Mizuho Lowers Okta (NASDAQ:OKTA) Price Target to $140.00

Okta (NASDAQ:OKTA) had its price objective trimmed by Mizuho from $145.00 to $140.00 in a report issued on Thursday morning, The Fly reports. The firm currently has a neutral rating on the stock. The analysts noted that the move was a valuation call.

A number of other equities analysts have also weighed in on OKTA. Piper Jaffray Companies upped their price objective on Okta from $135.00 to $140.00 and gave the stock an overweight rating in a research note on Friday, December 6th. Zacks Investment Research lowered Okta from a hold rating to a sell rating in a research note on Wednesday, February 5th. SunTrust Banks upped their price objective on Okta from $134.00 to $162.00 and gave the stock a buy rating in a research note on Friday, March 6th. DA Davidson increased their price target on Okta from $135.00 to $155.00 and gave the company a buy rating in a research note on Friday, March 6th. They noted that the move was a valuation call. Finally, Robert W. Baird reissued a hold rating and set a $135.00 price target on shares of Okta in a research note on Thursday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $143.89.

OKTA traded up $9.18 during midday trading on Thursday, reaching $128.12. The company had a trading volume of 2,221,101 shares, compared to its average volume of 1,878,289. The company has a market cap of $14.60 billion, a P/E ratio of -71.98 and a beta of 0.88. The company has a quick ratio of 2.92, a current ratio of 2.92 and a debt-to-equity ratio of 2.45. The business has a 50-day moving average of $123.22 and a two-hundred day moving average of $119.07. Okta has a 1 year low of $84.40 and a 1 year high of $142.98.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Thursday, March 5th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.04. The firm had revenue of $167.33 million during the quarter, compared to analyst estimates of $155.83 million. Okta had a negative return on equity of 50.48% and a negative net margin of 35.65%. The business’s quarterly revenue was up 44.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.04) earnings per share. On average, equities research analysts predict that Okta will post -1.67 EPS for the current year.

In other news, insider Charles Race sold 50,000 shares of the stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $115.50, for a total value of $5,775,000.00. Following the sale, the insider now directly owns 61,365 shares in the company, valued at $7,087,657.50. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Benjamin A. Horowitz sold 37,878 shares of the stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $111.48, for a total value of $4,222,639.44. Following the completion of the sale, the director now owns 15,735 shares in the company, valued at $1,754,137.80. The disclosure for this sale can be found here. Insiders sold a total of 160,849 shares of company stock valued at $19,166,015 over the last ninety days. Corporate insiders own 14.69% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of OKTA. Norges Bank purchased a new stake in shares of Okta in the fourth quarter worth approximately $110,294,000. FIL Ltd raised its holdings in shares of Okta by 73.2% in the fourth quarter. FIL Ltd now owns 1,810,076 shares of the company’s stock worth $208,828,000 after buying an additional 765,117 shares during the period. Franklin Resources Inc. raised its holdings in shares of Okta by 66.3% in the fourth quarter. Franklin Resources Inc. now owns 511,893 shares of the company’s stock worth $59,057,000 after buying an additional 204,012 shares during the period. National Pension Service purchased a new stake in shares of Okta in the fourth quarter worth approximately $20,972,000. Finally, State Street Corp raised its holdings in shares of Okta by 6.6% in the third quarter. State Street Corp now owns 2,194,216 shares of the company’s stock worth $216,043,000 after buying an additional 136,687 shares during the period. Hedge funds and other institutional investors own 73.90% 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 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.

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