Okta (OKTA) Downgraded by BidaskClub to “Buy”

Okta (NASDAQ:OKTA) was downgraded by stock analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a note issued to investors on Thursday, September 20th.

Other analysts have also recently issued research reports about the company. Needham & Company LLC upped their price target on Okta from $50.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, May 29th. Monness Crespi & Hardt initiated coverage on Okta in a research report on Tuesday, May 29th. They issued a “buy” rating and a $59.00 price target for the company. Deutsche Bank upped their price target on Okta from $46.00 to $56.00 and gave the stock a “buy” rating in a research report on Thursday, May 24th. Canaccord Genuity upped their price target on Okta from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, May 24th. Finally, Deutsche Bank upped their price target on Okta from $46.00 to $56.00 and gave the stock a “buy” rating in a research report on Thursday, May 24th. Seventeen equities research analysts have rated the stock with a buy rating, The company currently has an average rating of “Buy” and a consensus target price of $68.62.

OKTA stock traded up $2.95 during trading on Thursday, reaching $57.59. The stock had a trading volume of 2,684,827 shares, compared to its average volume of 2,048,356. Okta has a 52 week low of $24.71 and a 52 week high of $75.49. The company has a debt-to-equity ratio of 1.08, a quick ratio of 2.90 and a current ratio of 2.90. The company has a market cap of $7.68 billion, a price-to-earnings ratio of -42.04 and a beta of -0.61.

Okta (NASDAQ:OKTA) last posted its earnings results on Thursday, September 6th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.21. The company had revenue of $94.59 million for the quarter, compared to the consensus estimate of $85.00 million. Okta had a negative return on equity of 56.91% and a negative net margin of 38.13%. Okta’s revenue was up 57.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.16) earnings per share. Equities analysts predict that Okta will post -1.12 earnings per share for the current year.

In other Okta news, CFO William E. Losch sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, September 24th. The stock was sold at an average price of $68.67, for a total transaction of $1,030,050.00. Following the completion of the transaction, the chief financial officer now owns 15,000 shares in the company, valued at approximately $1,030,050. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Benjamin A. Horowitz sold 270,465 shares of the firm’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $72.66, for a total value of $19,651,986.90. Following the transaction, the director now owns 11,765 shares of the company’s stock, valued at approximately $854,844.90. The disclosure for this sale can be found here. Insiders have sold 633,996 shares of company stock valued at $40,577,841 in the last quarter. 20.59% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OKTA. Rhumbline Advisers lifted its stake in shares of Okta by 12.2% in the 1st quarter. Rhumbline Advisers now owns 18,484 shares of the company’s stock valued at $737,000 after purchasing an additional 2,015 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Okta by 34.5% in the 1st quarter. American Century Companies Inc. now owns 55,399 shares of the company’s stock valued at $2,208,000 after purchasing an additional 14,216 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its stake in shares of Okta by 25.8% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 48,257 shares of the company’s stock valued at $1,924,000 after purchasing an additional 9,900 shares during the last quarter. Neuberger Berman Group LLC lifted its stake in shares of Okta by 40.7% in the 1st quarter. Neuberger Berman Group LLC now owns 21,100 shares of the company’s stock valued at $841,000 after purchasing an additional 6,100 shares during the last quarter. Finally, US Bancorp DE lifted its stake in shares of Okta by 3,402.4% during the 1st quarter. US Bancorp DE now owns 14,850 shares of the company’s stock worth $591,000 after acquiring an additional 14,426 shares during the last quarter. Institutional investors and hedge funds own 58.81% of the company’s stock.

About Okta

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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Analyst Recommendations for Okta (NASDAQ:OKTA)

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