Piper Jaffray Companies Begins Coverage on Okta (OKTA)

Piper Jaffray Companies began coverage on shares of Okta (NASDAQ:OKTA) in a research note published on Friday morning, Marketbeat Ratings reports. The brokerage issued an overweight rating and a $80.00 price objective on the stock.

Several other research firms also recently commented on OKTA. Zacks Investment Research downgraded Okta from a buy rating to a hold rating in a report on Thursday, November 8th. Canaccord Genuity reiterated a buy rating and issued a $75.00 price objective on shares of Okta in a report on Wednesday, October 10th. DA Davidson initiated coverage on Okta in a report on Tuesday, December 18th. They issued a neutral rating and a $62.00 price objective for the company. Berenberg Bank initiated coverage on Okta in a report on Thursday, November 29th. They issued a buy rating and a $73.00 price objective for the company. Finally, BidaskClub downgraded Okta from a strong-buy rating to a buy rating in a report on Thursday, September 20th. Three equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of Buy and an average target price of $69.61.

Shares of Okta stock opened at $68.41 on Friday. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 1.09. The firm has a market cap of $7.60 billion, a price-to-earnings ratio of -49.93 and a beta of 0.81. Okta has a 12 month low of $26.20 and a 12 month high of $75.49.

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

In other Okta news, CFO William E. Losch sold 20,000 shares of the business’s stock in a transaction dated Monday, October 22nd. The stock was sold at an average price of $56.92, for a total transaction of $1,138,400.00. Following the completion of the sale, the chief financial officer now directly owns 20,000 shares in the company, valued at approximately $1,138,400. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Michael R. Kourey sold 17,500 shares of the business’s stock in a transaction dated Monday, December 17th. The shares were sold at an average price of $62.24, for a total value of $1,089,200.00. Following the sale, the director now owns 11,765 shares of the company’s stock, valued at $732,253.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,077,695 shares of company stock valued at $69,685,714. Corporate insiders own 20.59% of the company’s stock.

Several large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its holdings in Okta by 47.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 312,096 shares of the company’s stock worth $15,720,000 after purchasing an additional 100,767 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Okta during the 2nd quarter worth approximately $139,000. BlackRock Inc. raised its holdings in shares of Okta by 66.0% during the 2nd quarter. BlackRock Inc. now owns 3,802,964 shares of the company’s stock worth $191,555,000 after acquiring an additional 1,512,528 shares in the last quarter. Dimensional Fund Advisors LP purchased a new stake in shares of Okta during the 2nd quarter worth approximately $5,810,000. Finally, FMR LLC raised its holdings in shares of Okta by 28.9% during the 2nd quarter. FMR LLC now owns 7,078,025 shares of the company’s stock worth $356,520,000 after acquiring an additional 1,585,500 shares in the last quarter. Institutional investors own 61.58% 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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