Okta (NASDAQ:OKTA) Lowered to Hold Rating by Deutsche Bank Aktiengesellschaft

Okta (NASDAQ:OKTA - Get Free Report) was downgraded by investment analysts at Deutsche Bank Aktiengesellschaft from a "buy" rating to a "hold" rating in a research note issued to investors on Tuesday, MarketBeat.com reports. They presently have a $85.00 price objective on the stock, down from their prior price objective of $115.00. Deutsche Bank Aktiengesellschaft's price target suggests a potential upside of 8.75% from the company's current price.

A number of other equities research analysts also recently weighed in on the company. Mizuho dropped their target price on Okta from $104.00 to $92.00 and set a "neutral" rating for the company in a research report on Thursday, October 17th. BMO Capital Markets raised their target price on shares of Okta from $100.00 to $103.00 and gave the company a "market perform" rating in a research note on Thursday, August 29th. Needham & Company LLC started coverage on shares of Okta in a research report on Thursday, October 17th. They set a "buy" rating and a $100.00 target price for the company. Scotiabank cut their target price on Okta from $104.00 to $92.00 and set a "sector perform" rating on the stock in a research note on Thursday, August 29th. Finally, Susquehanna reduced their price objective on shares of Okta from $110.00 to $85.00 and set a "neutral" rating on the stock in a research note on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $98.90.

Okta Price Performance

Shares of OKTA stock traded down $0.29 during trading hours on Tuesday, hitting $78.16. 658,571 shares of the company's stock were exchanged, compared to its average volume of 1,914,770. Okta has a 52 week low of $66.69 and a 52 week high of $114.50. The stock has a market cap of $13.28 billion, a price-to-earnings ratio of -93.39, a price-to-earnings-growth ratio of 17.55 and a beta of 1.02. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. The stock's 50-day moving average is $74.35 and its 200-day moving average is $86.58.

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

Insider Buying and Selling at Okta

In related news, CRO Jonathan James Addison sold 9,850 shares of Okta stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $77.63, for a total transaction of $764,655.50. Following the completion of the sale, the executive now directly owns 14,601 shares of the company's stock, valued at approximately $1,133,475.63. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CRO Jonathan James Addison sold 9,850 shares of the firm's stock in a transaction on Monday, October 14th. The stock was sold at an average price of $77.63, for a total value of $764,655.50. Following the transaction, the executive now owns 14,601 shares in the company, valued at approximately $1,133,475.63. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Larissa Schwartz sold 2,790 shares of the business's stock in a transaction on Monday, September 16th. The stock was sold at an average price of $74.01, for a total value 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 trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 475,789 shares of company stock valued at $35,701,361 in the last quarter. 7.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Okta

Hedge funds have recently modified their holdings of the business. Future Financial Wealth Managment LLC purchased a new stake in Okta in the 3rd quarter valued at $26,000. Blue Trust Inc. boosted its stake in Okta by 105.5% during the third quarter. Blue Trust Inc. now owns 372 shares of the company's stock worth $28,000 after acquiring an additional 191 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Okta by 71.4% in the first 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 last quarter. First Command Advisory Services Inc. bought a new position in shares of Okta in the 2nd quarter worth approximately $47,000. Finally, nVerses Capital LLC bought a new stake in Okta during the second quarter valued at about $47,000. Institutional investors and hedge funds 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.