Okta (NASDAQ:OKTA) Upgraded to "Buy" at 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.

Wall Street Zen upgraded shares of Okta (NASDAQ:OKTA - Free Report) from a hold rating to a buy rating in a research report report published on Sunday morning.

A number of other equities research analysts have also commented on OKTA. Barclays reduced their price objective on shares of Okta from $135.00 to $120.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 28th. JMP Securities reiterated a "market perform" rating on shares of Okta in a report on Wednesday, May 28th. Evercore ISI increased their price target on Okta from $122.00 to $130.00 and gave the stock an "outperform" rating in a report on Wednesday, May 28th. Canaccord Genuity Group increased their target price on shares of Okta from $100.00 to $115.00 and gave the stock a "hold" rating in a research note on Wednesday, May 28th. Finally, Stifel Nicolaus increased their price objective on shares of Okta from $120.00 to $130.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $118.61.

Okta Trading Up 0.1%

Shares of Okta stock traded up $0.08 on Friday, hitting $96.06. The stock had a trading volume of 572,695 shares, compared to its average volume of 3,601,779. The stock has a 50 day moving average of $98.62 and a 200 day moving average of $102.52. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.47 and a current ratio of 1.47. Okta has a twelve month low of $70.56 and a twelve month high of $127.57. The firm has a market capitalization of $16.82 billion, a P/E ratio of 152.51, a PEG ratio of 4.73 and a beta of 0.80.

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

Insiders Place Their Bets

In other news, insider Eric Robert Kelleher sold 16,018 shares of Okta stock in a transaction dated 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 transaction, the insider owned 7,044 shares in the company, valued at approximately $646,709.64. The trade was a 69.46% decrease in their ownership of the stock. The transaction was disclosed in a 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 shares were sold at an average price of $100.29, for a total value of $58,268.49. Following the sale, the director owned 2,832 shares of the company's stock, valued at $284,021.28. This represents a 17.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 88,594 shares of company stock valued at $8,382,790 over the last three months. 5.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Okta

Several hedge funds and other institutional investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC lifted its holdings in Okta by 52.4% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,126 shares of the company's stock worth $956,000 after buying an additional 4,171 shares during the period. Trek Financial LLC purchased a new stake in Okta in the first quarter worth $426,000. Merit Financial Group LLC bought a new stake in Okta in the first quarter valued at $823,000. Stephens Investment Management Group LLC increased its position in Okta by 10.4% during the 1st quarter. Stephens Investment Management Group LLC now owns 499,125 shares of the company's stock valued at $52,518,000 after purchasing an additional 46,818 shares during the period. Finally, Greenwood Capital Associates LLC raised its holdings in Okta by 165.7% in the 1st quarter. Greenwood Capital Associates LLC now owns 7,048 shares of the company's stock worth $742,000 after purchasing an additional 4,395 shares in the last quarter. 86.64% of the stock is owned by institutional investors.

Okta Company Profile

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.