Guggenheim Reiterates "Buy" Rating for Okta (NASDAQ:OKTA)

Key Points

• Guggenheim has reiterated its "Buy" rating for Okta with a price target of $138.00, suggesting a potential upside of 45.24% from its current price.
• Okta's stock recently rose by 3.8%, reaching $95.02, and has a market capitalization of $16.63 billion.
• Analysts currently have a consensus rating of "Moderate Buy" on Okta, with an average price target of $117.64.

Okta (NASDAQ:OKTA - Get Free Report)'s stock had its "buy" rating restated by equities researchers at Guggenheim in a note issued to investors on Wednesday,Benzinga reports. They currently have a $138.00 price target on the stock. Guggenheim's price target would indicate a potential upside of 45.24% from the stock's current price.

Several other analysts also recently issued reports on OKTA. Stifel Nicolaus upped their price target on Okta from $120.00 to $130.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. Arete Research upgraded Okta to a "strong sell" rating and set a $83.00 price target for the company in a research note on Monday, July 7th. JMP Securities reiterated a "market perform" rating on shares of Okta in a research note on Wednesday. Barclays decreased their price target on Okta from $120.00 to $100.00 and set an "equal weight" rating for the company in a research note on Monday, August 18th. Finally, 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. Twenty-two research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $117.64.

Okta Stock Up 3.8%

NASDAQ OKTA traded up $3.46 on Wednesday, reaching $95.02. The stock had a trading volume of 6,027,321 shares, compared to its average volume of 3,634,393. The business has a 50 day moving average price of $95.32 and a 200 day moving average price of $102.39. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.05. Okta has a 1 year low of $70.56 and a 1 year high of $127.57. The company has a market capitalization of $16.63 billion, a price-to-earnings ratio of 151.11, a P/E/G ratio of 4.42 and a beta of 0.80.

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

Insider Transactions at Okta

In other Okta news, CFO Brett Tighe sold 10,000 shares of the company's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $95.00, for a total value of $950,000.00. Following the completion of the transaction, the chief financial officer owned 132,288 shares of the company's stock, valued at $12,567,360. This represents a 7.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Eric Robert Kelleher sold 16,018 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $91.81, for a total value of $1,470,612.58. Following the completion of the transaction, the insider directly owned 7,044 shares of the company's stock, valued at approximately $646,709.64. This trade represents a 69.46% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 88,594 shares of company stock worth $8,382,790. 5.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Okta

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Okta by 5.3% in the 2nd quarter. Vanguard Group Inc. now owns 18,728,250 shares of the company's stock valued at $1,872,263,000 after acquiring an additional 935,364 shares in the last quarter. First Trust Advisors LP raised its holdings in Okta by 9.1% in the 2nd quarter. First Trust Advisors LP now owns 4,901,123 shares of the company's stock valued at $489,966,000 after acquiring an additional 407,087 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Okta by 20.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 4,455,653 shares of the company's stock valued at $445,432,000 after acquiring an additional 755,709 shares in the last quarter. Geode Capital Management LLC raised its holdings in Okta by 11.1% in the 2nd quarter. Geode Capital Management LLC now owns 3,155,011 shares of the company's stock valued at $314,488,000 after acquiring an additional 314,525 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Okta by 76.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,748,847 shares of the company's stock valued at $289,234,000 after purchasing an additional 1,189,222 shares during the period. Institutional investors and hedge funds own 86.64% of the company's stock.

About Okta

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.

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