Morgan Stanley Initiates Coverage on Okta (OKTA)

Equities researchers at Morgan Stanley began coverage on shares of Okta (NASDAQ:OKTA) in a note issued to investors on Monday, February 4th, MarketBeat Ratings reports. The brokerage set an “equal weight” rating and a $85.00 price target on the stock. Morgan Stanley’s target price would suggest a potential downside of 1.65% from the company’s current price.

Several other equities analysts have also issued reports on OKTA. William Blair reissued an “outperform” rating on shares of Okta in a report on Wednesday, October 10th. Canaccord Genuity reaffirmed a “buy” rating and issued a $75.00 price target on shares of Okta in a report on Wednesday, October 10th. Robert W. Baird began coverage on shares of Okta in a report on Wednesday, October 17th. They issued a “neutral” rating and a $65.00 price target on the stock. Zacks Investment Research raised shares of Okta from a “hold” rating to a “buy” rating and set a $63.00 price target on the stock in a report on Wednesday, November 7th. Finally, BidaskClub lowered shares of Okta from a “buy” rating to a “hold” rating in a report on Tuesday, November 13th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $72.39.

Shares of Okta stock traded up $1.55 on Monday, hitting $86.43. 1,681,402 shares of the company traded hands, compared to its average volume of 1,222,218. The company has a market capitalization of $9.30 billion, a PE ratio of -63.09 and a beta of 1.25. The company has a debt-to-equity ratio of 1.09, a quick ratio of 2.69 and a current ratio of 2.69. Okta has a 52 week low of $35.51 and a 52 week high of $87.72.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Wednesday, December 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.28) by $0.24. The company had revenue of $105.58 million for the quarter, compared to analyst estimates of $96.81 million. Okta had a negative net margin of 33.02% and a negative return on equity of 48.01%. On average, analysts forecast that Okta will post -1.05 earnings per share for the current year.

In related news, Director Benjamin A. Horowitz sold 35,669 shares of the business’s stock in a transaction on Friday, February 15th. The shares were sold at an average price of $84.64, for a total transaction of $3,019,024.16. Following the completion of the transaction, the director now directly owns 11,765 shares in the company, valued at $995,789.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Charles Race sold 30,000 shares of the business’s stock in a transaction on Monday, February 11th. The shares were sold at an average price of $83.76, for a total transaction of $2,512,800.00. The disclosure for this sale can be found here. Insiders have sold 1,408,272 shares of company stock valued at $95,470,066 over the last 90 days. 20.59% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of OKTA. FMR LLC lifted its position in Okta by 27.5% during the fourth quarter. FMR LLC now owns 9,265,547 shares of the company’s stock valued at $591,143,000 after purchasing an additional 1,996,090 shares during the period. Renaissance Technologies LLC lifted its position in Okta by 2,210.1% during the third quarter. Renaissance Technologies LLC now owns 1,298,300 shares of the company’s stock valued at $91,348,000 after purchasing an additional 1,242,100 shares during the period. FIL Ltd acquired a new position in Okta during the third quarter valued at $75,914,000. First Trust Advisors LP lifted its position in Okta by 34.7% during the third quarter. First Trust Advisors LP now owns 3,078,968 shares of the company’s stock valued at $216,636,000 after purchasing an additional 792,481 shares during the period. Finally, Morgan Stanley lifted its position in Okta by 49.3% during the third quarter. Morgan Stanley now owns 2,256,056 shares of the company’s stock valued at $158,736,000 after purchasing an additional 744,738 shares during the period. Institutional investors own 62.54% of the company’s stock.

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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Analyst Recommendations for Okta (NASDAQ:OKTA)

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