Okta (NASDAQ:OKTA) Price Target Cut to $85.00 by Analysts at Deutsche Bank Aktiengesellschaft

Okta (NASDAQ:OKTA) had its price objective reduced by equities research analysts at Deutsche Bank Aktiengesellschaft from $110.00 to $85.00 in a report issued on Wednesday,MarketScreener reports. The firm currently has a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft’s price objective would indicate a potential upside of 3.39% from the company’s previous close.

OKTA has been the subject of several other reports. Piper Sandler restated a “neutral” rating and set a $95.00 price target on shares of Okta in a research report on Wednesday. Zacks Research cut Okta from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 28th. Susquehanna restated a “neutral” rating and set a $80.00 price target on shares of Okta in a research report on Wednesday. Mizuho decreased their price target on Okta from $120.00 to $110.00 and set an “outperform” rating on the stock in a research note on Monday, November 17th. Finally, BMO Capital Markets dropped their price objective on Okta from $112.00 to $90.00 and set a “market perform” rating for the company in a research note on Wednesday. Twenty-three equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Okta currently has a consensus rating of “Moderate Buy” and an average price target of $109.76.

Okta Stock Up 0.4%

Shares of Okta stock traded up $0.34 during trading on Wednesday, reaching $82.21. The company’s stock had a trading volume of 3,774,814 shares, compared to its average volume of 3,366,638. Okta has a 52-week low of $75.05 and a 52-week high of $127.57. The firm’s 50-day moving average is $87.06 and its two-hundred day moving average is $94.08. The company has a market cap of $14.39 billion, a price-to-earnings ratio of 96.89, a PEG ratio of 3.96 and a beta of 0.77.

Insider Activity

In related news, insider Larissa Schwartz sold 3,348 shares of the company’s stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $90.17, for a total transaction of $301,889.16. Following the completion of the transaction, the insider owned 39,155 shares in the company, valued at $3,530,606.35. This represents a 7.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brett Tighe sold 10,000 shares of the firm’s stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $95.00, for a total value of $950,000.00. Following the completion of the sale, the chief financial officer directly owned 133,336 shares of the company’s stock, valued at $12,666,920. The trade was a 6.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 64,975 shares of company stock valued at $6,011,126. 5.68% of the stock is owned by insiders.

Institutional Investors Weigh In On Okta

A number of large investors have recently modified their holdings of the stock. Pinnacle Bancorp Inc. purchased a new position in shares of Okta during the second quarter valued at about $26,000. Root Financial Partners LLC bought a new stake in Okta during the 3rd quarter valued at approximately $26,000. Harbour Investments Inc. boosted its position in Okta by 152.4% during the 1st quarter. Harbour Investments Inc. now owns 260 shares of the company’s stock valued at $27,000 after acquiring an additional 157 shares in the last quarter. Promus Capital LLC purchased a new position in shares of Okta during the 2nd quarter worth approximately $27,000. Finally, Kiker Wealth Management LLC raised its position in shares of Okta by 1,159.3% in the 2nd quarter. Kiker Wealth Management LLC now owns 340 shares of the company’s stock worth $34,000 after acquiring an additional 313 shares in the last quarter. Institutional investors own 86.64% of the company’s stock.

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.