Shares of Okta Inc (NASDAQ:OKTA) have been assigned a consensus rating of “Buy” from the twenty-two research firms that are covering the stock, Marketbeat.com reports. Eleven investment analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $133.19.
OKTA has been the subject of a number of recent analyst reports. Guggenheim increased their price target on Okta from $125.00 to $152.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Piper Jaffray Companies increased their price target on Okta from $120.00 to $160.00 and gave the company an “overweight” rating in a research report on Thursday, August 29th. Cowen initiated coverage on Okta in a research report on Wednesday, August 21st. They issued an “outperform” rating and a $150.00 price target for the company. BidaskClub lowered Okta from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, Robert W. Baird increased their price target on Okta from $120.00 to $135.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th.
In other news, General Counsel Jonathan T. Runyan sold 493 shares of the firm’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $127.85, for a total transaction of $63,030.05. Following the completion of the sale, the general counsel now directly owns 1,406 shares of the company’s stock, valued at approximately $179,757.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO William E. Losch sold 20,000 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $136.79, for a total value of $2,735,800.00. Following the sale, the chief financial officer now directly owns 30,366 shares of the company’s stock, valued at $4,153,765.14. The disclosure for this sale can be found here. Insiders have sold a total of 741,820 shares of company stock valued at $96,287,465 over the last 90 days. Corporate insiders own 14.69% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Okta by 19.4% during the 2nd quarter. Vanguard Group Inc. now owns 9,386,104 shares of the company’s stock worth $1,159,277,000 after purchasing an additional 1,527,751 shares in the last quarter. First Trust Advisors LP raised its stake in shares of Okta by 4.2% during the 1st quarter. First Trust Advisors LP now owns 2,670,948 shares of the company’s stock worth $220,968,000 after purchasing an additional 107,132 shares in the last quarter. Gilder Gagnon Howe & Co. LLC raised its stake in shares of Okta by 28.0% during the 1st quarter. Gilder Gagnon Howe & Co. LLC now owns 2,091,177 shares of the company’s stock worth $173,003,000 after purchasing an additional 457,058 shares in the last quarter. Whale Rock Capital Management LLC raised its stake in shares of Okta by 27.1% during the 2nd quarter. Whale Rock Capital Management LLC now owns 1,870,680 shares of the company’s stock worth $231,048,000 after purchasing an additional 399,310 shares in the last quarter. Finally, Coatue Management LLC raised its stake in shares of Okta by 234.1% during the 2nd quarter. Coatue Management LLC now owns 1,014,699 shares of the company’s stock worth $125,326,000 after purchasing an additional 711,032 shares in the last quarter. 70.94% of the stock is owned by institutional investors.
Shares of NASDAQ:OKTA traded down $4.30 during midday trading on Friday, reaching $102.07. The company had a trading volume of 100,736 shares, compared to its average volume of 2,581,484. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.12 and a current ratio of 1.12. Okta has a 1-year low of $41.88 and a 1-year high of $141.85. The firm has a market cap of $12.52 billion, a price-to-earnings ratio of -99.12 and a beta of 1.06. The company has a fifty day simple moving average of $129.50 and a two-hundred day simple moving average of $111.81.
Okta (NASDAQ:OKTA) last released its quarterly earnings results on Wednesday, August 28th. The company reported ($0.32) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.32). Okta had a negative return on equity of 53.93% and a negative net margin of 31.90%. The business had revenue of $140.48 million during the quarter, compared to analyst estimates of $131.19 million. During the same quarter last year, the company posted ($0.15) EPS. Okta’s revenue for the quarter was up 48.5% on a year-over-year basis. Analysts expect that Okta will post -1.4 EPS for the current year.
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.
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