Okta's (OKTA) "Buy" Rating Reaffirmed at Westpark Capital

Okta (NASDAQ:OKTA - Get Free Report)'s stock had its "buy" rating reaffirmed by stock analysts at Westpark Capital in a report released on Wednesday, Marketbeat Ratings reports. They presently have a $140.00 price objective on the stock. Westpark Capital's price objective indicates a potential upside of 36.19% from the company's current price.

OKTA has been the topic of several other research reports. Barclays increased their target price on Okta from $105.00 to $115.00 and gave the company an "equal weight" rating in a research note on Tuesday, March 4th. Truist Financial increased their target price on Okta from $92.00 to $100.00 and gave the company a "hold" rating in a research note on Tuesday, March 4th. Guggenheim reissued a "buy" rating and issued a $140.00 target price (up previously from $130.00) on shares of Okta in a research note on Tuesday, May 20th. BMO Capital Markets increased their target price on Okta from $130.00 to $135.00 and gave the company a "market perform" rating in a research note on Wednesday, May 14th. Finally, Wells Fargo & Company raised their price target on Okta from $95.00 to $100.00 and gave the stock an "equal weight" rating in a research report on Tuesday, March 4th. 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 company. According to MarketBeat.com, Okta presently has a consensus rating of "Moderate Buy" and an average target price of $121.59.

Okta Trading Down 3.6%

OKTA stock traded down $3.83 during midday trading on Wednesday, reaching $102.80. The stock had a trading volume of 7,711,011 shares, compared to its average volume of 2,946,802. The business has a fifty day simple moving average of $109.53 and a two-hundred day simple moving average of $96.67. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. The firm has a market cap of $17.85 billion, a price-to-earnings ratio of -293.71, a PEG ratio of 6.42 and a beta of 0.96. Okta has a twelve month low of $70.56 and a twelve month high of $127.57.

Okta (NASDAQ:OKTA - Get Free Report) last released its earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.09. Okta had a positive return on equity of 0.47% and a negative net margin of 1.54%. The firm had revenue of $688.00 million for the quarter, compared to analyst estimates of $680.14 million. During the same quarter in the prior year, the firm posted $0.65 earnings per share. The company's quarterly revenue was up 11.5% on a year-over-year basis. As a group, research analysts expect that Okta will post 0.42 EPS for the current fiscal year.

Insider Buying and Selling at Okta

In other Okta news, CRO Jonathan James Addison sold 7,005 shares of the firm's stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $101.19, for a total value 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 document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Eric Robert Kelleher sold 5,895 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $113.75, for a total value of $670,556.25. Following the completion of the transaction, the insider now owns 9,828 shares of the company's stock, valued at approximately $1,117,935. This represents a 37.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 154,452 shares of company stock worth $16,347,360 over the last ninety days. 5.68% of the stock is currently owned by corporate insiders.

Institutional Trading of Okta

A number of hedge funds have recently made changes to their positions in the business. GK Wealth Management LLC lifted its position in shares of Okta by 13.5% in the first quarter. GK Wealth Management LLC now owns 3,837 shares of the company's stock valued at $404,000 after buying an additional 457 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in shares of Okta by 27.2% in the first quarter. Geneos Wealth Management Inc. now owns 13,314 shares of the company's stock valued at $1,401,000 after buying an additional 2,848 shares during the last quarter. Focus Partners Wealth lifted its position in shares of Okta by 3.5% in the first quarter. Focus Partners Wealth now owns 114,480 shares of the company's stock valued at $12,046,000 after buying an additional 3,857 shares during the last quarter. Bayforest Capital Ltd acquired a new stake in Okta during the 1st quarter worth approximately $374,000. Finally, SCS Capital Management LLC bought a new stake in Okta in the 1st quarter valued at $1,266,000. 86.64% of the stock is 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.