Okta (NASDAQ:OKTA) was upgraded by stock analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a note issued to investors on Wednesday, September 12th.
A number of other analysts also recently issued reports on OKTA. Deutsche Bank lifted their price target on Okta from $46.00 to $56.00 and gave the company a “buy” rating in a research report on Thursday, May 24th. Canaccord Genuity reiterated a “buy” rating and set a $60.00 price target (up previously from $55.00) on shares of Okta in a research report on Thursday, June 7th. SunTrust Banks lifted their price target on Okta from $45.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, June 7th. KeyCorp lifted their price target on Okta from $50.00 to $57.00 and gave the company an “overweight” rating in a research report on Thursday, May 24th. Finally, Deutsche Bank lifted their price target on Okta from $56.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, June 7th. Seventeen analysts have rated the stock with a buy rating, The stock currently has an average rating of “Buy” and an average price target of $68.62.
NASDAQ OKTA traded up $0.03 during trading hours on Wednesday, hitting $65.11. The company had a trading volume of 1,989,152 shares, compared to its average volume of 2,018,989. Okta has a 52 week low of $24.71 and a 52 week high of $75.49. The company has a quick ratio of 2.90, a current ratio of 2.90 and a debt-to-equity ratio of 1.08. The company has a market cap of $7.68 billion, a P/E ratio of -47.53 and a beta of -0.61.
Okta (NASDAQ:OKTA) last issued its earnings results on Thursday, September 6th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.36) by $0.21. Okta had a negative return on equity of 56.91% and a negative net margin of 38.13%. The business had revenue of $94.59 million during the quarter, compared to the consensus estimate of $85.00 million. During the same quarter last year, the company earned ($0.16) EPS. The firm’s revenue was up 57.0% compared to the same quarter last year. Equities research analysts anticipate that Okta will post -1.12 EPS for the current year.
In other Okta news, General Counsel Jonathan T. Runyan sold 2,500 shares of Okta stock in a transaction that occurred on Thursday, July 19th. The stock was sold at an average price of $56.06, for a total value of $140,150.00. Following the transaction, the general counsel now directly owns 2,500 shares of the company’s stock, valued at approximately $140,150. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO William E. Losch sold 15,000 shares of Okta stock in a transaction that occurred on Monday, September 24th. The stock was sold at an average price of $68.67, for a total value of $1,030,050.00. Following the completion of the transaction, the chief financial officer now directly owns 15,000 shares in the company, valued at $1,030,050. The disclosure for this sale can be found here. Insiders sold a total of 633,996 shares of company stock valued at $40,577,841 in the last 90 days. 20.59% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the business. Ladenburg Thalmann Financial Services Inc. increased its stake in Okta by 276.1% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,633 shares of the company’s stock worth $105,000 after purchasing an additional 1,933 shares during the period. Centaurus Financial Inc. purchased a new position in Okta in the 1st quarter worth approximately $106,000. Parallel Advisors LLC increased its stake in Okta by 129.9% in the 2nd quarter. Parallel Advisors LLC now owns 2,393 shares of the company’s stock worth $120,000 after purchasing an additional 1,352 shares during the period. SG Americas Securities LLC purchased a new position in Okta in the 2nd quarter worth approximately $139,000. Finally, Public Employees Retirement Association of Colorado purchased a new position in Okta in the 2nd quarter worth approximately $160,000. 58.81% of the stock is currently owned by institutional investors and hedge funds.
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 Web and mobile applications, and data of organization; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; and Mobility Management, which simplifies and automates mobile device administration and provisioning across phones, tablets, and laptops.
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