Okta, Inc. (OKTA) Price Target Increased to $28.00 by Analysts at Canaccord Genuity
Okta, Inc. (NASDAQ:OKTA) had its price objective lifted by research analysts at Canaccord Genuity from $27.00 to $28.00 in a research report issued on Friday. The brokerage currently has a “hold” rating on the stock. Canaccord Genuity’s target price points to a potential upside of 3.24% from the stock’s previous close.
A number of other brokerages also recently issued reports on OKTA. Zacks Investment Research downgraded Okta from a “hold” rating to a “sell” rating in a research note on Friday, September 1st. KeyCorp restated a “buy” rating and issued a $35.00 price objective on shares of Okta in a research note on Friday. Finally, Pacific Crest restated an “outperform” rating and issued a $32.00 price objective on shares of Okta in a research note on Monday, June 12th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. Okta presently has an average rating of “Hold” and an average target price of $30.80.
Shares of Okta (NASDAQ:OKTA) traded up 11.73% during midday trading on Friday, reaching $30.30. The company’s stock had a trading volume of 1,682,040 shares. The firm has a 50-day moving average of $24.33 and a 200-day moving average of $24.20. Okta has a one year low of $21.52 and a one year high of $30.56. The stock’s market cap is $2.89 billion.
Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Thursday, September 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by $0.03. The business had revenue of $61 million during the quarter, compared to analysts’ expectations of $55.90 million. The firm’s quarterly revenue was up 63.1% on a year-over-year basis. On average, analysts forecast that Okta will post ($1.13) EPS for the current year.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Quantbot Technologies LP purchased a new position in shares of Okta during the 2nd quarter valued at $101,000. CI Investments Inc. purchased a new position in shares of Okta during the 2nd quarter valued at $171,000. American Century Companies Inc. purchased a new position in shares of Okta during the 2nd quarter valued at $201,000. Pacad Investment Ltd. purchased a new position in shares of Okta during the 2nd quarter valued at $207,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Okta during the 2nd quarter valued at $219,000. 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.
Receive News & Ratings for Okta Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Okta Inc. and related companies with MarketBeat.com's FREE daily email newsletter.