Okta, Inc. (OKTA) Receives Consensus Rating of “Buy” from Brokerages

Shares of Okta, Inc. (NASDAQ:OKTA) have been given an average rating of “Buy” by the ten research firms that are covering the company, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12 month price target among brokers that have covered the stock in the last year is $32.67.

Several equities research analysts have recently weighed in on OKTA shares. SunTrust Banks began coverage on Okta in a research report on Friday, October 27th. They issued a “buy” rating and a $36.00 target price for the company. KeyCorp reiterated a “buy” rating and issued a $35.00 price target on shares of Okta in a research note on Friday, September 8th. Zacks Investment Research upgraded Okta from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research note on Thursday, September 14th. Canaccord Genuity boosted their price target on Okta from $27.00 to $28.00 and gave the stock a “hold” rating in a research note on Friday, September 8th. Finally, Oppenheimer began coverage on Okta in a research note on Tuesday, October 10th. They issued an “outperform” rating and a $32.00 price target on the stock.

In other news, General Counsel Jonathan T. Runyan sold 300,000 shares of the company’s stock in a transaction that occurred on 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 can be accessed through the SEC website. Also, COO Jacques Frederic Kerrest sold 6,612 shares of the company’s stock in a transaction that occurred on Friday, November 24th. The shares were sold at an average price of $30.34, for a total value of $200,608.08. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,231,569 shares of company stock worth $34,925,178.

Large investors have recently bought and sold shares of the company. Allen Operations LLC bought a new position in shares of Okta during the second quarter valued at approximately $1,656,000. Hillman Co. bought a new position in shares of Okta during the second quarter valued at approximately $6,975,000. JPMorgan Chase & Co. bought a new position in shares of Okta during the second quarter valued at approximately $21,855,000. Capital World Investors bought a new position in shares of Okta during the second quarter valued at approximately $11,400,000. Finally, Crawford Lake Capital Management LLC bought a new position in Okta in the 2nd quarter worth approximately $1,230,000. 14.33% of the stock is owned by institutional investors.

Shares of Okta (OKTA) opened at $28.72 on Friday. Okta has a 1 year low of $21.52 and a 1 year high of $33.64.

Okta (NASDAQ:OKTA) last issued its earnings results on Thursday, September 7th. The company reported ($0.29) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.26) by ($0.03). The firm had revenue of $61.00 million during the quarter, compared to the consensus estimate of $55.90 million. The firm’s quarterly revenue was up 63.1% on a year-over-year basis. analysts forecast that Okta will post -0.96 EPS for the current year.

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About Okta

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.

Analyst Recommendations for Okta (NASDAQ:OKTA)

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