Needham & Company LLC Downgrades Okta (NASDAQ:OKTA) to Hold

Okta (NASDAQ:OKTAGet Rating) was downgraded by research analysts at Needham & Company LLC from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, Marketbeat reports.

Several other equities analysts have also recently issued reports on the stock. Truist Financial lowered their price objective on shares of Okta from $170.00 to $140.00 and set a “hold” rating on the stock in a research note on Tuesday, July 26th. Royal Bank of Canada lowered their price objective on shares of Okta from $260.00 to $145.00 in a research note on Tuesday, May 31st. Mizuho lowered their price objective on shares of Okta from $150.00 to $110.00 and set a “buy” rating on the stock in a research note on Thursday. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Okta from $195.00 to $130.00 in a research note on Friday, June 3rd. Finally, Guggenheim initiated coverage on shares of Okta in a report on Friday, August 12th. They issued a “sell” rating and a $89.00 target price for the company. Fourteen analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $121.20.

Okta Stock Up 6.7 %

Okta stock opened at $64.63 on Thursday. The stock has a market cap of $10.20 billion, a price-to-earnings ratio of -10.11 and a beta of 1.05. The company has a current ratio of 2.45, a quick ratio of 2.45 and a debt-to-equity ratio of 0.40. The company’s 50-day moving average price is $97.89 and its two-hundred day moving average price is $118.14. Okta has a 52 week low of $58.12 and a 52 week high of $276.30.

Okta (NASDAQ:OKTAGet Rating) last released its earnings results on Wednesday, August 31st. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.20. The firm had revenue of $435.38 million for the quarter, compared to analysts’ expectations of $430.66 million. Okta had a negative net margin of 67.06% and a negative return on equity of 13.13%. Okta’s quarterly revenue was up 43.6% on a year-over-year basis. During the same quarter last year, the company earned ($1.35) EPS. On average, analysts expect that Okta will post -5.56 EPS for the current fiscal year.

Insider Activity

In other news, insider Ledger Susan St. sold 2,660 shares of Okta stock in a transaction that occurred on Thursday, June 16th. The shares were sold at an average price of $79.97, for a total value of $212,720.20. Following the transaction, the insider now owns 36,641 shares of the company’s stock, valued at $2,930,180.77. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Okta news, insider Ledger Susan St. sold 2,660 shares of Okta stock in a transaction on Thursday, June 16th. The shares were sold at an average price of $79.97, for a total transaction of $212,720.20. Following the sale, the insider now owns 36,641 shares in the company, valued at $2,930,180.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Christopher K. Kramer sold 831 shares of the business’s stock in a transaction on Thursday, June 16th. The shares were sold at an average price of $79.97, for a total transaction of $66,455.07. Following the completion of the sale, the chief accounting officer now owns 14,316 shares in the company, valued at approximately $1,144,850.52. The disclosure for this sale can be found here. Insiders have sold a total of 16,442 shares of company stock valued at $1,316,786 over the last 90 days. 7.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Okta

Several institutional investors and hedge funds have recently made changes to their positions in the company. CI Investments Inc. lifted its position in Okta by 944.4% during the 1st quarter. CI Investments Inc. now owns 188 shares of the company’s stock worth $28,000 after buying an additional 170 shares in the last quarter. Addison Advisors LLC increased its stake in shares of Okta by 121.4% in the 1st quarter. Addison Advisors LLC now owns 228 shares of the company’s stock valued at $34,000 after acquiring an additional 125 shares during the last quarter. GoalVest Advisory LLC bought a new stake in shares of Okta in the 1st quarter valued at about $37,000. Covestor Ltd bought a new stake in shares of Okta in the 4th quarter valued at about $62,000. Finally, UMB Bank N A MO bought a new stake in Okta during the 4th quarter worth approximately $75,000. Institutional investors and hedge funds own 75.47% of the company’s stock.

Okta Company Profile

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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 and services, 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 applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway that enables organizations to extend the Okta Identity Cloud from the cloud to their existing on-premise applications; and Advanced Server Access to secure cloud infrastructure.

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