Okta (NASDAQ:OKTA) Now Covered by Analysts at Arete

Arete initiated coverage on shares of Okta (NASDAQ:OKTA - Free Report) in a report issued on Monday morning, Marketbeat reports. The firm issued a sell rating and a $83.00 target price on the stock.

Other research analysts have also issued research reports about the stock. Jefferies Financial Group restated a "hold" rating and set a $135.00 price target (up previously from $110.00) on shares of Okta in a report on Friday, May 23rd. Stephens reaffirmed an "equal weight" rating and set a $127.00 price objective on shares of Okta in a research report on Tuesday, May 27th. DA Davidson reduced their price objective on shares of Okta from $145.00 to $140.00 and set a "buy" rating for the company in a research report on Wednesday, May 28th. Canaccord Genuity Group raised their price objective on shares of Okta from $100.00 to $115.00 and gave the stock a "hold" rating in a research report on Wednesday, May 28th. Finally, Guggenheim reduced their price objective on shares of Okta from $140.00 to $138.00 and set a "buy" rating for the company in a research report on Wednesday, May 28th. Three analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Okta presently has an average rating of "Hold" and an average price target of $119.44.

Okta Trading Down 1.7%

Okta stock traded down $1.71 during mid-day trading on Monday, hitting $97.40. 2,187,521 shares of the stock were exchanged, compared to its average volume of 3,089,035. 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 has a 12 month low of $70.56 and a 12 month high of $127.57. The firm's fifty day simple moving average is $109.19 and its two-hundred day simple moving average is $100.66. The stock has a market capitalization of $17.05 billion, a price-to-earnings ratio of 154.61, a PEG ratio of 4.79 and a beta of 0.82.

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

Insider Transactions at Okta

In other news, Director Jacques Frederic Kerrest sold 581 shares of Okta stock in a transaction on Friday, June 20th. The stock was sold at an average price of $100.29, for a total transaction of $58,268.49. Following the sale, the director directly owned 2,832 shares in the company, valued at $284,021.28. The trade was a 17.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Larissa Schwartz sold 2,244 shares of Okta stock in a transaction on Friday, June 20th. The stock was sold at an average price of $100.00, for a total value of $224,400.00. Following the sale, the insider owned 23,640 shares in the company, valued at $2,364,000. The trade was a 8.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,935 shares of company stock worth $1,100,347 in the last ninety days. Company insiders own 5.68% of the company's stock.

Institutional Investors Weigh In On Okta

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OKTA. Wolff Wiese Magana LLC raised its stake in Okta by 167.4% in the 1st quarter. Wolff Wiese Magana LLC now owns 246 shares of the company's stock valued at $26,000 after acquiring an additional 154 shares during the period. Wayfinding Financial LLC bought a new stake in Okta in the 1st quarter valued at about $27,000. Harbour Investments Inc. raised its stake in Okta by 152.4% in the 1st quarter. Harbour Investments Inc. now owns 260 shares of the company's stock valued at $27,000 after acquiring an additional 157 shares during the period. Rossby Financial LCC bought a new stake in Okta in the 1st quarter valued at about $31,000. Finally, TD Private Client Wealth LLC raised its stake in Okta by 3,507.7% in the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company's stock valued at $37,000 after acquiring an additional 456 shares during the period. 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.