Okta (NASDAQ:OKTA) Rating Reiterated by Wedbush

Wedbush reiterated their outperform rating on shares of Okta (NASDAQ:OKTA - Free Report) in a research note released on Friday, Benzinga reports. Wedbush currently has a $130.00 target price on the stock.

Other research analysts have also issued research reports about the stock. Truist Financial reaffirmed a hold rating and issued a $105.00 price target (up previously from $85.00) on shares of Okta in a research note on Thursday, February 29th. Oppenheimer upped their price objective on shares of Okta from $110.00 to $125.00 and gave the company an outperform rating in a report on Thursday, February 29th. Mizuho upped their price target on shares of Okta from $90.00 to $105.00 and gave the company a neutral rating in a research note on Thursday, February 29th. BMO Capital Markets upped their price target on shares of Okta from $80.00 to $110.00 and gave the company a market perform rating in a research note on Thursday, February 29th. Finally, Westpark Capital raised shares of Okta from a hold rating to a buy rating and set a $140.00 price objective for the company in a research report on Thursday, February 29th. Twenty investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of Hold and a consensus price target of $101.68.

Okta Price Performance

OKTA traded down $0.70 during midday trading on Friday, hitting $97.42. The company had a trading volume of 1,227,894 shares, compared to its average volume of 1,838,893. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.67 and a current ratio of 1.67. The company has a market capitalization of $16.31 billion, a PE ratio of -44.77 and a beta of 0.98. Okta has a twelve month low of $65.04 and a twelve month high of $114.50. The firm's 50-day simple moving average is $101.14 and its 200-day simple moving average is $87.04.

Okta (NASDAQ:OKTA - Get Free Report) last issued its quarterly earnings results on Wednesday, February 28th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $586.25 million. Equities research analysts predict that Okta will post -1.51 EPS for the current fiscal year.

Insider Buying and Selling at Okta

In other Okta news, CAO Shibu Ninan sold 4,279 shares of the stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $104.14, for a total transaction of $445,615.06. Following the completion of the sale, the chief accounting officer now owns 4,111 shares of the company's stock, valued at approximately $428,119.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Shellye L. Archambeau sold 5,000 shares of the firm's stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $106.96, for a total transaction of $534,800.00. Following the completion of the sale, the director now owns 6,042 shares of the company's stock, valued at approximately $646,252.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Shibu Ninan sold 4,279 shares of the firm's stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $104.14, for a total transaction of $445,615.06. Following the sale, the chief accounting officer now directly owns 4,111 shares of the company's stock, valued at approximately $428,119.54. The disclosure for this sale can be found here. In the last 90 days, insiders sold 11,779 shares of company stock valued at $1,205,990. 7.36% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Okta

A number of large investors have recently modified their holdings of OKTA. Commonwealth Equity Services LLC lifted its holdings in shares of Okta by 1.2% in the 3rd quarter. Commonwealth Equity Services LLC now owns 28,302 shares of the company's stock worth $2,307,000 after purchasing an additional 333 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Okta by 48.0% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 19,567 shares of the company's stock worth $1,595,000 after purchasing an additional 6,350 shares in the last quarter. Strs Ohio bought a new position in shares of Okta in the 3rd quarter worth $871,000. IFM Investors Pty Ltd lifted its holdings in shares of Okta by 12.8% in the 3rd quarter. IFM Investors Pty Ltd now owns 31,118 shares of the company's stock worth $2,536,000 after purchasing an additional 3,537 shares in the last quarter. Finally, TD Asset Management Inc lifted its stake in Okta by 8.7% during the 3rd quarter. TD Asset Management Inc now owns 19,771 shares of the company's stock valued at $1,612,000 after acquiring an additional 1,581 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors.

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.