Okta (NASDAQ:OKTA) Earns Market Perform Rating from JMP Securities

Key Points

• Okta has had its stock rating restated as "market perform" by JMP Securities, while other analysts have varied ratings from "buy" to "hold," reflecting mixed market sentiment.
• Okta reported earnings of $0.86 per share, exceeding expectations, and had quarterly revenues of $688 million, up 11.5% year-over-year.
• Recent insider transactions showed significant stock sales, with the CFO selling 10,000 shares, indicating potential changes in insider confidence regarding the company's stock performance.

Okta (NASDAQ:OKTA - Get Free Report)'s stock had its "market perform" rating restated by stock analysts at JMP Securities in a report issued on Wednesday,Benzinga reports.

Other research analysts have also recently issued research reports about the company. Scotiabank raised their target price on Okta from $109.00 to $115.00 and gave the company a "sector perform" rating in a research note on Wednesday, May 28th. Wall Street Zen raised Okta from a "hold" rating to a "buy" rating in a report on Sunday, August 3rd. BMO Capital Markets reduced their target price on Okta from $132.00 to $112.00 and set a "market perform" rating for the company in a report on Wednesday. UBS Group reduced their target price on Okta from $150.00 to $130.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $130.00 target price on shares of Okta in a report on Wednesday. Twenty-two equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $117.64.

Okta Trading Up 2.4%

Shares of OKTA stock opened at $93.75 on Wednesday. The stock has a 50-day simple moving average of $95.32 and a 200 day simple moving average of $102.39. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $127.57. The stock has a market capitalization of $16.41 billion, a P/E ratio of 147.79, a P/E/G ratio of 4.42 and a beta of 0.80. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.05.

Okta (NASDAQ:OKTA - Get Free Report) last announced its earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.09. Okta had a return on equity of 2.79% and a net margin of 4.85%.The business had revenue of $688.00 million during the quarter, compared to analysts' expectations of $680.14 million. During the same quarter last year, the business posted $0.65 earnings per share. The company's quarterly revenue was up 11.5% on a year-over-year basis. On average, sell-side analysts expect that Okta will post 0.42 earnings per share for the current fiscal year.

Insider Transactions at Okta

In related news, CFO Brett Tighe sold 10,000 shares of the stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $95.00, for a total value of $950,000.00. Following the completion of the sale, the chief financial officer directly owned 132,288 shares of the company's stock, valued at approximately $12,567,360. This represents a 7.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jacques Frederic Kerrest sold 581 shares of the stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $100.29, for a total value of $58,268.49. Following the completion of the sale, the director directly owned 2,832 shares of the company's stock, valued at approximately $284,021.28. This represents a 17.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 88,594 shares of company stock worth $8,382,790. 5.68% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Okta

Several hedge funds have recently bought and sold shares of the business. Thrivent Financial for Lutherans lifted its stake in Okta by 298.2% in the 2nd quarter. Thrivent Financial for Lutherans now owns 50,503 shares of the company's stock worth $5,049,000 after acquiring an additional 37,820 shares in the last quarter. Promus Capital LLC acquired a new position in Okta in the 2nd quarter worth about $27,000. State of Wyoming acquired a new position in Okta in the 2nd quarter worth about $84,000. Campbell Capital Management Inc. acquired a new position in Okta in the 2nd quarter worth about $2,019,000. Finally, Capital Impact Advisors LLC acquired a new position in Okta in the 2nd quarter worth about $6,939,000. 86.64% of the stock is owned by hedge funds and other 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.

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