Okta, Inc. provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products and services, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway that enables organizations to extend the Okta Identity Cloud from the cloud to their existing on-premise applications; and Advanced Server Access to secure cloud infrastructure. It also provides Auth0 products, including Universal Login that allows customers to provide login experience across different applications and devices; Attack Protection, a suite of security capabilities that protect from malicious traffics; Adaptive Multi-Factor Authentication that minimizes friction to end users; Passwordless authentication enables users to login without a password and supports in various login methods; Machine to Machine provides standards-based authentication and authorization; private Cloud that allows customers to run a dedicated cloud instance of Auth0; and Organizations that enables customers to independent configurations, login experiences, and security options. It offers customer support, training, and professional services. It sells its products directly to customers through sales force and channel partners. The company was formerly known as Saasure, Inc. Okta, Inc. was incorporated in 2009 and is headquartered in San Francisco, California.
Analyst Ratings Changes
A number of research analysts have recently commented on OKTA shares. JMP Securities lowered their target price on Okta from $260.00 to $165.00 and set a "market outperform" rating for the company in a research report on Friday, June 3rd. Morgan Stanley lowered their price target on Okta to $150.00 and set a "na" rating for the company in a research report on Wednesday, May 18th. Truist Financial reduced their target price on Okta from $170.00 to $140.00 and set a "hold" rating on the stock in a research note on Tuesday, July 26th. Wells Fargo & Company increased their target price on Okta from $130.00 to $145.00 and gave the stock an "overweight" rating in a research note on Friday, June 3rd. Finally, Mizuho reduced their target price on Okta from $225.00 to $165.00 and set a "buy" rating on the stock in a research note on Wednesday, May 18th. Eight equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $171.89.
Okta Stock Down 3.0 %
Shares of OKTA traded down $3.20 during trading hours on Thursday, hitting $102.49. 1,687,481 shares of the stock were exchanged, compared to its average volume of 2,731,308. The company has a quick ratio of 2.45, a current ratio of 2.45 and a debt-to-equity ratio of 0.40. Okta has a 12-month low of $77.01 and a 12-month high of $276.30. The stock's 50-day moving average price is $95.95 and its two-hundred day moving average price is $128.50.
Okta (NASDAQ:OKTA - Get Rating) last issued its quarterly earnings results on Thursday, June 2nd. The company reported ($1.36) EPS for the quarter, topping the consensus estimate of ($1.37) by $0.01. Okta had a negative return on equity of 13.13% and a negative net margin of 67.06%. The firm had revenue of $414.94 million during the quarter, compared to analysts' expectations of $388.77 million. During the same period in the previous year, the business earned ($0.59) earnings per share. The firm's revenue for the quarter was up 65.3% on a year-over-year basis. Sell-side analysts forecast that Okta will post -5.56 EPS for the current year.
Insider Buying and Selling
In other Okta news, CFO Brett Tighe sold 5,913 shares of the business's stock in a transaction on Thursday, June 16th. The stock was sold at an average price of $79.97, for a total transaction of $472,862.61. Following the transaction, the chief financial officer now owns 31,189 shares of the company's stock, valued at $2,494,184.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Ledger Susan St. sold 2,660 shares of the company's stock in a transaction on Thursday, June 16th. The stock was sold at an average price of $79.97, for a total value of $212,720.20. Following the transaction, the insider now owns 36,641 shares of the company's stock, valued at approximately $2,930,180.77. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Brett Tighe sold 5,913 shares of the company's stock in a transaction on Thursday, June 16th. The shares were sold at an average price of $79.97, for a total value of $472,862.61. Following the completion of the transaction, the chief financial officer now directly owns 31,189 shares in the company, valued at approximately $2,494,184.33. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,442 shares of company stock worth $1,316,786. 7.60% of the stock is owned by corporate insiders.
