Okta Inc (OKTA) Receives Consensus Rating of “Buy” from Analysts

Okta Inc (NASDAQ:OKTA) has been assigned an average rating of “Buy” from the thirteen ratings firms that are covering the company, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $33.88.

A number of equities analysts have commented on the stock. Needham & Company LLC assumed coverage on shares of Okta in a research note on Wednesday. They issued a “buy” rating and a $38.00 target price on the stock. BidaskClub downgraded shares of Okta from a “hold” rating to a “sell” rating in a research note on Thursday, December 21st. Oppenheimer restated a “buy” rating and issued a $34.00 target price on shares of Okta in a research note on Thursday, December 7th. Zacks Investment Research downgraded shares of Okta from a “buy” rating to a “hold” rating in a research note on Thursday, November 9th. Finally, SunTrust Banks assumed coverage on shares of Okta in a research note on Friday, October 27th. They issued a “buy” rating and a $36.00 target price on the stock.

Shares of Okta (NASDAQ OKTA) opened at $33.92 on Thursday. The firm has a market cap of $3,460.00 and a PE ratio of -29.50. Okta has a 1 year low of $21.52 and a 1 year high of $34.13.

Okta (NASDAQ:OKTA) last issued its earnings results on Wednesday, December 6th. The company reported ($0.34) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.39) by $0.05. Okta had a negative net margin of 46.70% and a negative return on equity of 169.65%. analysts anticipate that Okta will post -1.48 EPS for the current year.

In other news, insider Ventures Iv L.P. Khosla sold 300,000 shares of the stock in a transaction that occurred on Tuesday, December 12th. The shares were sold at an average price of $25.49, for a total transaction of $7,647,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO William E. Losch sold 2,600 shares of the stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $30.00, for a total transaction of $78,000.00. Following the transaction, the chief financial officer now owns 2,400 shares in the company, valued at $72,000. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 865,927 shares of company stock worth $23,997,862.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OKTA. Champlain Investment Partners LLC boosted its stake in shares of Okta by 387.3% during the fourth quarter. Champlain Investment Partners LLC now owns 2,859,000 shares of the company’s stock valued at $73,219,000 after purchasing an additional 2,272,290 shares in the last quarter. Glynn Capital Management LLC boosted its stake in shares of Okta by 3,125.6% during the fourth quarter. Glynn Capital Management LLC now owns 2,343,268 shares of the company’s stock valued at $60,011,000 after purchasing an additional 2,270,623 shares in the last quarter. FMR LLC bought a new position in shares of Okta during the second quarter valued at approximately $23,135,000. Vanguard Group Inc. acquired a new stake in Okta in the second quarter valued at approximately $21,749,000. Finally, Allianz Asset Management GmbH boosted its stake in Okta by 1,664.7% in the fourth quarter. Allianz Asset Management GmbH now owns 904,405 shares of the company’s stock valued at $23,162,000 after acquiring an additional 853,155 shares in the last quarter. Hedge funds and other institutional investors own 16.95% 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.

Analyst Recommendations for Okta (NASDAQ:OKTA)

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