Okta (NASDAQ:OKTA) Earns “Equal Weight” Rating from Stephens

Stephens reaffirmed their equal weight rating on shares of Okta (NASDAQ:OKTA) in a report released on Tuesday morning,Benzinga reports. Stephens currently has a $127.00 target price on the stock.

Several other brokerages also recently weighed in on OKTA. JPMorgan Chase & Co. upped their target price on shares of Okta from $120.00 to $140.00 and gave the stock an “overweight” rating in a report on Friday, May 23rd. Guggenheim restated a “buy” rating and issued a $140.00 price objective (up from $130.00) on shares of Okta in a research report on Tuesday, May 20th. DA Davidson upped their price objective on Okta from $125.00 to $145.00 and gave the stock a “buy” rating in a research note on Thursday, May 15th. Susquehanna increased their target price on Okta from $95.00 to $105.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 4th. Finally, The Goldman Sachs Group boosted their price target on Okta from $107.00 to $123.00 and gave the stock a “buy” rating in a report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $120.17.

Okta Trading Up 1.4%

Shares of NASDAQ:OKTA opened at $125.50 on Tuesday. The stock has a 50 day moving average of $109.90 and a 200 day moving average of $96.42. The company has a market cap of $21.79 billion, a PE ratio of -358.57, a price-to-earnings-growth ratio of 6.42 and a beta of 0.96. Okta has a 12-month low of $70.56 and a 12-month high of $127.57. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.09. The business had revenue of $688.00 million during the quarter, compared to analyst estimates of $680.14 million. Okta had a negative net margin of 1.54% and a positive return on equity of 0.47%. The company’s revenue was up 11.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.65 earnings per share. As a group, equities research analysts expect that Okta will post 0.42 EPS for the current year.

Insiders Place Their Bets

In other news, CRO Jonathan James Addison sold 7,005 shares of the firm’s stock in a transaction on Friday, April 11th. The stock was sold at an average price of $101.19, for a total transaction of $708,835.95. Following the transaction, the executive now owns 19,067 shares in the company, valued at approximately $1,929,389.73. This trade represents a 26.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Eric Robert Kelleher sold 5,895 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $113.75, for a total transaction of $670,556.25. Following the transaction, the insider now owns 9,828 shares in the company, valued at approximately $1,117,935. This represents a 37.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 154,452 shares of company stock valued at $16,347,360 over the last three months. 5.68% of the stock is owned by company insiders.

Institutional Investors Weigh In On Okta

A number of hedge funds have recently made changes to their positions in the stock. Geneos Wealth Management Inc. lifted its position in shares of Okta by 27.2% during the first quarter. Geneos Wealth Management Inc. now owns 13,314 shares of the company’s stock valued at $1,401,000 after buying an additional 2,848 shares during the last quarter. Focus Partners Wealth boosted its stake in Okta by 3.5% in the first quarter. Focus Partners Wealth now owns 114,480 shares of the company’s stock valued at $12,046,000 after acquiring an additional 3,857 shares in the last quarter. Bayforest Capital Ltd purchased a new position in Okta in the first quarter worth $374,000. SCS Capital Management LLC acquired a new position in shares of Okta during the first quarter worth $1,266,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Okta by 76.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,748,847 shares of the company’s stock valued at $289,234,000 after purchasing an additional 1,189,222 shares during the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

About Okta

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.