Okta (NASDAQ:OKTA) Stock Price Down 3.7%

Okta, Inc. (NASDAQ:OKTA) was down 3.7% during mid-day trading on Monday . The company traded as low as $242.11 and last traded at $244.03. Approximately 4,233 shares changed hands during mid-day trading, a decline of 100% from the average daily volume of 1,706,097 shares. The stock had previously closed at $253.43.

A number of research analysts recently issued reports on OKTA shares. TheStreet upgraded shares of Okta from a “d+” rating to a “c-” rating in a report on Tuesday, September 7th. Needham & Company LLC raised shares of Okta from a “hold” rating to a “buy” rating and set a $320.00 target price for the company in a research report on Thursday, September 2nd. They noted that the move was a valuation call. KeyCorp increased their target price on shares of Okta from $300.00 to $310.00 and gave the company an “overweight” rating in a research report on Thursday, July 22nd. Wolfe Research started coverage on shares of Okta in a research report on Friday, August 6th. They set an “outperform” rating and a $295.00 target price for the company. Finally, BMO Capital Markets increased their target price on shares of Okta from $265.00 to $293.00 and gave the company an “outperform” rating in a research report on Thursday, September 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $289.67.

The company has a market capitalization of $37.38 billion, a P/E ratio of -66.69 and a beta of 0.97. The company has a debt-to-equity ratio of 0.29, a quick ratio of 3.15 and a current ratio of 3.15. The stock has a 50 day moving average price of $250.11 and a 200 day moving average price of $242.34.

Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Tuesday, August 31st. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.35) by $0.24. Okta had a negative return on equity of 18.64% and a negative net margin of 52.47%. The company had revenue of $316.00 million during the quarter, compared to analyst estimates of $293.16 million. During the same quarter last year, the firm posted $0.07 EPS. The firm’s revenue for the quarter was up 57.7% on a year-over-year basis. As a group, sell-side analysts expect that Okta, Inc. will post -4.8 earnings per share for the current year.

In related news, Director Robert L. Dixon, Jr. sold 800 shares of Okta stock in a transaction dated Thursday, September 9th. The stock was sold at an average price of $263.45, for a total value of $210,760.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Christopher K. Kramer sold 3,333 shares of Okta stock in a transaction dated Thursday, July 15th. The shares were sold at an average price of $242.94, for a total value of $809,719.02. Following the transaction, the chief accounting officer now directly owns 13,142 shares of the company’s stock, valued at approximately $3,192,717.48. The disclosure for this sale can be found here. In the last three months, insiders sold 213,312 shares of company stock valued at $53,948,479. 9.60% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. JNBA Financial Advisors purchased a new position in shares of Okta during the second quarter worth about $26,000. Bbva USA purchased a new position in shares of Okta during the second quarter worth about $38,000. Lloyd Advisory Services LLC. grew its holdings in shares of Okta by 48.5% during the second quarter. Lloyd Advisory Services LLC. now owns 196 shares of the company’s stock worth $48,000 after purchasing an additional 64 shares in the last quarter. KB Financial Partners LLC bought a new stake in Okta in the 1st quarter worth approximately $48,000. Finally, First Horizon Advisors Inc. lifted its position in Okta by 29.9% in the 1st quarter. First Horizon Advisors Inc. now owns 274 shares of the company’s stock worth $60,000 after buying an additional 63 shares during the last quarter. 83.75% of the stock is owned by institutional investors.

Okta Company Profile (NASDAQ:OKTA)

Okta, Inc engages in the provision of identity management platform for the enterprise. It operates through United States and International geographical segments. The firm’s products include single sign-on, multi factor authentication, API access management, authentication, user management, and lifecycle management.

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