Okta (NASDAQ:OKTA) Price Target Cut to $123.00 by Analysts at Morgan Stanley

Okta (NASDAQ:OKTA - Free Report) had its price objective reduced by Morgan Stanley from $125.00 to $123.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other analysts have also recently commented on the stock. Royal Bank of Canada increased their price target on shares of Okta from $115.00 to $120.00 and gave the company an "outperform" rating in a research note on Tuesday, March 4th. Sanford C. Bernstein reduced their target price on Okta from $129.00 to $124.00 and set an "outperform" rating for the company in a research note on Tuesday, December 17th. Needham & Company LLC reaffirmed a "buy" rating and set a $115.00 price objective on shares of Okta in a research report on Tuesday, March 4th. Jefferies Financial Group raised their target price on shares of Okta from $90.00 to $110.00 and gave the stock a "hold" rating in a research note on Tuesday, March 4th. Finally, Citigroup increased their price target on shares of Okta from $100.00 to $110.00 and gave the company a "neutral" rating in a report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Okta currently has an average rating of "Moderate Buy" and an average price target of $116.03.

Okta Stock Down 5.6 %

Shares of NASDAQ:OKTA traded down $5.47 during trading on Wednesday, hitting $92.46. 2,238,202 shares of the company were exchanged, compared to its average volume of 2,558,894. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $118.07. The stock has a market cap of $16.05 billion, a price-to-earnings ratio of -264.17, a P/E/G ratio of 6.42 and a beta of 1.07. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. The firm has a fifty day moving average price of $102.38 and a two-hundred day moving average price of $88.76.

Insider Transactions at Okta

In other Okta news, insider Larissa Schwartz sold 2,704 shares of the company's stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $89.58, for a total value of $242,224.32. Following the completion of the transaction, the insider now directly owns 23,311 shares in the company, valued at approximately $2,088,199.38. This represents a 10.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jacques Frederic Kerrest sold 3,306 shares of Okta stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $88.85, for a total transaction of $293,738.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 768,202 shares of company stock worth $71,371,369. Insiders own 7.00% of the company's stock.

Hedge Funds Weigh In On Okta

A number of hedge funds have recently made changes to their positions in OKTA. Stifel Financial Corp increased its position in shares of Okta by 56.1% during the third quarter. Stifel Financial Corp now owns 37,258 shares of the company's stock worth $2,770,000 after buying an additional 13,387 shares during the period. Virtu Financial LLC acquired a new stake in Okta during the 3rd quarter worth about $2,436,000. Sanctuary Advisors LLC grew its holdings in Okta by 125.8% during the 3rd quarter. Sanctuary Advisors LLC now owns 11,244 shares of the company's stock worth $861,000 after acquiring an additional 6,265 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of Okta during the 3rd quarter valued at $108,000. Finally, Tidal Investments LLC grew its holdings in Okta by 132.0% in the third quarter. Tidal Investments LLC now owns 25,103 shares of the company's stock worth $1,866,000 after purchasing an additional 14,283 shares during the period. 86.64% of the stock is currently owned by institutional investors.

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.