Okta (NASDAQ:OKTA) Stock Price Down 5% Following Analyst Downgrade

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Okta Inc (NASDAQ:OKTA) shares dropped 5% during trading on Wednesday after Morgan Stanley lowered their price target on the stock from $140.00 to $131.00. Morgan Stanley currently has an equal weight rating on the stock. Okta traded as low as $116.95 and last traded at $117.77, approximately 2,102,126 shares changed hands during trading. An increase of 14% from the average daily volume of 1,841,349 shares. The stock had previously closed at $123.97.

Other research analysts have also issued reports about the stock. ValuEngine upgraded shares of Okta from a “sell” rating to a “hold” rating in a research report on Tuesday, February 4th. Mizuho upped their target price on shares of Okta from $140.00 to $145.00 and gave the stock a “neutral” rating in a research report on Friday, March 6th. BidaskClub upgraded shares of Okta from a “hold” rating to a “buy” rating in a research report on Tuesday. SunTrust Banks upped their target price on shares of Okta from $134.00 to $162.00 and gave the stock a “buy” rating in a research report on Friday, March 6th. Finally, Zacks Investment Research lowered shares of Okta from a “hold” rating to a “sell” rating in a research report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $142.74.

In other Okta news, CFO William E. Losch sold 30,000 shares of the company’s stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $131.78, for a total transaction of $3,953,400.00. Following the completion of the sale, the chief financial officer now directly owns 42,562 shares in the company, valued at $5,608,820.36. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director L Michelle Wilson sold 10,000 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $123.29, for a total transaction of $1,232,900.00. Following the sale, the director now owns 25,735 shares of the company’s stock, valued at $3,172,868.15. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 150,849 shares of company stock valued at $18,047,115. Company insiders own 14.69% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of OKTA. TCI Wealth Advisors Inc. boosted its position in Okta by 5,160.0% during the fourth quarter. TCI Wealth Advisors Inc. now owns 263 shares of the company’s stock valued at $30,000 after buying an additional 258 shares during the period. Valeo Financial Advisors LLC raised its stake in shares of Okta by 75.7% during the fourth quarter. Valeo Financial Advisors LLC now owns 550 shares of the company’s stock valued at $63,000 after acquiring an additional 237 shares during the last quarter. Baldwin Brothers Inc. MA raised its stake in shares of Okta by 500.0% during the fourth quarter. Baldwin Brothers Inc. MA now owns 600 shares of the company’s stock valued at $70,000 after acquiring an additional 500 shares during the last quarter. Sowell Financial Services LLC raised its stake in shares of Okta by 556.3% during the fourth quarter. Sowell Financial Services LLC now owns 630 shares of the company’s stock valued at $73,000 after acquiring an additional 534 shares during the last quarter. Finally, Ancora Advisors LLC bought a new position in shares of Okta during the fourth quarter valued at about $89,000. Institutional investors and hedge funds own 73.90% of the company’s stock.

The stock has a market capitalization of $14.54 billion, a P/E ratio of -66.16 and a beta of 0.91. The firm’s 50 day moving average price is $125.59 and its 200 day moving average price is $118.74. The company has a debt-to-equity ratio of 2.45, a current ratio of 2.92 and a quick ratio of 2.92.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Thursday, March 5th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.04. The firm had revenue of $167.33 million during the quarter, compared to the consensus estimate of $155.83 million. Okta had a negative net margin of 35.65% and a negative return on equity of 50.48%. The company’s quarterly revenue was up 44.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.04) earnings per share. On average, equities research analysts forecast that Okta Inc will post -1.7 earnings per share for the current year.

About Okta (NASDAQ:OKTA)

Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products to manage and secure identities, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access their applications in the cloud or on-premise from various devices with a single entry of their user credentials; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.

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