Several other equities analysts have also recently weighed in on OKTA. BidaskClub cut Okta from a buy rating to a hold rating in a report on Tuesday, June 26th. Needham & Company LLC raised Okta from a hold rating to a buy rating and set a $58.00 price objective for the company in a report on Wednesday, June 27th. They noted that the move was a valuation call. Monness Crespi & Hardt lifted their price objective on Okta from $62.00 to $75.00 and gave the company a buy rating in a report on Friday, September 7th. Deutsche Bank lifted their price objective on Okta to $75.00 and gave the company a buy rating in a report on Friday, September 7th. Finally, Zacks Investment Research raised Okta from a hold rating to a buy rating and set a $61.00 price objective for the company in a report on Wednesday, July 18th. Seventeen investment analysts have rated the stock with a buy rating, The company has a consensus rating of Buy and a consensus target price of $68.62.
NASDAQ OKTA traded up $2.95 during midday trading on Wednesday, hitting $57.59. The company had a trading volume of 2,684,827 shares, compared to its average volume of 2,048,356. The stock has a market capitalization of $7.68 billion, a PE ratio of -42.04 and a beta of -0.61. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.90 and a quick ratio of 2.90. Okta has a twelve month low of $24.71 and a twelve month high of $75.49.
Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Thursday, September 6th. The company reported ($0.15) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.36) by $0.21. The firm had revenue of $94.59 million during the quarter, compared to analysts’ expectations of $85.00 million. Okta had a negative return on equity of 56.91% and a negative net margin of 38.13%. The company’s quarterly revenue was up 57.0% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.16) EPS. On average, equities analysts expect that Okta will post -1.12 EPS for the current year.
In other Okta news, General Counsel Jonathan T. Runyan sold 2,500 shares of the company’s stock in a transaction dated Tuesday, July 31st. The stock was sold at an average price of $50.21, for a total value of $125,525.00. Following the completion of the transaction, the general counsel now owns 2,500 shares of the company’s stock, valued at approximately $125,525. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO William E. Losch sold 15,000 shares of the company’s stock in a transaction dated Monday, September 24th. The stock was sold at an average price of $68.67, for a total value of $1,030,050.00. Following the completion of the transaction, the chief financial officer now directly owns 15,000 shares of the company’s stock, valued at approximately $1,030,050. The disclosure for this sale can be found here. In the last ninety days, insiders sold 633,996 shares of company stock valued at $40,577,841. Insiders own 20.59% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Parallel Advisors LLC grew its position in shares of Okta by 129.9% in the 2nd quarter. Parallel Advisors LLC now owns 2,393 shares of the company’s stock valued at $120,000 after buying an additional 1,352 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. grew its position in shares of Okta by 276.1% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,633 shares of the company’s stock valued at $105,000 after buying an additional 1,933 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Okta in the 2nd quarter valued at about $139,000. Public Employees Retirement Association of Colorado bought a new stake in shares of Okta in the 2nd quarter valued at about $160,000. Finally, Flagship Harbor Advisors LLC bought a new stake in shares of Okta in the 2nd quarter valued at about $174,000. 58.81% of the stock is owned by institutional investors and hedge funds.
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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