Stephens Reiterates "Equal Weight" Rating for Okta (NASDAQ:OKTA)

Stephens reiterated their equal weight rating on shares of Okta (NASDAQ:OKTA - Free Report) in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. The brokerage currently has a $127.00 price objective on the stock.

Other equities research analysts also recently issued research reports about the stock. The Goldman Sachs Group upped their price target on shares of Okta from $107.00 to $123.00 and gave the company a "buy" rating in a research report on Tuesday, March 4th. Cantor Fitzgerald initiated coverage on shares of Okta in a research report on Monday, March 31st. They issued an "overweight" rating and a $130.00 target price for the company. Susquehanna increased their target price on shares of Okta from $95.00 to $105.00 and gave the stock a "neutral" rating in a research report on Tuesday, March 4th. Scotiabank increased their target price on shares of Okta from $94.00 to $109.00 and gave the stock a "sector perform" rating in a research report on Tuesday, March 4th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $115.00 target price on shares of Okta in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twenty-one have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $121.83.

Okta Trading Up 1.3%

Shares of NASDAQ:OKTA traded up $1.41 during mid-day trading on Tuesday, hitting $106.63. The stock had a trading volume of 9,719,647 shares, compared to its average volume of 2,955,132. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. The company has a market cap of $18.51 billion, a PE ratio of -304.66, a P/E/G ratio of 6.42 and a beta of 0.96. Okta has a 12-month low of $70.56 and a 12-month high of $127.57. The company's 50 day moving average is $109.73 and its 200-day moving average is $96.48.

Okta (NASDAQ:OKTA - Get Free Report) last issued its quarterly earnings results on Tuesday, May 27th. The company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.77 by $0.09. The business had revenue of $688.00 million during the quarter, compared to the consensus estimate of $680.14 million. Okta had a negative net margin of 1.54% and a positive return on equity of 0.47%. The firm's quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.65 EPS. On average, sell-side analysts predict that Okta will post 0.42 EPS for the current year.

Insiders Place Their Bets

In other news, Director Jacques Frederic Kerrest sold 130,000 shares of the firm's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $105.00, for a total transaction of $13,650,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Larissa Schwartz sold 11,552 shares of the firm's stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total transaction of $1,317,967.68. Following the transaction, the insider now directly owns 22,125 shares of the company's stock, valued at $2,524,241.25. The trade was a 34.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 154,452 shares of company stock worth $16,347,360 in the last ninety days. Insiders own 5.68% of the company's stock.

Hedge Funds Weigh In On Okta

Hedge funds and other institutional investors have recently made changes to their positions in the business. SBI Securities Co. Ltd. bought a new position in Okta during the 4th quarter valued at about $1,686,000. Charles Schwab Investment Management Inc. lifted its holdings in Okta by 4.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,115,516 shares of the company's stock valued at $87,903,000 after purchasing an additional 46,064 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in Okta by 46.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 10,833 shares of the company's stock valued at $854,000 after purchasing an additional 3,429 shares during the last quarter. Westpac Banking Corp lifted its holdings in Okta by 2,574.9% during the 4th quarter. Westpac Banking Corp now owns 9,817 shares of the company's stock valued at $774,000 after purchasing an additional 9,450 shares during the last quarter. Finally, Forsta AP Fonden lifted its holdings in Okta by 40.5% during the 4th quarter. Forsta AP Fonden now owns 73,900 shares of the company's stock valued at $5,823,000 after purchasing an additional 21,300 shares during the last quarter. 86.64% of the stock is 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.