Royal Bank Of Canada Has Lowered Expectations for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA) had its price target dropped by research analysts at Royal Bank Of Canada from $115.00 to $97.00 in a research report issued on Wednesday,MarketScreener reports. The firm currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target suggests a potential upside of 17.99% from the company’s previous close.

OKTA has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft cut their price target on Okta from $110.00 to $85.00 and set a “hold” rating for the company in a research note on Wednesday. Stifel Nicolaus set a $121.00 target price on Okta in a research note on Wednesday. Sanford C. Bernstein reiterated an “outperform” rating on shares of Okta in a research report on Monday. Scotiabank dropped their price target on shares of Okta from $105.00 to $85.00 and set a “sector perform” rating on the stock in a research note on Wednesday. Finally, JPMorgan Chase & Co. cut their price target on shares of Okta from $140.00 to $115.00 and set an “overweight” rating for the company in a report on Monday. Twenty-three analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $109.76.

Okta Price Performance

OKTA stock traded up $0.34 during midday trading on Wednesday, hitting $82.21. 3,774,814 shares of the stock traded hands, compared to its average volume of 3,366,638. Okta has a 1-year low of $75.05 and a 1-year high of $127.57. The stock’s fifty day simple moving average is $87.06 and its 200-day simple moving average is $94.08. The firm has a market cap of $14.39 billion, a P/E ratio of 96.89, a PEG ratio of 3.96 and a beta of 0.77.

Insider Buying and Selling

In other news, CRO Jonathan James Addison sold 6,091 shares of the stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $92.61, for a total value of $564,087.51. Following the completion of the sale, the executive directly owned 7,067 shares in the company, valued at $654,474.87. This represents a 46.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Larissa Schwartz sold 3,348 shares of the firm’s stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $90.17, for a total transaction of $301,889.16. Following the completion of the transaction, the insider directly owned 39,155 shares in the company, valued at approximately $3,530,606.35. This represents a 7.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 64,975 shares of company stock worth $6,011,126 in the last ninety days. Company insiders own 5.68% of the company’s stock.

Institutional Trading of Okta

Hedge funds have recently bought and sold shares of the business. Cetera Investment Advisers boosted its holdings in shares of Okta by 15.6% during the 1st quarter. Cetera Investment Advisers now owns 22,396 shares of the company’s stock worth $2,357,000 after purchasing an additional 3,025 shares during the last quarter. Harbour Investments Inc. lifted its position in Okta by 152.4% during the first quarter. Harbour Investments Inc. now owns 260 shares of the company’s stock worth $27,000 after buying an additional 157 shares in the last quarter. Commerce Bank lifted its position in Okta by 18.7% during the first quarter. Commerce Bank now owns 4,434 shares of the company’s stock worth $467,000 after buying an additional 700 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Okta by 3.7% during the first quarter. PNC Financial Services Group Inc. now owns 6,598 shares of the company’s stock worth $694,000 after buying an additional 236 shares during the last quarter. Finally, Raiffeisen Bank International AG purchased a new stake in Okta in the 1st quarter valued at $521,000. Institutional investors and hedge funds own 86.64% of the company’s stock.

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.