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

Shares of Okta, Inc. (NASDAQ:OKTA - Get Free Report) have been assigned an average recommendation of "Hold" from the thirty-seven research firms that are presently covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty have given a buy rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $119.44.

Several brokerages have issued reports on OKTA. JMP Securities reiterated a "market perform" rating on shares of Okta in a research report on Wednesday, May 28th. Roth Capital reissued a "buy" rating and set a $119.00 price target on shares of Okta in a research note on Wednesday, May 28th. Morgan Stanley reduced their price objective on shares of Okta from $125.00 to $123.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Guggenheim reduced their price objective on shares of Okta from $140.00 to $138.00 and set a "buy" rating on the stock in a research report on Wednesday, May 28th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Okta from $120.00 to $140.00 and gave the company an "overweight" rating in a research report on Friday, May 23rd.

Okta Stock Performance

NASDAQ:OKTA traded up $0.82 on Tuesday, reaching $98.35. 159,230 shares of the company's stock were exchanged, compared to its average volume of 3,614,044. 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 firm has a market cap of $17.22 billion, a price-to-earnings ratio of 156.11, a P/E/G ratio of 4.71 and a beta of 0.82. Okta has a 52 week low of $70.56 and a 52 week high of $127.57. The stock has a fifty day simple moving average of $108.74 and a 200-day simple moving average of $100.74.

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

Insider Transactions at Okta

In other news, CRO Jonathan James Addison sold 7,005 shares of Okta stock in a transaction on Friday, April 11th. The stock was sold at an average price of $101.19, for a total transaction of $708,835.95. Following the completion of the sale, the executive directly owned 19,067 shares in the company, valued at approximately $1,929,389.73. This trade represents a 26.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jacques Frederic Kerrest sold 581 shares of the firm's stock in a transaction 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 transaction, the director owned 2,832 shares in the company, valued at approximately $284,021.28. This represents a 17.02% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,935 shares of company stock worth $1,100,347. 5.68% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Okta

Several institutional investors and hedge funds have recently added to or reduced their stakes in OKTA. Norges Bank acquired a new stake in Okta in the fourth quarter worth about $234,992,000. Massachusetts Financial Services Co. MA boosted its holdings in Okta by 325.6% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,699,944 shares of the company's stock worth $389,308,000 after acquiring an additional 2,830,582 shares in the last quarter. Alkeon Capital Management LLC acquired a new stake in Okta in the first quarter worth about $199,918,000. Ameriprise Financial Inc. boosted its holdings in Okta by 2,135.7% in the fourth quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company's stock worth $150,845,000 after acquiring an additional 1,828,630 shares in the last quarter. Finally, Ninety One UK Ltd acquired a new stake in Okta in the first quarter worth about $189,915,000. Hedge funds and other institutional investors 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.