Okta (NASDAQ:OKTA) had its target price increased by Oppenheimer from $60.00 to $80.00 in a research report sent to investors on Friday, Marketbeat.com reports. They currently have an outperform rating on the stock.
A number of other brokerages have also issued reports on OKTA. Zacks Investment Research raised Okta from a hold rating to a buy rating and set a $61.00 target price on the stock in a research report on Wednesday, July 18th. Needham & Company LLC raised Okta from a hold rating to a buy rating and set a $58.00 target price on the stock in a research report on Wednesday, June 27th. They noted that the move was a valuation call. BidaskClub lowered Okta from a buy rating to a hold rating in a research report on Wednesday, August 1st. JPMorgan Chase & Co. boosted their target price on Okta to $63.00 and gave the stock an overweight rating in a research report on Thursday, June 7th. Finally, Deutsche Bank boosted their target price on Okta from $46.00 to $56.00 and gave the stock a buy rating in a research report on Thursday, May 24th. Seventeen analysts have rated the stock with a buy rating, The company has an average rating of Buy and a consensus target price of $68.62.
Okta stock traded up $11.72 during mid-day trading on Friday, hitting $71.92. 10,911,382 shares of the company’s stock traded hands, compared to its average volume of 1,103,660. 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 one year low of $24.50 and a one year high of $75.00.
Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Thursday, September 6th. The company reported ($0.15) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.36) by $0.21. Okta had a negative return on equity of 61.05% and a negative net margin of 38.13%. The company had revenue of $94.59 million for the quarter, compared to the consensus estimate of $85.00 million. During the same quarter in the previous year, the business earned ($0.16) EPS. The company’s quarterly revenue was up 57.0% compared to the same quarter last year. research analysts expect that Okta will post -1.21 earnings per share for the current fiscal year.
In other news, COO Jacques Frederic Kerrest sold 339,797 shares of Okta stock in a transaction on Wednesday, June 13th. The stock was sold at an average price of $52.94, for a total transaction of $17,988,853.18. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Todd Mckinnon sold 225,000 shares of Okta stock in a transaction on Tuesday, August 14th. The shares were sold at an average price of $55.22, for a total value of $12,424,500.00. The disclosure for this sale can be found here. Insiders have sold 704,651 shares of company stock worth $38,384,868 in the last quarter. 20.59% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of the company. HL Financial Services LLC grew its holdings in shares of Okta by 4.7% during the second quarter. HL Financial Services LLC now owns 20,447 shares of the company’s stock valued at $1,030,000 after buying an additional 918 shares in the last quarter. Bank Hapoalim BM grew its holdings in shares of Okta by 8.7% during the second quarter. Bank Hapoalim BM now owns 12,120 shares of the company’s stock valued at $610,000 after buying an additional 965 shares in the last quarter. Parallel Advisors LLC grew its holdings in shares of Okta by 129.9% during the second 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 in the last quarter. HM Payson & Co. grew its holdings in shares of Okta by 30.5% during the second quarter. HM Payson & Co. now owns 6,616 shares of the company’s stock valued at $333,000 after buying an additional 1,545 shares in the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. grew its holdings 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 valued at $105,000 after buying an additional 1,933 shares in the last quarter. Institutional investors and hedge funds own 60.19% of the company’s stock.
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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