Analysts Set Okta Inc (OKTA) PT at $68.92

Shares of Okta Inc (NASDAQ:OKTA) have earned an average rating of “Buy” from the eighteen analysts that are presently covering the firm, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating and fifteen have issued a buy rating on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $68.92.

Several equities research analysts have recently commented on the company. BidaskClub raised Okta from a “hold” rating to a “buy” rating in a report on Saturday, August 25th. Canaccord Genuity upped their target price on Okta from $60.00 to $75.00 and gave the company a “buy” rating in a report on Friday, September 7th. CIBC upped their target price on Okta from $60.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, September 7th. JPMorgan Chase & Co. upped their target price on Okta to $88.00 and gave the company an “overweight” rating in a report on Friday, September 7th. Finally, Needham & Company LLC upped their target price on Okta from $58.00 to $75.00 and gave the company a “buy” rating in a report on Friday, September 7th.

Shares of Okta stock opened at $52.05 on Friday. 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 firm has a market capitalization of $5.64 billion, a PE ratio of -37.99 and a beta of 0.97. Okta has a fifty-two week low of $24.93 and a fifty-two week high of $75.49.

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

In other Okta news, CFO William E. Losch sold 15,000 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer now directly owns 15,000 shares of the company’s stock, valued at approximately $1,030,050. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO William E. Losch sold 20,000 shares of the company’s stock in a transaction dated Monday, October 22nd. The stock was sold at an average price of $56.92, for a total value of $1,138,400.00. Following the completion of the transaction, the chief financial officer now directly owns 20,000 shares in the company, valued at $1,138,400. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 381,642 shares of company stock worth $26,683,775. Insiders own 20.59% of the company’s stock.

A number of hedge funds have recently modified their holdings of OKTA. Vanguard Group Inc. increased its holdings in shares of Okta by 1.8% during the 3rd quarter. Vanguard Group Inc. now owns 6,891,351 shares of the company’s stock valued at $484,875,000 after acquiring an additional 120,687 shares during the last quarter. Morgan Stanley increased its holdings in shares of Okta by 49.3% during the 3rd quarter. Morgan Stanley now owns 2,256,056 shares of the company’s stock valued at $158,736,000 after acquiring an additional 744,738 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Okta by 10.1% during the 3rd quarter. Legal & General Group Plc now owns 242,446 shares of the company’s stock valued at $17,058,000 after acquiring an additional 22,249 shares during the last quarter. Waldron Private Wealth LLC increased its holdings in shares of Okta by 59.7% during the 3rd quarter. Waldron Private Wealth LLC now owns 8,323 shares of the company’s stock valued at $585,000 after acquiring an additional 3,111 shares during the last quarter. Finally, TIAA CREF Investment Management LLC increased its holdings in shares of Okta by 5.8% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 213,108 shares of the company’s stock valued at $14,994,000 after acquiring an additional 11,723 shares during the last quarter. 62.65% of the stock is currently owned by institutional investors.

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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