Okta (NASDAQ:OKTA) had its price objective hoisted by research analysts at KeyCorp from $65.00 to $74.00 in a research note issued on Friday, Marketbeat.com reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp’s price objective would indicate a potential upside of 2.89% from the company’s previous close.
A number of other analysts have also weighed in on the stock. Monness Crespi & Hardt started coverage on shares of Okta in a report on Tuesday, May 29th. They issued a “buy” rating and a $59.00 price target for the company. BidaskClub raised shares of Okta from a “hold” rating to a “buy” rating in a report on Tuesday, July 17th. Oppenheimer raised their price target on shares of Okta from $51.00 to $60.00 and gave the company an “outperform” rating in a report on Thursday, June 7th. Needham & Company LLC raised their price target on shares of Okta from $50.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, May 29th. Finally, Summit Insights raised shares of Okta from a “hold” rating to a “buy” rating in a report on Tuesday, July 10th. Seventeen investment analysts have rated the stock with a buy rating, The stock has an average rating of “Buy” and a consensus price target of $68.62.
Shares of Okta stock opened at $71.92 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 3.13 and a quick ratio of 3.14. The company has a market capitalization of $6.42 billion, a P/E ratio of -52.50 and a beta of -0.53. Okta has a fifty-two week low of $24.50 and a fifty-two week high of $75.00.
Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Thursday, September 6th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.21. The business had revenue of $94.59 million during the quarter, compared to analyst estimates of $85.00 million. Okta had a negative net margin of 38.13% and a negative return on equity of 61.05%. Okta’s revenue for the quarter was up 57.0% compared to the same quarter last year. During the same quarter last year, the business posted ($0.16) earnings per share. equities analysts predict that Okta will post -1.21 earnings per share for the current fiscal year.
In other news, General Counsel Jonathan T. Runyan sold 10,000 shares of Okta stock in a transaction on Friday, September 7th. The shares were sold at an average price of $70.00, for a total transaction of $700,000.00. Following the transaction, the general counsel now directly owns 10,000 shares of the company’s stock, valued at $700,000. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Todd Mckinnon sold 225,000 shares of Okta stock in a transaction on Tuesday, August 14th. The stock was sold at an average price of $55.22, for a total transaction of $12,424,500.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 704,651 shares of company stock worth $38,384,868. Insiders own 20.59% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of Okta by 276.1% during the first 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 in the last quarter. Centaurus Financial Inc. bought a new position in shares of Okta during the first quarter worth $106,000. Parallel Advisors LLC boosted its position in shares of Okta by 129.9% during the second quarter. Parallel Advisors LLC now owns 2,393 shares of the company’s stock worth $120,000 after purchasing an additional 1,352 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Okta during the second quarter worth $139,000. Finally, Public Employees Retirement Association of Colorado bought a new position in shares of Okta during the second quarter worth $160,000. 60.19% of the stock is currently owned by institutional investors.
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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