Okta (NASDAQ:OKTA) Given Buy Rating at Guggenheim

Key Points

• Guggenheim has reaffirmed a "buy" rating for Okta (NASDAQ:OKTA), setting a target price of $138.00, suggesting a potential upside of 50.26%.
• Okta has recently seen mixed analyst sentiment, with three analysts rating the stock as a 'sell', and fourteen and twenty-one giving 'hold' and 'buy' ratings respectively.
• The company's most recent earnings report showed a quarterly revenue of $688 million, exceeding analysts' expectations, with a 11.5% increase compared to the same quarter last year.

Okta (NASDAQ:OKTA - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at Guggenheim in a research report issued on Monday,Benzinga reports. They presently have a $138.00 target price on the stock. Guggenheim's target price would suggest a potential upside of 50.26% from the company's previous close.

A number of other analysts have also recently commented on OKTA. Jefferies Financial Group dropped their price objective on Okta from $130.00 to $105.00 and set a "hold" rating for the company in a research report on Thursday, July 24th. Roth Capital reaffirmed a "buy" rating and issued a $119.00 target price on shares of Okta in a research report on Wednesday, May 28th. Loop Capital started coverage on Okta in a research report on Monday, May 5th. They set a "buy" rating and a $140.00 price target on the stock. Barclays dropped their target price on Okta from $135.00 to $120.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 28th. Finally, Needham & Company LLC raised their target price on Okta from $115.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Three analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $118.61.

Okta Stock Performance

Shares of OKTA traded down $0.18 during mid-day trading on Monday, reaching $91.84. 125,527 shares of the company's stock were exchanged, compared to its average volume of 3,575,539. 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 stock has a market capitalization of $16.08 billion, a PE ratio of 146.48, a price-to-earnings-growth ratio of 4.45 and a beta of 0.80. The business's fifty day simple moving average is $96.51 and its 200-day simple moving average is $102.65. Okta has a 52-week low of $70.56 and a 52-week high of $127.57.

Okta (NASDAQ:OKTA - Get Free Report) last released its earnings results 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 return on equity of 2.79% and a net margin of 4.85%. The company had revenue of $688.00 million during the quarter, compared to the consensus estimate of $680.14 million. During the same quarter last year, the company earned $0.65 earnings per share. Okta's quarterly revenue was up 11.5% compared to the same quarter last year. On average, equities research analysts expect that Okta will post 0.42 earnings per share for the current year.

Insider Transactions at Okta

In other Okta news, CFO Brett Tighe sold 10,000 shares of the firm's stock in a transaction that occurred on 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 owned 132,288 shares in the company, valued at approximately $12,567,360. This trade represents a 7.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Eric Robert Kelleher sold 16,018 shares of the firm's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $91.81, for a total value of $1,470,612.58. Following the completion of the sale, the insider owned 7,044 shares of the company's stock, valued at $646,709.64. This represents a 69.46% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 88,594 shares of company stock worth $8,382,790. Insiders own 5.68% of the company's stock.

Institutional Trading of Okta

A number of hedge funds have recently modified their holdings of OKTA. Wolff Wiese Magana LLC lifted its position in shares of Okta by 167.4% during the 1st quarter. Wolff Wiese Magana LLC now owns 246 shares of the company's stock worth $26,000 after buying an additional 154 shares during the period. Wayfinding Financial LLC bought a new position in shares of Okta during the 1st quarter worth approximately $27,000. Harbour Investments Inc. lifted its position in shares of Okta by 152.4% during the 1st quarter. Harbour Investments Inc. now owns 260 shares of the company's stock worth $27,000 after buying an additional 157 shares during the period. Pinnacle Bancorp Inc. bought a new position in shares of Okta during the 2nd quarter worth approximately $26,000. Finally, Rossby Financial LCC bought a new position in shares of Okta during the 1st quarter worth approximately $31,000. 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.

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