Okta, Inc. (NASDAQ:OKTA) Receives $104.43 Consensus Price Target from Analysts

Shares of Okta, Inc. (NASDAQ:OKTA) have been given a consensus recommendation of “Hold” by the twenty-nine research firms that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, seventeen have issued a hold recommendation and eleven have given a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $104.43.

A number of equities research analysts have recently commented on the company. Scotiabank dropped their price target on Okta from $104.00 to $92.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 29th. Westpark Capital restated a “buy” rating and set a $140.00 target price on shares of Okta in a report on Thursday, August 29th. Guggenheim reiterated a “buy” rating and issued a $130.00 price target on shares of Okta in a report on Tuesday, June 25th. Needham & Company LLC restated a “buy” rating and set a $130.00 price objective on shares of Okta in a report on Thursday, August 29th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $125.00 price objective on shares of Okta in a research report on Thursday, August 29th.

Insider Activity

In related news, CEO Todd Mckinnon sold 200,512 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the transaction, the chief executive officer now directly owns 8,495 shares of the company’s stock, valued at approximately $638,908.95. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Larissa Schwartz sold 2,792 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $99.40, for a total transaction of $277,524.80. Following the completion of the sale, the insider now owns 29,809 shares in the company, valued at $2,963,014.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Todd Mckinnon sold 200,512 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $75.21, for a total value of $15,080,507.52. Following the transaction, the chief executive officer now owns 8,495 shares in the company, valued at approximately $638,908.95. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 540,439 shares of company stock valued at $46,557,801 over the last three months. Insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Okta by 0.8% in the first quarter. Vanguard Group Inc. now owns 15,848,525 shares of the company’s stock valued at $1,658,073,000 after acquiring an additional 128,906 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of Okta by 117.4% during the second quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after purchasing an additional 1,227,890 shares during the period. Eminence Capital LP raised its position in shares of Okta by 18.1% in the second quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock valued at $186,225,000 after buying an additional 305,381 shares in the last quarter. Primecap Management Co. CA boosted its stake in shares of Okta by 0.8% in the second quarter. Primecap Management Co. CA now owns 1,356,216 shares of the company’s stock valued at $126,955,000 after buying an additional 10,800 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in Okta by 20.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,029,753 shares of the company’s stock worth $96,388,000 after buying an additional 178,011 shares in the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

Okta Stock Down 0.8 %

Shares of NASDAQ OKTA opened at $77.34 on Friday. Okta has a 52-week low of $65.04 and a 52-week high of $114.50. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. The stock has a market cap of $13.01 billion, a P/E ratio of -46.31, a P/E/G ratio of 26.91 and a beta of 1.02. The firm has a 50 day moving average price of $81.43 and a 200 day moving average price of $90.17.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.29. The company had revenue of $646.00 million during the quarter, compared to analyst estimates of $632.24 million. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. Analysts expect that Okta will post 0.12 EPS for the current year.

Okta Company Profile

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.