Okta (NASDAQ:OKTA) Price Target Cut to $124.00 by Analysts at Sanford C. Bernstein

Okta (NASDAQ:OKTA) had its price target lowered by stock analysts at Sanford C. Bernstein from $129.00 to $124.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Sanford C. Bernstein’s price target indicates a potential upside of 47.27% from the stock’s previous close.

Several other equities research analysts have also recently commented on the company. Canaccord Genuity Group boosted their target price on Okta from $82.00 to $94.00 and gave the stock a “hold” rating in a report on Wednesday, December 4th. Jefferies Financial Group upped their price objective on Okta from $85.00 to $100.00 and gave the company a “hold” rating in a report on Wednesday, December 4th. UBS Group lowered their target price on Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Morgan Stanley raised shares of Okta from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $92.00 to $97.00 in a report on Monday, December 2nd. Finally, Piper Sandler raised their price objective on shares of Okta from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, Okta presently has an average rating of “Hold” and an average target price of $104.43.

Okta Stock Performance

Okta stock traded down $0.56 during mid-day trading on Tuesday, hitting $84.20. 1,253,895 shares of the company’s stock traded hands, compared to its average volume of 2,141,890. Okta has a one year low of $70.56 and a one year high of $114.50. The company has a market cap of $14.43 billion, a PE ratio of -240.77, a price-to-earnings-growth ratio of 8.61 and a beta of 1.00. The firm has a 50 day moving average price of $77.10 and a 200 day moving average price of $83.40. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06.

Insiders Place Their Bets

In other news, CEO Todd Mckinnon sold 32,516 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $76.22, for a total value of $2,478,369.52. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Larissa Schwartz sold 2,797 shares of Okta stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $77.63, for a total transaction of $217,131.11. Following the completion of the transaction, the insider now owns 24,916 shares of the company’s stock, valued at $1,934,229.08. This trade represents a 10.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 604,425 shares of company stock worth $46,098,322 in the last ninety days. Insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

Hedge funds have recently added to or reduced their stakes in the stock. Atria Wealth Solutions Inc. increased its stake in shares of Okta by 75.4% in the 2nd quarter. Atria Wealth Solutions Inc. now owns 11,477 shares of the company’s stock valued at $1,074,000 after buying an additional 4,932 shares during the period. Nicholas Company Inc. increased its position in Okta by 6.0% in the second quarter. Nicholas Company Inc. now owns 203,297 shares of the company’s stock worth $19,031,000 after purchasing an additional 11,585 shares during the period. Rezny Wealth Management Inc. bought a new stake in Okta during the 2nd quarter worth about $1,194,000. Slow Capital Inc. lifted its position in Okta by 7.3% during the 2nd quarter. Slow Capital Inc. now owns 28,714 shares of the company’s stock valued at $2,688,000 after purchasing an additional 1,956 shares during the period. Finally, First Command Advisory Services Inc. acquired a new position in Okta during the 2nd quarter valued at about $47,000. Institutional investors 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.