Okta (NASDAQ:OKTA) was upgraded by analysts at BidaskClub from a "buy" rating to a "strong-buy" rating in a research note issued to investors on Tuesday, BidAskClub reports.
A number of other equities research analysts have also commented on OKTA. Robert W. Baird raised their price objective on Okta from $135.00 to $185.00 and gave the stock a "neutral" rating in a research report on Thursday, May 21st. SunTrust Banks raised their price objective on Okta from $134.00 to $162.00 and gave the stock a "buy" rating in a research report on Friday, March 6th. Goldman Sachs Group lifted their price target on Okta from $173.00 to $230.00 and gave the company a "buy" rating in a report on Wednesday, June 24th. They noted that the move was a valuation call. BTIG Research lowered Okta from a "buy" rating to a "neutral" rating in a report on Monday. Finally, Canaccord Genuity reiterated a "hold" rating and set a $190.00 price target on shares of Okta in a report on Friday, June 12th. Seven investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Okta presently has an average rating of "Buy" and a consensus price target of $181.56.
NASDAQ:OKTA opened at $199.84 on Tuesday. The company has a quick ratio of 2.86, a current ratio of 2.86 and a debt-to-equity ratio of 2.52. Okta has a 1-year low of $88.66 and a 1-year high of $206.09. The firm has a market capitalization of $25.36 billion, a price-to-earnings ratio of -111.64 and a beta of 1.07. The stock has a fifty day simple moving average of $188.28 and a 200 day simple moving average of $143.72.
Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Thursday, May 28th. The company reported ($0.07) EPS for the quarter, topping the Zacks' consensus estimate of ($0.17) by $0.10. Okta had a negative return on equity of 44.99% and a negative net margin of 33.34%. The firm had revenue of $182.86 million during the quarter, compared to analyst estimates of $171.57 million. During the same period last year, the company posted ($0.19) EPS. The business's quarterly revenue was up 46.0% compared to the same quarter last year. Equities analysts predict that Okta will post -1.51 earnings per share for the current year.
In other Okta news, CFO William E. Losch sold 30,000 shares of Okta stock in a transaction that occurred on Monday, April 13th. The stock was sold at an average price of $133.21, for a total value of $3,996,300.00. Following the transaction, the chief financial officer now directly owns 46,726 shares of the company's stock, valued at approximately $6,224,370.46. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Charles Race sold 50,000 shares of Okta stock in a transaction that occurred on Monday, April 13th. The stock was sold at an average price of $132.45, for a total value of $6,622,500.00. Following the completion of the transaction, the insider now directly owns 65,401 shares in the company, valued at $8,662,362.45. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 536,287 shares of company stock worth $93,666,752. Company insiders own 12.02% of the company's stock.
Large investors have recently made changes to their positions in the company. Harwood Advisory Group LLC acquired a new stake in shares of Okta during the 1st quarter worth approximately $30,000. Verus Capital Partners LLC grew its holdings in shares of Okta by 1,866.7% during the 1st quarter. Verus Capital Partners LLC now owns 295 shares of the company's stock worth $36,000 after purchasing an additional 280 shares in the last quarter. Lindbrook Capital LLC grew its holdings in shares of Okta by 62.0% during the 1st quarter. Lindbrook Capital LLC now owns 324 shares of the company's stock worth $40,000 after purchasing an additional 124 shares in the last quarter. Exchange Traded Concepts LLC grew its holdings in shares of Okta by 644.9% during the 1st quarter. Exchange Traded Concepts LLC now owns 365 shares of the company's stock worth $45,000 after purchasing an additional 316 shares in the last quarter. Finally, Meeder Asset Management Inc. grew its holdings in shares of Okta by 90.8% during the 1st quarter. Meeder Asset Management Inc. now owns 393 shares of the company's stock worth $48,000 after purchasing an additional 187 shares in the last quarter. 75.57% of the stock is currently owned by institutional investors.
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 to manage and secure identities, 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 their applications in the cloud or on-premise from various devices with a single entry of their user credentials; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.
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