Investment analysts at Piper Jaffray Companies started coverage on shares of Okta (NASDAQ:OKTA) in a research note issued to investors on Friday, Benzinga’s Daily Ratings Newsletter reports. The brokerage set an “overweight” rating and a $135.00 price target on the stock. Piper Jaffray Companies’ price target points to a potential upside of 27.23% from the stock’s previous close.
Several other analysts have also commented on the company. ValuEngine lowered Okta from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Zacks Investment Research upgraded Okta from a “hold” rating to a “buy” rating and set a $120.00 price objective for the company in a report on Wednesday, October 30th. Robert W. Baird set a $135.00 price objective on Okta and gave the company a “hold” rating in a report on Friday, September 13th. Cowen assumed coverage on Okta in a report on Wednesday, August 21st. They set an “outperform” rating and a $150.00 price objective for the company. Finally, SunTrust Banks upgraded Okta from a “hold” rating to a “buy” rating and increased their price objective for the company from $130.00 to $134.00 in a report on Wednesday, October 2nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $130.26.
Okta stock traded up $0.89 during mid-day trading on Friday, reaching $106.11. 24,566 shares of the company were exchanged, compared to its average volume of 2,344,000. The business has a fifty day moving average of $107.61 and a 200 day moving average of $118.00. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.12 and a current ratio of 1.12. The firm has a market cap of $12.47 billion, a P/E ratio of -103.02 and a beta of 1.01. Okta has a 12-month low of $41.88 and a 12-month high of $141.85.
Okta (NASDAQ:OKTA) last posted its earnings results on Wednesday, August 28th. The company reported ($0.32) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.32). The company had revenue of $140.48 million during the quarter, compared to analyst estimates of $131.19 million. Okta had a negative return on equity of 53.93% and a negative net margin of 31.90%. Okta’s revenue was up 48.5% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.15) earnings per share. Sell-side analysts predict that Okta will post -1.42 EPS for the current year.
In other Okta news, Director Patrick W. Grady sold 100,000 shares of the stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $130.74, for a total transaction of $13,074,000.00. Following the sale, the director now directly owns 383,669 shares of the company’s stock, valued at approximately $50,160,885.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Benjamin A. Horowitz sold 48,897 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $127.12, for a total value of $6,215,786.64. Following the sale, the director now directly owns 15,735 shares in the company, valued at $2,000,233.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 364,416 shares of company stock worth $43,301,450. 14.69% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Lindbrook Capital LLC boosted its stake in shares of Okta by 76.9% during the 2nd quarter. Lindbrook Capital LLC now owns 230 shares of the company’s stock worth $28,000 after acquiring an additional 100 shares in the last quarter. Valeo Financial Advisors LLC lifted its stake in Okta by 122.4% in the 2nd quarter. Valeo Financial Advisors LLC now owns 238 shares of the company’s stock valued at $29,000 after buying an additional 131 shares in the last quarter. Focused Wealth Management Inc purchased a new position in Okta in the 2nd quarter valued at about $30,000. Matthew Goff Investment Advisor LLC purchased a new position in Okta in the 3rd quarter valued at about $2,500,000. Finally, Truewealth LLC purchased a new position in Okta in the 2nd quarter valued at about $33,000. 69.29% of the stock is currently owned by institutional investors.
Okta Company Profile
Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products to manage and secure identities, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access their applications in the cloud or on-premise from various devices with a single entry of their user credentials; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.
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