Okta, Inc. (OKTA) Receives Average Rating of “Buy” from Analysts
Shares of Okta, Inc. (NASDAQ:OKTA) have been assigned a consensus recommendation of “Buy” from the nine ratings firms that are currently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $32.17.
A number of brokerages have commented on OKTA. KeyCorp reaffirmed a “buy” rating on shares of Okta in a research report on Friday, September 1st. Zacks Investment Research cut Okta from a “buy” rating to a “hold” rating in a research report on Wednesday, August 9th. Oppenheimer Holdings, Inc. started coverage on Okta in a research report on Tuesday. They set an “outperform” rating and a $32.00 price target for the company. Canaccord Genuity lifted their price objective on Okta from $27.00 to $28.00 and gave the company a “hold” rating in a research note on Friday, September 8th. Finally, William Blair started coverage on Okta in a research note on Wednesday, October 4th. They set an “outperform” rating for the company.
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Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Thursday, September 7th. The company reported ($0.29) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.26) by ($0.03). The business had revenue of $61.00 million during the quarter, compared to the consensus estimate of $55.90 million. The firm’s revenue was up 63.1% on a year-over-year basis.
In other Okta news, General Counsel Jonathan T. Runyan sold 300,000 shares of Okta stock in a transaction dated Wednesday, October 4th. The stock was sold at an average price of $27.03, for a total transaction of $8,109,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quantbot Technologies LP purchased a new position in shares of Okta during the 2nd quarter valued at about $101,000. CI Investments Inc. purchased a new position in shares of Okta during the 2nd quarter valued at about $171,000. Paulson & CO. Inc. purchased a new position in shares of Okta during the 2nd quarter valued at about $171,000. American Century Companies Inc. purchased a new position in shares of Okta during the 2nd quarter valued at about $201,000. Finally, Pacad Investment Ltd. purchased a new position in shares of Okta during the 2nd quarter valued at about $207,000. Institutional investors and hedge funds own 13.00% of the company’s stock.
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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