Shares of Okta Inc (NASDAQ:OKTA) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $62.39 and last traded at $61.83, with a volume of 862096 shares changing hands. The stock had previously closed at $61.69.
OKTA has been the subject of a number of research analyst reports. Zacks Investment Research upgraded Okta from a “hold” rating to a “buy” rating and set a $61.00 price target for the company in a report on Wednesday, July 18th. Needham & Company LLC upgraded Okta from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a report on Wednesday, June 27th. They noted that the move was a valuation call. BidaskClub cut Okta from a “buy” rating to a “hold” rating in a report on Wednesday, August 1st. JPMorgan Chase & Co. lifted their price target on Okta to $63.00 and gave the stock an “overweight” rating in a report on Thursday, June 7th. Finally, Deutsche Bank lifted their price target on Okta from $46.00 to $56.00 and gave the stock a “buy” rating in a report on Thursday, May 24th. Sixteen analysts have rated the stock with a buy rating, The stock currently has an average rating of “Buy” and an average price target of $57.58.
The firm has a market capitalization of $6.59 billion, a PE ratio of -46.07 and a beta of -0.59. The company has a debt-to-equity ratio of 1.04, a current ratio of 3.13 and a quick ratio of 3.14.
Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Wednesday, June 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.07. Okta had a negative return on equity of 59.95% and a negative net margin of 38.34%. The company had revenue of $83.62 million during the quarter, compared to analysts’ expectations of $78.81 million. During the same quarter in the previous year, the company posted ($0.50) earnings per share. The business’s revenue was up 59.8% on a year-over-year basis. equities analysts forecast that Okta Inc will post -1.21 earnings per share for the current fiscal year.
In other news, COO Jacques Frederic Kerrest sold 1,177 shares of the business’s stock in a transaction that occurred on Tuesday, July 17th. The stock was sold at an average price of $54.97, for a total transaction of $64,699.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO William E. Losch sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, June 25th. The stock was sold at an average price of $49.25, for a total value of $738,750.00. Following the sale, the chief financial officer now owns 15,000 shares of the company’s stock, valued at approximately $738,750. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 694,651 shares of company stock valued at $37,684,868. Corporate insiders own 20.59% of the company’s stock.
Several hedge funds have recently modified their holdings of the stock. FMR LLC boosted its stake in shares of Okta by 28.9% in the second quarter. FMR LLC now owns 7,078,025 shares of the company’s stock valued at $356,520,000 after buying an additional 1,585,500 shares during the period. BlackRock Inc. boosted its stake in shares of Okta by 66.0% in the second quarter. BlackRock Inc. now owns 3,802,964 shares of the company’s stock valued at $191,555,000 after buying an additional 1,512,528 shares during the period. Putnam Investments LLC boosted its stake in shares of Okta by 23.5% in the second quarter. Putnam Investments LLC now owns 3,145,511 shares of the company’s stock valued at $158,439,000 after buying an additional 599,141 shares during the period. Champlain Investment Partners LLC boosted its stake in shares of Okta by 5.4% in the first quarter. Champlain Investment Partners LLC now owns 3,012,770 shares of the company’s stock valued at $120,059,000 after buying an additional 153,770 shares during the period. Finally, First Trust Advisors LP bought a new stake in shares of Okta in the second quarter valued at approximately $115,170,000. Institutional investors and hedge funds own 60.24% of the company’s stock.
About Okta (NASDAQ:OKTA)
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.
Further Reading: Diversification
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