Morgan Stanley Has Lowered Expectations for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA - Get Free Report) had its price target lowered by Morgan Stanley from $100.00 to $92.00 in a research report issued on Monday, Benzinga reports. The firm presently has an "equal weight" rating on the stock. Morgan Stanley's price objective indicates a potential upside of 25.61% from the stock's previous close.

Several other equities research analysts have also recently commented on the stock. Truist Financial lowered their price target on shares of Okta from $95.00 to $80.00 and set a "hold" rating for the company in a research report on Thursday, October 17th. Bank of America downgraded Okta from a "buy" rating to an "underperform" rating and reduced their price target for the stock from $135.00 to $75.00 in a research report on Thursday, August 29th. DA Davidson lowered their target price on Okta from $85.00 to $75.00 and set a "neutral" rating on the stock in a research report on Thursday, October 17th. Needham & Company LLC began coverage on shares of Okta in a research note on Thursday, October 17th. They issued a "buy" rating and a $100.00 target price for the company. Finally, Canaccord Genuity Group dropped their target price on shares of Okta from $90.00 to $82.00 and set a "hold" rating on the stock in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $99.39.

Okta Price Performance

Shares of OKTA traded up $0.01 during trading hours on Monday, hitting $73.24. The stock had a trading volume of 2,389,726 shares, compared to its average volume of 1,928,191. Okta has a 52 week low of $65.98 and a 52 week high of $114.50. The stock has a market capitalization of $12.44 billion, a price-to-earnings ratio of -87.19, a P/E/G ratio of 16.64 and a beta of 1.01. The company's fifty day moving average is $75.79 and its two-hundred day moving average is $87.31. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83.

Okta (NASDAQ:OKTA - Get Free Report) last posted its earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.08) by $0.29. The company had revenue of $646.00 million during the quarter, compared to analysts' expectations of $632.24 million. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. On average, analysts anticipate that Okta will post 0.19 EPS for the current year.

Insider Activity at Okta

In other Okta news, CEO Todd Mckinnon sold 224,533 shares of Okta stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $74.62, for a total transaction of $16,754,652.46. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CEO Todd Mckinnon sold 224,533 shares of the company's stock in a transaction on Friday, October 18th. The shares were sold at an average price of $74.62, for a total value of $16,754,652.46. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Larissa Schwartz sold 2,790 shares of Okta stock in a transaction on Monday, September 16th. The stock was sold at an average price of $74.01, for a total transaction of $206,487.90. Following the transaction, the insider now directly owns 27,713 shares of the company's stock, valued at $2,051,039.13. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 475,793 shares of company stock worth $35,759,000 over the last three months. Company insiders own 7.00% of the company's stock.

Hedge Funds Weigh In On Okta

Institutional investors have recently added to or reduced their stakes in the business. Future Financial Wealth Managment LLC acquired a new position in Okta during the third quarter worth $26,000. Blue Trust Inc. increased its position in shares of Okta by 105.5% during the third quarter. Blue Trust Inc. now owns 372 shares of the company's stock valued at $28,000 after acquiring an additional 191 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Okta by 71.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company's stock worth $36,000 after purchasing an additional 142 shares during the period. First Command Advisory Services Inc. bought a new stake in Okta in the second quarter worth about $47,000. Finally, nVerses Capital LLC bought a new stake in shares of Okta in the 2nd quarter worth approximately $47,000. 86.64% of the stock is owned by institutional investors and hedge funds.

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.