BidaskClub Downgrades Okta (OKTA) to Hold
Okta (NASDAQ:OKTA) was downgraded by research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
Several other equities research analysts have also recently issued reports on OKTA. KeyCorp restated a “buy” rating on shares of Okta in a research report on Friday, September 1st. Zacks Investment Research upgraded shares of Okta from a “hold” rating to a “buy” rating and set a $33.00 price objective for the company in a research report on Wednesday, September 20th. Canaccord Genuity raised their price objective on shares of Okta from $27.00 to $28.00 and gave the stock a “hold” rating in a research report on Friday, September 8th. Oppenheimer assumed coverage on shares of Okta in a research report on Tuesday, October 10th. They set an “outperform” rating and a $32.00 price objective for the company. Finally, William Blair assumed coverage on shares of Okta in a research report on Wednesday, October 4th. They set an “outperform” rating for the company. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Okta has an average rating of “Buy” and a consensus target price of $33.00.
Okta (OKTA) traded down $2.01 during trading on Tuesday, reaching $27.16. 2,483,405 shares of the company traded hands, compared to its average volume of 465,495. Okta has a 52-week low of $21.52 and a 52-week high of $33.64.
In other Okta news, General Counsel Jonathan T. Runyan sold 300,000 shares of Okta stock in a transaction dated Wednesday, October 4th. The shares were sold at an average price of $27.03, for a total transaction of $8,109,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Jacques Frederic Kerrest sold 122,504 shares of Okta stock in a transaction dated Thursday, October 12th. The shares were sold at an average price of $28.59, for a total transaction of $3,502,389.36. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,366,929 shares of company stock valued at $38,816,391.
Several institutional investors and hedge funds have recently made changes to their positions in OKTA. Quantbot Technologies LP acquired a new stake in shares of Okta during the second quarter valued at about $101,000. SG Americas Securities LLC acquired a new stake in shares of Okta during the third quarter valued at about $128,000. Paulson & CO. Inc. acquired a new stake in shares of Okta during the second quarter valued at about $171,000. CI Investments Inc. acquired a new stake in shares of Okta during the second quarter valued at about $171,000. Finally, American Century Companies Inc. purchased a new position in shares of Okta in the second quarter valued at approximately $201,000. Institutional investors and hedge funds own 14.33% of the company’s stock.
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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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