Okta (NASDAQ:OKTA) Upgraded by Arete Research to "Strong Sell" Rating

Arete Research upgraded shares of Okta (NASDAQ:OKTA - Free Report) to a strong sell rating in a report published on Monday, MarketBeat.com reports. The brokerage currently has $83.00 price target on the stock.

Several other equities research analysts have also issued reports on OKTA. BMO Capital Markets set a $132.00 price objective on shares of Okta and gave the company a "market perform" rating in a research note on Wednesday, May 28th. DA Davidson decreased their price target on Okta from $145.00 to $140.00 and set a "buy" rating for the company in a research note on Wednesday, May 28th. Barclays cut their price objective on Okta from $135.00 to $120.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 28th. Canaccord Genuity Group increased their price target on Okta from $100.00 to $115.00 and gave the company a "hold" rating in a report on Wednesday, May 28th. Finally, Wells Fargo & Company boosted their price objective on shares of Okta from $100.00 to $110.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 28th. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $119.44.

Okta Price Performance

Shares of NASDAQ:OKTA traded down $4.74 on Monday, reaching $94.41. 4,132,933 shares of the company traded hands, compared to its average volume of 3,106,619. The stock has a market capitalization of $16.53 billion, a PE ratio of 149.86, a P/E/G ratio of 4.80 and a beta of 0.82. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.47 and a quick ratio of 1.47. The company's 50 day moving average is $108.13 and its 200-day moving average is $100.80. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $127.57.

Okta (NASDAQ:OKTA - Get Free Report) last announced its earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.09. The company had revenue of $688.00 million for the quarter, compared to the consensus estimate of $680.14 million. Okta had a net margin of 4.85% and a return on equity of 2.79%. The company's revenue was up 11.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.65 EPS. As a group, analysts anticipate that Okta will post 0.42 earnings per share for the current fiscal year.

Insider Activity at Okta

In related news, Director Jacques Frederic Kerrest sold 581 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $100.29, for a total value of $58,268.49. Following the completion of the transaction, the director owned 2,832 shares in the company, valued at $284,021.28. This trade represents a 17.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Larissa Schwartz sold 2,244 shares of Okta stock in a transaction on Friday, June 20th. The stock was sold at an average price of $100.00, for a total transaction of $224,400.00. Following the transaction, the insider owned 23,640 shares in the company, valued at approximately $2,364,000. This trade represents a 8.67% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,935 shares of company stock valued at $1,100,347 in the last quarter. Insiders own 5.68% of the company's stock.

Hedge Funds Weigh In On Okta

A number of hedge funds have recently bought and sold shares of the company. Smartleaf Asset Management LLC lifted its stake in Okta by 40.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 732 shares of the company's stock valued at $58,000 after buying an additional 210 shares during the period. Jones Financial Companies Lllp lifted its position in shares of Okta by 114.3% during the 4th quarter. Jones Financial Companies Lllp now owns 1,847 shares of the company's stock valued at $146,000 after acquiring an additional 985 shares during the period. Steward Partners Investment Advisory LLC boosted its stake in Okta by 14.5% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,834 shares of the company's stock worth $145,000 after acquiring an additional 232 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Okta by 4.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,115,516 shares of the company's stock valued at $87,903,000 after purchasing an additional 46,064 shares during the period. Finally, Atria Investments Inc acquired a new stake in shares of Okta in the 4th quarter valued at about $352,000. Institutional investors own 86.64% of the company's stock.

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.