Okta, Inc. (NASDAQ:OKTA) Given Consensus Recommendation of "Hold" by Brokerages

Okta, Inc. (NASDAQ:OKTA - Get Free Report) has been given a consensus rating of "Hold" by the thirty-one ratings firms that are covering the firm, Marketbeat Ratings reports. Twenty research analysts have rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $100.39.

A number of research firms have commented on OKTA. Royal Bank of Canada boosted their price target on shares of Okta from $95.00 to $125.00 and gave the stock an "outperform" rating in a research report on Thursday, February 29th. Westpark Capital upgraded shares of Okta from a "hold" rating to a "buy" rating and set a $140.00 target price on the stock in a report on Thursday, February 29th. Piper Sandler boosted their target price on shares of Okta from $85.00 to $110.00 and gave the stock a "neutral" rating in a report on Thursday, February 29th. BMO Capital Markets boosted their target price on shares of Okta from $80.00 to $110.00 and gave the stock a "market perform" rating in a report on Thursday, February 29th. Finally, Truist Financial reiterated a "hold" rating and issued a $105.00 target price (up from $85.00) on shares of Okta in a report on Thursday, February 29th.

Insiders Place Their Bets

In other news, CAO Shibu Ninan sold 4,279 shares of the business's stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $104.14, for a total value of $445,615.06. Following the completion of the sale, the chief accounting officer now directly owns 4,111 shares in the company, valued at $428,119.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Shibu Ninan sold 4,279 shares of the business's stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $104.14, for a total value of $445,615.06. Following the completion of the sale, the chief accounting officer now directly owns 4,111 shares in the company, valued at $428,119.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Larissa Schwartz sold 872 shares of the business's stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $82.83, for a total transaction of $72,227.76. Following the completion of the sale, the insider now owns 22,125 shares of the company's stock, valued at $1,832,613.75. The disclosure for this sale can be found here. Insiders sold 12,651 shares of company stock valued at $1,278,218 over the last ninety days. Corporate insiders own 7.36% of the company's stock.

Hedge Funds Weigh In On Okta

Large investors have recently bought and sold shares of the stock. City State Bank raised its stake in Okta by 160.0% during the 1st quarter. City State Bank now owns 260 shares of the company's stock valued at $27,000 after purchasing an additional 160 shares during the last quarter. LM Advisors LLC acquired a new position in shares of Okta in the 4th quarter valued at $27,000. NBC Securities Inc. acquired a new position in shares of Okta in the 3rd quarter valued at $27,000. International Assets Investment Management LLC acquired a new position in shares of Okta in the 3rd quarter valued at $29,000. Finally, GAMMA Investing LLC acquired a new position in shares of Okta in the 4th quarter valued at $29,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Okta Price Performance

Shares of OKTA stock traded down $2.54 during midday trading on Friday, reaching $98.26. 1,552,291 shares of the company were exchanged, compared to its average volume of 1,213,763. Okta has a 12 month low of $65.04 and a 12 month high of $114.50. The company has a market cap of $16.45 billion, a P/E ratio of -45.28 and a beta of 1.00. The company's 50 day moving average price is $97.98 and its two-hundred day moving average price is $85.46. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.67 and a current ratio of 1.67.

Okta (NASDAQ:OKTA - Get Free Report) last released its quarterly earnings results on Wednesday, February 28th. The company reported ($0.14) EPS for the quarter, topping analysts' consensus estimates of ($0.49) by $0.35. Okta had a negative net margin of 15.69% and a negative return on equity of 5.69%. The company had revenue of $605.00 million for the quarter, compared to the consensus estimate of $586.25 million. On average, sell-side analysts expect that Okta will post -1.51 earnings per share for the current year.

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.