Okta (NASDAQ:OKTA) was downgraded by equities researchers at BTIG Research from a “buy” rating to a “neutral” rating in a research report issued on Monday, The Fly reports.

Other research analysts also recently issued reports about the stock. BidaskClub downgraded shares of Okta from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 5th. ValuEngine lowered Okta from a “buy” rating to a “hold” rating in a report on Monday, May 4th. Zacks Investment Research raised Okta from a “hold” rating to a “buy” rating and set a $173.00 target price for the company in a report on Wednesday, May 6th. Morgan Stanley raised their price target on Okta from $131.00 to $173.00 and gave the stock an “equal weight” rating in a research note on Friday, May 29th. Finally, JPMorgan Chase & Co. lifted their price target on Okta from $154.00 to $192.00 and gave the stock an “overweight” rating in a research report on Friday, May 29th. Seven investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $181.56.

Shares of NASDAQ OKTA opened at $199.84 on Monday. The business has a 50-day moving average of $188.28 and a two-hundred day moving average of $143.72. The company has a market capitalization of $25.36 billion, a price-to-earnings ratio of -111.64 and a beta of 1.07. Okta has a 1 year low of $88.66 and a 1 year high of $206.09. The company has a debt-to-equity ratio of 2.52, a current ratio of 2.86 and a quick ratio of 2.86.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Thursday, May 28th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.17) by $0.10. The firm had revenue of $182.86 million during the quarter, compared to the consensus estimate of $171.57 million. Okta had a negative return on equity of 44.99% and a negative net margin of 33.34%. The firm’s quarterly revenue was up 46.0% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.19) earnings per share. As a group, equities research analysts expect that Okta will post -1.51 earnings per share for the current year.

In other Okta news, insider Charles Race sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, April 13th. The stock was sold at an average price of $132.45, for a total transaction of $6,622,500.00. Following the transaction, the insider now owns 65,401 shares in the company, valued at approximately $8,662,362.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jacques Frederic Kerrest sold 2,780 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $185.62, for a total value of $516,023.60. Following the completion of the sale, the insider now directly owns 10,629 shares of the company’s stock, valued at $1,972,954.98. The disclosure for this sale can be found here. Over the last quarter, insiders sold 536,287 shares of company stock worth $93,666,752. 12.02% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the business. Harwood Advisory Group LLC acquired a new position in shares of Okta during the 1st quarter worth $30,000. Verus Capital Partners LLC lifted its stake in shares of Okta by 1,866.7% in the first quarter. Verus Capital Partners LLC now owns 295 shares of the company’s stock valued at $36,000 after purchasing an additional 280 shares during the period. Lindbrook Capital LLC boosted its holdings in Okta by 62.0% during the first quarter. Lindbrook Capital LLC now owns 324 shares of the company’s stock worth $40,000 after buying an additional 124 shares in the last quarter. Exchange Traded Concepts LLC grew its position in Okta by 644.9% during the first quarter. Exchange Traded Concepts LLC now owns 365 shares of the company’s stock worth $45,000 after buying an additional 316 shares during the period. Finally, Meeder Asset Management Inc. grew its position in Okta by 90.8% during the first quarter. Meeder Asset Management Inc. now owns 393 shares of the company’s stock worth $48,000 after buying an additional 187 shares during the period. Institutional investors own 75.57% of the company’s stock.

Okta Company Profile

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.

Further Reading: Neutral Rating

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