okta during the third quarter worth approximately $29,000. Harvest Fund Management Co. Ltd purchased a new position in Okta in the third quarter worth approximately $39,000. Dupont Capital Management Corp grew its holdings in Okta by 350.0% during the 2nd quarter. Dupont Capital Management Corp now owns 576 shares of the company’s stock worth $40,000 after acquiring an additional 448 shares in the last quarter. Finally, Alpha Paradigm Partners LLC purchased a new stake in shares of Okta in the 3rd quarter valued at approximately $41,000. 77.52% of the stock is owned by hedge funds and other institutional investors.

Okta Company Profile

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.