Shares of Okta Inc (NASDAQ:OKTA) have been given an average rating of “Buy” by the seventeen brokerages that are covering the stock, Marketbeat reports. Seventeen investment analysts have rated the stock with a buy rating. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $68.62.
Several equities research analysts have recently weighed in on the company. BidaskClub cut Okta from a “buy” rating to a “hold” rating in a research note on Wednesday, August 1st. Canaccord Genuity increased their price target on Okta from $60.00 to $75.00 and gave the company a “buy” rating in a research note on Friday. Needham & Company LLC raised their target price on Okta from $58.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday. Deutsche Bank raised their target price on Okta to $75.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Oppenheimer raised their target price on Okta from $60.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday.
In related news, General Counsel Jonathan T. Runyan sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, September 7th. The stock was sold at an average price of $70.00, for a total transaction of $700,000.00. Following the completion of the sale, the general counsel now owns 10,000 shares of the company’s stock, valued at $700,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO William E. Losch sold 15,000 shares of the firm’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 directly owns 15,000 shares of the company’s stock, valued at approximately $738,750. The disclosure for this sale can be found here. Insiders have sold 704,651 shares of company stock valued at $38,384,868 in the last ninety days. 20.59% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OKTA. Rhumbline Advisers boosted its holdings in Okta by 374.3% in the second quarter. Rhumbline Advisers now owns 87,675 shares of the company’s stock worth $4,416,000 after acquiring an additional 69,191 shares in the last quarter. Keybank National Association OH boosted its holdings in Okta by 34.7% in the second quarter. Keybank National Association OH now owns 67,460 shares of the company’s stock worth $3,398,000 after acquiring an additional 17,362 shares in the last quarter. Commonwealth Equity Services LLC boosted its holdings in Okta by 61.6% in the second quarter. Commonwealth Equity Services LLC now owns 47,175 shares of the company’s stock worth $2,376,000 after acquiring an additional 17,987 shares in the last quarter. Frontier Capital Management Co. LLC bought a new position in Okta in the second quarter worth approximately $5,102,000. Finally, Numen Capital LLP boosted its holdings in Okta by 161.3% in the second quarter. Numen Capital LLP now owns 104,519 shares of the company’s stock worth $5,265,000 after acquiring an additional 64,519 shares in the last quarter. 60.19% of the stock is owned by institutional investors and hedge funds.
Shares of OKTA stock traded up $11.72 on Monday, hitting $71.92. The company had a trading volume of 10,911,382 shares, compared to its average volume of 1,103,660. The stock has a market cap of $6.42 billion, a price-to-earnings ratio of -52.50 and a beta of -0.53. The company has a current ratio of 3.13, a quick ratio of 3.14 and a debt-to-equity ratio of 1.04. Okta has a twelve month low of $24.50 and a twelve month 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 the consensus estimate of ($0.36) by $0.21. The company 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 61.05% and a negative net margin of 38.13%. The business’s quarterly revenue was up 57.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.16) earnings per share. sell-side analysts forecast that Okta will post -1.21 earnings per share for the current year.
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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