Okta (NASDAQ:OKTA) Trading Up 1.7% - Should You Buy?

Okta, Inc. (NASDAQ:OKTA - Get Free Report)'s share price was up 1.7% during trading on Monday . The company traded as high as $99.39 and last traded at $99.13. Approximately 558,991 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 3,013,070 shares. The stock had previously closed at $97.48.

Analyst Ratings Changes

Several brokerages have weighed in on OKTA. Citigroup raised their price target on Okta from $100.00 to $110.00 and gave the stock a "neutral" rating in a report on Tuesday, March 4th. Royal Bank of Canada lowered their target price on shares of Okta from $143.00 to $135.00 and set an "outperform" rating for the company in a research note on Wednesday, May 28th. Guggenheim cut their price target on shares of Okta from $140.00 to $138.00 and set a "buy" rating on the stock in a research note on Wednesday, May 28th. Wells Fargo & Company raised their price target on shares of Okta from $100.00 to $110.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 28th. Finally, DA Davidson cut their target price on Okta from $145.00 to $140.00 and set a "buy" rating on the stock in a research report on Wednesday, May 28th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $121.59.

Okta Price Performance

The company has a market cap of $17.37 billion, a price-to-earnings ratio of -283.68, a price-to-earnings-growth ratio of 6.42 and a beta of 0.84. The stock has a 50 day simple moving average of $109.25 and a two-hundred day simple moving average of $99.00. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.34 and a quick ratio of 1.34.

Okta (NASDAQ:OKTA - Get Free Report) last released its quarterly earnings data 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 negative net margin of 1.54% and a positive return on equity of 0.47%. The firm had revenue of $688.00 million during the quarter, compared to analysts' expectations of $680.14 million. During the same period last year, the business earned $0.65 earnings per share. Okta's revenue was up 11.5% compared to the same quarter last year. On average, equities research analysts predict that Okta, Inc. will post 0.42 earnings per share for the current fiscal year.

Insider Activity at Okta

In other news, CRO Jonathan James Addison sold 7,005 shares of the firm's stock in a transaction on Friday, April 11th. The stock was sold at an average price of $101.19, for a total transaction of $708,835.95. Following the completion of the transaction, the executive now directly owns 19,067 shares in the company, valued at $1,929,389.73. This trade represents a 26.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Larissa Schwartz sold 11,552 shares of the firm's stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $114.09, for a total value of $1,317,967.68. Following the transaction, the insider now owns 22,125 shares of the company's stock, valued at $2,524,241.25. This trade represents a 34.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.68% of the stock is owned by insiders.

Institutional Investors Weigh In On Okta

A number of hedge funds have recently added to or reduced their stakes in OKTA. Bank of Jackson Hole Trust purchased a new stake in shares of Okta during the fourth quarter worth $25,000. Wolff Wiese Magana LLC increased its holdings in 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 purchasing an additional 154 shares during the period. Wayfinding Financial LLC purchased a new stake in Okta during the 1st quarter worth about $27,000. Harbour Investments Inc. raised its position 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 purchasing an additional 157 shares in the last quarter. Finally, Rossby Financial LCC purchased a new position in shares of Okta in the 1st quarter valued at about $31,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

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.

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