Stephens slashes price target on Okta Inc. [OKTA] – find out why.


Okta Inc. [NASDAQ: OKTA] loss -8.00% or -6.87 points to close at $79.04 with a heavy trading volume of 3433329 shares. The company report on June 2, 2022 that Okta Announces First Quarter Fiscal Year 2023 Financial Results.

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Q1 revenue grew 65% year-over-year; subscription revenue grew 66% year-over-year.

Remaining performance obligations (RPO) grew 43% year-over-year to $2.71 billion; current remaining performance obligations (cRPO) grew 57% year-over-year to $1.41 billion.

It opened the trading session at $82.00, the shares rose to $83.68 and dropped to $77.9649, the range by which the price of stock traded the whole day. The daily chart for OKTA points out that the company has recorded -64.48% loss over the past six months. However, it is still -2.64% lower than its most recent low trading price.

If we look at the average trading volume of 3.37M shares, OKTA reached to a volume of 3433329 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Okta Inc. [OKTA]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for OKTA shares is $162.37 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on OKTA stock is a recommendation set at 1.90. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Stephens have made an estimate for Okta Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on May 26, 2022. The new note on the price target was released on March 23, 2022, representing the official price target for Okta Inc. stock.

The Average True Range (ATR) for Okta Inc. is set at 7.87, with the Price to Sales ratio for OKTA stock in the period of the last 12 months amounting to 8.97. The Price to Book ratio for the last quarter was 2.25, with the Price to Cash per share for the same quarter was set at 14.97. Price to Free Cash Flow for OKTA in the course of the last twelve months was 250.19 with Quick ratio for the last quarter at 2.40.

Trading performance analysis for OKTA stock

Okta Inc. [OKTA] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -16.73. With this latest performance, OKTA shares dropped by -9.65% in over the last four-week period, additionally sinking by -64.48% over the last 6 months – not to mention a drop of -65.95% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for OKTA stock in for the last two-week period is set at 38.44, with the RSI for the last a single of trading hit 36.83, and the three-weeks RSI is set at 38.72 for Okta Inc. [OKTA]. The present Moving Average for the last 50 days of trading for this stock 108.16, while it was recorded at 83.64 for the last single week of trading, and 187.89 for the last 200 days.

Okta Inc. [OKTA]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Okta Inc. [OKTA] shares currently have an operating margin of -54.64 and a Gross Margin at +69.51. Okta Inc.’s Net Margin is presently recorded at -65.25.

Return on Equity for this stock declined to -25.65, with Return on Assets sitting at -13.57.

Okta Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.40 and a Current Ratio set at 2.40.

Okta Inc. [OKTA]: An earnings per share (EPS) analysis

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for OKTA. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Okta Inc. go to 25.00%.

An analysis of insider ownership at Okta Inc. [OKTA]

There are presently around $9,760 million, or 82.00% of OKTA stock, in the hands of institutional investors. The top three institutional holders of OKTA stocks are: PRICE T ROWE ASSOCIATES INC /MD/ with ownership of 13,840,810, which is approximately 27.097% of the company’s market cap and around 0.10% of the total institutional ownership; VANGUARD GROUP INC, holding 13,506,847 shares of the stock with an approximate value of $1.07 billion in OKTA stocks shares; and BLACKROCK INC., currently with $966.55 million in OKTA stock with ownership of nearly -0.784% of the company’s market capitalization.

Positions in Okta Inc. stocks held by institutional investors increased at the end of June and at the time of the June reporting period, where 341 institutional holders increased their position in Okta Inc. [NASDAQ:OKTA] by around 16,075,793 shares. Additionally, 389 investors decreased positions by around 15,841,235 shares, while 109 investors held positions by with 91,569,813 shares. The mentioned changes placed institutional holdings at 123,486,841 shares, according to the latest SEC report filing. OKTA stock had 87 new institutional investments in for a total of 2,842,062 shares, while 156 institutional investors sold positions of 2,740,182 shares during the same period.