Okta (NASDAQ:OKTA) Downgraded to “Hold” Rating by Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft cut shares of Okta (NASDAQ:OKTA) from a buy rating to a hold rating in a research note released on Tuesday, Marketbeat.com reports. The firm currently has $85.00 target price on the stock, down from their previous target price of $115.00.

A number of other analysts have also issued reports on the stock. Truist Financial dropped their price target on shares of Okta from $95.00 to $80.00 and set a “hold” rating for the company in a research note on Thursday, October 17th. Royal Bank of Canada cut their target price on shares of Okta from $125.00 to $101.00 and set an “outperform” rating on the stock in a research note on Thursday, October 17th. DA Davidson decreased their price target on Okta from $85.00 to $75.00 and set a “neutral” rating for the company in a research note on Thursday, October 17th. JPMorgan Chase & Co. lowered their price objective on Okta from $110.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. Finally, The Goldman Sachs Group decreased their target price on Okta from $113.00 to $97.00 and set a “buy” rating for the company in a research report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $98.90.

Okta Price Performance

OKTA opened at $73.66 on Tuesday. The company has a fifty day simple moving average of $74.52 and a 200 day simple moving average of $86.22. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. The firm has a market cap of $12.51 billion, a price-to-earnings ratio of -87.69, a PEG ratio of 17.93 and a beta of 1.02. Okta has a twelve month low of $66.69 and a twelve month high of $114.50.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, topping the consensus estimate of ($0.08) by $0.29. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. The business had revenue of $646.00 million for the quarter, compared to analysts’ expectations of $632.24 million. Equities research analysts expect that Okta will post 0.19 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Larissa Schwartz sold 2,791 shares of Okta stock in a transaction dated Monday, November 4th. The stock was 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 11.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Todd Mckinnon sold 200,512 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the completion of the sale, the chief executive officer now owns 8,495 shares in the company, valued at approximately $638,908.95. This trade represents a 95.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 475,789 shares of company stock worth $35,701,361. 7.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Okta

Hedge funds have recently made changes to their positions in the business. Empowered Funds LLC grew its position in Okta by 7.9% in the first quarter. Empowered Funds LLC now owns 4,633 shares of the company’s stock worth $485,000 after buying an additional 339 shares during the last quarter. Qsemble Capital Management LP purchased a new stake in shares of Okta during the first quarter valued at $322,000. Avantax Advisory Services Inc. purchased a new stake in shares of Okta during the first quarter valued at $457,000. State Board of Administration of Florida Retirement System boosted its position in shares of Okta by 0.8% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 163,580 shares of the company’s stock valued at $17,114,000 after purchasing an additional 1,309 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Okta by 20.0% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 84,465 shares of the company’s stock worth $8,837,000 after buying an additional 14,066 shares during the period. 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.