Brokerages Set Okta, Inc. (NASDAQ:OKTA) Price Target at $110.00

Okta, Inc. (NASDAQ:OKTAGet Rating) has received an average recommendation of “Hold” from the twenty-eight analysts that are currently covering the company, Marketbeat.com reports. Thirteen research analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $110.00.

A number of research analysts have recently commented on OKTA shares. Needham & Company LLC lowered Okta from a “buy” rating to a “hold” rating in a report on Thursday, September 1st. Morgan Stanley downgraded Okta from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $150.00 to $93.00 in a research note on Thursday, September 1st. Citigroup increased their target price on Okta from $105.00 to $130.00 in a research note on Friday, June 3rd. Stephens downgraded Okta from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $145.00 to $80.00 in a research note on Thursday, September 1st. Finally, Mizuho decreased their target price on Okta from $150.00 to $110.00 and set a “buy” rating for the company in a research note on Thursday, September 1st.

Okta Stock Performance

Shares of OKTA stock opened at $58.91 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.38 and a quick ratio of 2.38. Okta has a fifty-two week low of $57.71 and a fifty-two week high of $272.27. The stock’s 50-day moving average is $89.24 and its two-hundred day moving average is $107.85. The firm has a market cap of $9.36 billion, a P/E ratio of -9.98 and a beta of 1.08.

Okta (NASDAQ:OKTAGet Rating) last issued its quarterly earnings data on Wednesday, August 31st. The company reported ($1.19) EPS for the quarter, beating analysts’ consensus estimates of ($1.41) by $0.22. The business had revenue of $435.38 million for the quarter, compared to analyst estimates of $430.66 million. Okta had a negative return on equity of 13.18% and a negative net margin of 57.21%. The firm’s revenue for the quarter was up 43.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.35) EPS. Analysts predict that Okta will post -5.15 earnings per share for the current fiscal year.

Insider Activity at Okta

In other Okta news, CEO Todd Mckinnon sold 3,921 shares of the company’s stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $59.39, for a total transaction of $232,868.19. Following the transaction, the chief executive officer now directly owns 15,012 shares in the company, valued at approximately $891,562.68. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Okta news, CEO Todd Mckinnon sold 3,921 shares of the company’s stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $59.39, for a total transaction of $232,868.19. Following the transaction, the chief executive officer now directly owns 15,012 shares in the company, valued at approximately $891,562.68. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Ledger Susan St. sold 30,760 shares of the company’s stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $59.39, for a total transaction of $1,826,836.40. Following the transaction, the insider now owns 39,106 shares in the company, valued at $2,322,505.34. The disclosure for this sale can be found here. Insiders sold 41,168 shares of company stock valued at $2,449,229 in the last three months. Corporate insiders own 7.60% of the company’s stock.

Institutional Trading of Okta

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Okta by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 13,506,847 shares of the company’s stock valued at $2,038,994,000 after acquiring an additional 264,423 shares during the period. Capital Research Global Investors raised its position in shares of Okta by 4.9% in the 4th quarter. Capital Research Global Investors now owns 2,819,551 shares of the company’s stock valued at $632,059,000 after acquiring an additional 132,406 shares during the period. Deer Management Co. LLC acquired a new stake in shares of Okta in the 4th quarter valued at approximately $614,155,000. Sands Capital Management LLC raised its position in shares of Okta by 0.9% in the 2nd quarter. Sands Capital Management LLC now owns 2,657,882 shares of the company’s stock valued at $240,273,000 after acquiring an additional 24,150 shares during the period. Finally, First Trust Advisors LP raised its holdings in Okta by 4.0% during the 1st quarter. First Trust Advisors LP now owns 2,320,801 shares of the company’s stock worth $350,348,000 after buying an additional 89,070 shares during the period. 75.47% of the stock is currently owned by institutional investors and hedge funds.

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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