BidaskClub Lowers Okta (NASDAQ:OKTA) to Hold

BidaskClub downgraded shares of Okta (NASDAQ:OKTA) from a buy rating to a hold rating in a research report report published on Wednesday morning, BidAskClub reports.

A number of other research analysts also recently issued reports on the company. Citigroup started coverage on Okta in a report on Monday, October 14th. They issued a buy rating and a $150.00 price target for the company. Canaccord Genuity boosted their price target on Okta from $120.00 to $125.00 and gave the company a hold rating in a report on Friday, December 6th. JPMorgan Chase & Co. decreased their price target on Okta from $168.00 to $151.00 and set an overweight rating for the company in a report on Friday, December 6th. Goldman Sachs Group boosted their price target on Okta from $141.00 to $144.00 and gave the company a positive rating in a report on Friday, December 6th. Finally, Morgan Stanley boosted their price target on Okta from $120.00 to $137.00 and gave the company an equal weight rating in a report on Monday, January 13th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eleven have assigned a buy rating to the company. Okta currently has a consensus rating of Hold and a consensus price target of $134.67.

Shares of Okta stock traded up $2.82 on Wednesday, reaching $127.84. 946,897 shares of the stock were exchanged, compared to its average volume of 1,217,480. The company has a quick ratio of 3.19, a current ratio of 3.19 and a debt-to-equity ratio of 2.47. Okta has a twelve month low of $70.44 and a twelve month high of $141.85. The firm has a market capitalization of $15.18 billion, a price-to-earnings ratio of -77.95 and a beta of 0.99. The business has a 50 day moving average price of $120.81 and a two-hundred day moving average price of $120.68.

Okta (NASDAQ:OKTA) last released its earnings results on Thursday, December 5th. The company reported ($0.07) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.12) by $0.05. Okta had a negative return on equity of 53.08% and a negative net margin of 35.43%. The firm had revenue of $153.04 million during the quarter, compared to the consensus estimate of $143.88 million. During the same quarter in the previous year, the company posted ($0.04) earnings per share. The company’s revenue was up 45.0% compared to the same quarter last year. Research analysts forecast that Okta will post -1.42 EPS for the current year.

In related news, insider Jacques Frederic Kerrest sold 4,738 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $110.07, for a total transaction of $521,511.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Jonathan T. Runyan sold 459 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $117.75, for a total value of $54,047.25. Following the sale, the general counsel now owns 459 shares of the company’s stock, valued at $54,047.25. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 292,270 shares of company stock valued at $36,048,678. Corporate insiders own 14.69% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. AdvisorShares Investments LLC purchased a new stake in shares of Okta during the fourth quarter worth approximately $746,000. Leavell Investment Management Inc. grew its holdings in Okta by 6.5% in the 4th quarter. Leavell Investment Management Inc. now owns 8,175 shares of the company’s stock valued at $943,000 after buying an additional 500 shares in the last quarter. Barton Investment Management purchased a new stake in Okta in the 4th quarter valued at $798,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Okta by 8.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,068 shares of the company’s stock valued at $2,661,000 after buying an additional 1,836 shares in the last quarter. Finally, Janney Montgomery Scott LLC grew its holdings in Okta by 13.4% in the 4th quarter. Janney Montgomery Scott LLC now owns 5,546 shares of the company’s stock valued at $640,000 after buying an additional 654 shares in the last quarter. Hedge funds and other institutional investors own 70.36% 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 cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.

Read More: How can investors invest in the S&P/TSX Index?

Analyst Recommendations for Okta (NASDAQ:OKTA)

Receive News & Ratings for Okta Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Okta and related companies with MarketBeat.com's FREE daily email newsletter.