Several other equities research analysts have also issued reports on the company. KeyCorp raised their target price on Okta from $43.00 to $50.00 and gave the company an overweight rating in a research report on Monday, March 19th. They noted that the move was a valuation call. BidaskClub raised Okta from a buy rating to a strong-buy rating in a research report on Thursday, February 22nd. Oppenheimer raised their target price on Okta from $34.00 to $40.00 and gave the company an outperform rating in a research report on Wednesday, February 21st. Needham & Company LLC initiated coverage on Okta in a research report on Wednesday, February 14th. They set a buy rating and a $38.00 target price for the company. Finally, JPMorgan Chase & Co. raised their target price on Okta to $50.00 and gave the company an overweight rating in a research report on Thursday, March 8th. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Okta has an average rating of Buy and an average price target of $47.17.
Okta opened at $51.88 on Thursday, according to Marketbeat. Okta has a 12 month low of $21.52 and a 12 month high of $52.28.
Okta (NASDAQ:OKTA) last announced its earnings results on Wednesday, March 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.05. Okta had a negative return on equity of 65.56% and a negative net margin of 43.99%. The firm had revenue of $77.80 million during the quarter, compared to analyst estimates of $76.77 million. The firm’s quarterly revenue was up 59.4% on a year-over-year basis. analysts anticipate that Okta will post -1.3 EPS for the current fiscal year.
In other Okta news, General Counsel Jonathan T. Runyan sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, March 28th. The stock was sold at an average price of $38.41, for a total value of $96,025.00. Following the completion of the transaction, the general counsel now owns 2,500 shares in the company, valued at approximately $96,025. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Todd Mckinnon sold 75,000 shares of the firm’s stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $36.51, for a total value of $2,738,250.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 329,571 shares of company stock valued at $13,208,192. 20.59% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Ladenburg Thalmann Financial Services Inc. boosted its stake in Okta by 276.1% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,633 shares of the company’s stock worth $105,000 after purchasing an additional 1,933 shares during the period. Centaurus Financial Inc. bought a new position in Okta in the 1st quarter worth about $106,000. HM Payson & Co. bought a new position in Okta in the 1st quarter worth about $202,000. Royal Bank of Canada boosted its stake in Okta by 194.8% in the 1st quarter. Royal Bank of Canada now owns 5,080 shares of the company’s stock worth $202,000 after purchasing an additional 3,357 shares during the period. Finally, Cetera Advisors LLC bought a new position in Okta in the 1st quarter worth about $209,000. Institutional investors and hedge funds own 54.81% 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 Web and mobile applications, and data of organization; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; and Mobility Management, which simplifies and automates mobile device administration and provisioning across phones, tablets, and laptops.
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