Okta, Inc. (OKTA) Given Buy Rating at KeyCorp
Okta, Inc. (NASDAQ:OKTA)‘s stock had its “buy” rating reissued by equities researchers at KeyCorp in a report released on Friday. They presently have a $35.00 price objective on the stock. KeyCorp’s price objective would suggest a potential upside of 29.06% from the company’s previous close.
Several other research firms have also weighed in on OKTA. Canaccord Genuity reissued a “hold” rating and issued a $27.00 target price on shares of Okta in a research note on Friday, June 9th. Zacks Investment Research lowered Okta from a “hold” rating to a “sell” rating in a research note on Friday, September 1st. Finally, Pacific Crest reissued an “outperform” rating and issued a $32.00 target price on shares of Okta in a research note on Monday, June 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $30.60.
Okta (NASDAQ:OKTA) opened at 27.12 on Friday. Okta has a 52 week low of $21.52 and a 52 week high of $28.25. The stock’s market cap is $2.58 billion. The company has a 50-day moving average price of $24.33 and a 200-day moving average price of $24.20.
Okta (NASDAQ:OKTA) last released its earnings results on Wednesday, June 7th. The company reported ($0.50) earnings per share for the quarter, beating the consensus estimate of ($0.61) by $0.11. The company had revenue of $53 million during the quarter, compared to analyst estimates of $48.23 million. Okta’s revenue for the quarter was up 66.7% compared to the same quarter last year. Analysts anticipate that Okta will post ($1.13) earnings per share for the current year.
A number of large investors have recently added to or reduced their stakes in OKTA. Peregrine Capital Management LLC acquired a new position in Okta in the second quarter valued at about $6,909,000. Spark Investment Management LLC acquired a new stake in shares of Okta during the second quarter worth about $3,841,000. Essex Investment Management Co. LLC acquired a new stake in shares of Okta during the second quarter worth about $2,321,000. Hillman Co. acquired a new stake in shares of Okta during the second quarter worth about $6,975,000. Finally, Gilder Gagnon Howe & Co. LLC acquired a new stake in shares of Okta during the second quarter worth about $23,054,000. 15.07% of the stock is currently owned by hedge funds and other institutional investors.
Okta, Inc is a United States-based independent provider of identity for the enterprise. The Company’s Okta Identity Cloud connects and protects employees. It also connects enterprises to their partners, suppliers and customers. The Company offers products, such as Okta information technology (IT) Products and Okta for Developers.
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