Okta (NASDAQ:OKTA) Upgraded by Needham & Company LLC to “Buy”

Okta (NASDAQ:OKTA) was upgraded by equities researchers at Needham & Company LLC to a “buy” rating in a research note issued on Thursday, TipRanks reports. The brokerage presently has a $320.00 price target on the stock. Needham & Company LLC’s price objective indicates a potential upside of 24.15% from the company’s previous close.

Several other equities research analysts also recently weighed in on OKTA. TheStreet raised Okta from a “d+” rating to a “c-” rating in a report on Tuesday, September 7th. Berenberg Bank upped their price target on Okta from $290.00 to $310.00 and gave the stock a “buy” rating in a report on Thursday, September 2nd. Summit Insights upped their price objective on Okta from $275.00 to $300.00 and gave the stock a “buy” rating in a research report on Thursday, September 2nd. Raymond James raised Okta from an “outperform” rating to a “strong-buy” rating and increased their price objective for the stock from $300.00 to $310.00 in a research report on Wednesday, August 25th. Finally, KeyCorp increased their price objective on Okta from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Thursday, July 22nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Okta currently has a consensus rating of “Buy” and an average target price of $291.33.

Shares of NASDAQ OKTA traded up $10.56 during midday trading on Thursday, reaching $257.76. 81,542 shares of the stock traded hands, compared to its average volume of 1,682,600. The company’s 50 day moving average is $246.64 and its 200 day moving average is $243.39. Okta has a one year low of $199.08 and a one year high of $294.00. The stock has a market capitalization of $39.87 billion, a PE ratio of -67.83 and a beta of 0.97. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.15 and a quick ratio of 3.15.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Tuesday, August 31st. The company reported ($0.11) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.35) by $0.24. Okta had a negative return on equity of 18.64% and a negative net margin of 52.47%. The company had revenue of $316.00 million for the quarter, compared to analyst estimates of $293.16 million. During the same quarter in the prior year, the firm posted $0.07 EPS. Okta’s quarterly revenue was up 57.7% compared to the same quarter last year. As a group, equities analysts forecast that Okta will post -4.8 EPS for the current year.

In other news, Director Robert L. Dixon, Jr. sold 800 shares of the company’s stock in a transaction on Thursday, September 9th. The shares were sold at an average price of $263.45, for a total value of $210,760.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Todd Mckinnon sold 18,474 shares of the stock in a transaction on Monday, September 20th. The stock was sold at an average price of $253.05, for a total transaction of $4,674,845.70. The disclosure for this sale can be found here. Insiders sold 129,979 shares of company stock valued at $33,303,560 over the last quarter. 9.60% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of OKTA. Alta Wealth Advisors LLC raised its stake in shares of Okta by 4.9% during the third quarter. Alta Wealth Advisors LLC now owns 3,215 shares of the company’s stock worth $763,000 after acquiring an additional 149 shares in the last quarter. FNY Investment Advisers LLC purchased a new position in shares of Okta in the third quarter worth $332,000. IFM Investors Pty Ltd increased its stake in shares of Okta by 0.4% in the third quarter. IFM Investors Pty Ltd now owns 16,278 shares of the company’s stock worth $3,863,000 after buying an additional 59 shares during the period. Koshinski Asset Management Inc. purchased a new position in shares of Okta in the third quarter worth $34,000. Finally, Focused Wealth Management Inc increased its stake in shares of Okta by 68.9% in the third quarter. Focused Wealth Management Inc now owns 299 shares of the company’s stock worth $71,000 after buying an additional 122 shares during the period. Institutional investors and hedge funds own 83.75% of the company’s stock.

About Okta

Okta, Inc engages in the provision of identity management platform for the enterprise. It operates through United States and International geographical segments. The firm’s products include single sign-on, multi factor authentication, API access management, authentication, user management, and lifecycle management.

Featured Article: What is a stock portfolio tracker?

Analyst Recommendations for Okta (NASDAQ:OKTA)

Receive News & Ratings for Okta Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Okta and related companies with MarketBeat.com's FREE daily email newsletter.