Bank of America Downgrades Okta (NASDAQ:OKTA) to Underperform

Okta (NASDAQ:OKTA – Get a Free Report) was downgraded by equities research analysts at Bank of America from a “buy” rating to an “underperform” rating in a report issued on Thursday, Briefing.com reports. They currently have a $75.00 price objective on the stock, down from their previous price objective of $135.00. Bank of America’s price target indicates a potential downside of 22.31% from the stock’s previous close.

OKTA has been the subject of a number of other research reports. JPMorgan Chase & Co. raised their target price on Okta from $105.00 to $110.00 and gave the stock a “neutral” rating in a report on Thursday, May 30th. Susquehanna decreased their price objective on shares of Okta from $115.00 to $110.00 and set a “neutral” rating for the company in a research note on Thursday, May 30th. Evercore ISI upgraded Okta from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $102.00 to $122.00 in a report on Thursday, May 30th. Guggenheim restated a “buy” rating and set a $130.00 price objective on shares of Okta in a report on Tuesday, June 25th. Finally, Mizuho raised their target price on Okta from $105.00 to $110.00 and gave the stock a “neutral” rating in a research report on Friday, May 17th. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $103.74.

Check out our latest research report on Okta

Okta stock down 0.5%

Shares of OKTA stock opened at $96.54 on Thursday. The company’s fifty day simple moving average is $93.37 and its two hundred day simple moving average is $95.54. Okta has a 52-week low of $65.04 and a 52-week high of $114.50. The stock has a market cap of $16.24 billion, a P/E ratio of -57.81 and a beta of 1.03. The company has a quick ratio of 1.73, a current ratio of 1.73, and a debt-to-equity ratio of 0.19.

Okta (NASDAQ:OKTA – Get Your Free Report ) last released its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.29. Okta had a negative return on equity of 3.81% and a negative net margin of 11.69%. The business had revenue of $646.00 million during the quarter, compared to analysts’ expectations of $632.24 million. analysts predict that Okta will post -0.28 EPS for the current fiscal year.

Insiders place their bets

In related news, insider Larissa Schwartz sold 2,795 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $92.02, for a total transaction of $257,195.90. Following the completion of the transaction, the insider now owns 27,014 shares of the company’s stock, valued at $2,485,828.28. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. In related news, CEO Todd Mckinnon sold 92,729 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $94.92, for a total transaction of $8,801,836.68. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. Also, insider Larissa Schwartz sold 2,795 shares of Okta stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $92.02, for a total transaction of $257,195.90. Following the completion of the transaction, the insider now directly owns 27,014 shares of the company’s stock, valued at approximately $2,485,828.28. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 365,051 shares of company stock worth $34,411,773. 7.00% of shares are held by insiders.

Hedge funds weigh on Okta

Several institutional investors and hedge funds have recently modified their holdings of OKTA. Banque Cantonale Vaudoise grew its holdings in Okta by 4.3% in the first quarter. Banque Cantonale Vaudoise now owns 2,933 shares of the company’s stock valued at $307,000 after buying an additional 122 shares during the period. Caprock Group LLC grew its stake in Okta by 4.7% in the second quarter. Caprock Group LLC now owns 2,856 shares of the company’s stock valued at $267,000 after acquiring an additional 129 shares during the period. National Bank of Canada FI grew its position in shares of Okta by 11.0% in the second quarter. National Bank of Canada FI now owns 1,315 shares of the company’s stock valued at $124,000 after buying an additional 130 shares during the period. Venturi Wealth Management LLC boosted its stake in Okta by 50.4% in the first quarter. Venturi Wealth Management LLC now owns 391 shares of the company’s stock worth $41,000 after buying an additional 131 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in Okta by 71.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after purchasing an additional 142 shares during the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s shares.

About Okta

(Get a free report)

Okta, Inc operates as an identity partner in the United States and internationally. The company offers the Okta suite of products and services used to manage and secure identities, such as Single Sign-On, which allows users to access cloud or on-premises applications from various devices; Adaptive multi-factor authentication provides a layer of security for cloud, mobile, web apps and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend the Workforce Identity Cloud; and Okta Device Access allows end users to securely connect to devices with Okta credentials.

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