Okta, Inc. (OKTA) Upgraded to “Buy” at Zacks Investment Research
Okta, Inc. (NASDAQ:OKTA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The brokerage presently has a $33.00 target price on the stock. Zacks Investment Research‘s target price indicates a potential upside of 15.30% from the company’s current price.
According to Zacks, “Okta, Inc. is a provider of identity for the enterprise. The Company’s product consists of Okta information technology Products and Okta for Developers. Okta IT Products include Single Sign-On, Mobility Management, Adaptive Multi-Factor Authentication, Lifecycle Management and Universal Directory. Okta for Developers include Complete Authentication, User Management, Application Programming Interface Access Management and Developer Tools. Okta, Inc. is based in SAN FRANCISCO, United States. “
Other equities research analysts have also recently issued reports about the stock. KeyCorp reissued a “buy” rating on shares of Okta in a research report on Friday, September 1st. Canaccord Genuity boosted their price target on shares of Okta from $27.00 to $28.00 and gave the company a “hold” rating in a research report on Friday, September 8th. Finally, Pacific Crest reissued an “outperform” rating and issued a $32.00 price target on shares of Okta in a research report on Monday, June 12th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Okta currently has an average rating of “Buy” and an average price target of $32.20.
Shares of Okta (NASDAQ:OKTA) traded down 1.21% during mid-day trading on Thursday, hitting $28.62. The stock had a trading volume of 626,584 shares. The stock’s 50-day moving average is $25.33 and its 200 day moving average is $24.49. The firm’s market cap is $2.74 billion. Okta has a 12 month low of $10.09 and a 12 month high of $33.64.
Okta (NASDAQ:OKTA) last issued its earnings results on Thursday, September 7th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.03). The company had revenue of $61.00 million for the quarter, compared to analysts’ expectations of $55.90 million. Okta’s quarterly revenue was up 63.1% on a year-over-year basis. Equities research analysts predict that Okta will post ($0.96) earnings per share for the current fiscal year.
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Several large investors have recently made changes to their positions in OKTA. Quantbot Technologies LP purchased a new stake in shares of Okta in the second quarter valued at about $101,000. CI Investments Inc. purchased a new stake in shares of Okta in the second quarter valued at about $171,000. American Century Companies Inc. purchased a new stake in shares of Okta in the second quarter valued at about $201,000. Pacad Investment Ltd. purchased a new stake in shares of Okta in the second quarter valued at about $207,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Okta in the second quarter valued at about $219,000. 15.07% of the stock is owned by institutional investors and hedge funds.
Okta Company Profile
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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