Okta (NASDAQ:OKTA) Stock Rating Upgraded by Wall Street Zen

Key Points

• Okta's stock rating has been upgraded from "hold" to "buy" by Wall Street Zen, with several other analysts also reaffirming buy ratings.
• The stock's current average price target is $118.61, with a recent trading price of $95.13, reflecting a decline of 2.7%.
• In recent insider activity, CEO Todd Mckinnon sold over 31,000 shares, significantly reducing his stake in the company.

Okta (NASDAQ:OKTA - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Sunday.

Several other research analysts also recently commented on OKTA. BTIG Research reaffirmed a "buy" rating on shares of Okta in a report on Thursday, May 22nd. UBS Group cut their target price on Okta from $150.00 to $130.00 and set a "buy" rating on the stock in a report on Wednesday, May 28th. Stifel Nicolaus lifted their target price on Okta from $120.00 to $130.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. Scotiabank lifted their target price on Okta from $109.00 to $115.00 and gave the stock a "sector perform" rating in a report on Wednesday, May 28th. Finally, Loop Capital began coverage on Okta in a report on Monday, May 5th. They set a "buy" rating and a $140.00 target price on the stock. Three equities research 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 company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $118.61.

Okta Trading Down 2.7%

NASDAQ OKTA opened at $95.13 on Friday. 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 twelve month low of $70.56 and a twelve month high of $127.57. The company has a market cap of $16.65 billion, a price-to-earnings ratio of 151.00, a price-to-earnings-growth ratio of 4.60 and a beta of 0.80. The business's fifty day moving average is $99.73 and its 200 day moving average is $102.37.

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

Insider Activity

In other Okta news, CEO Todd Mckinnon sold 31,592 shares of the business's stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $95.30, for a total transaction of $3,010,717.60. Following the completion of the sale, the chief executive officer directly owned 20,682 shares of the company's stock, valued at approximately $1,970,994.60. The trade was a 60.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Brett Tighe sold 10,000 shares of the business'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 sale, the chief financial officer directly owned 132,288 shares of the company's stock, valued at $12,567,360. This represents a 7.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 88,594 shares of company stock worth $8,382,790. Company insiders own 5.68% of the company's stock.

Hedge Funds Weigh In On Okta

Hedge funds and other institutional investors have recently modified their holdings of the business. Wolff Wiese Magana LLC boosted its stake in shares of Okta by 167.4% in 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 last quarter. Pinnacle Bancorp Inc. purchased a new position in shares of Okta in the 2nd quarter worth approximately $26,000. Wayfinding Financial LLC purchased a new position in shares of Okta in the 1st quarter worth approximately $27,000. Harbour Investments Inc. boosted its stake in shares of Okta by 152.4% in 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 last quarter. Finally, Rossby Financial LCC purchased a new position in shares of Okta in the 1st quarter worth approximately $31,000. 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.

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