Okta (NASDAQ:OKTA) Given New Price Target at Oppenheimer

Okta (NASDAQ:OKTA) had its price objective hoisted by Oppenheimer from to in a report released on Thursday morning, The Fly reports.

Several other analysts have also recently issued reports on OKTA. Canaccord Genuity upped their target price on shares of Okta from $120.00 to $125.00 and gave the company a hold rating in a research report on Friday, December 6th. Morgan Stanley decreased their target price on shares of Okta from $140.00 to $131.00 and set an equal weight rating on the stock in a research report on Wednesday, March 25th. Goldman Sachs Group upped their target price on shares of Okta from $144.00 to $158.00 and gave the company a buy rating in a research report on Friday, March 6th. BMO Capital Markets increased their price objective on shares of Okta from $135.00 to $145.00 and gave the stock a market perform rating in a research report on Tuesday, March 3rd. They noted that the move was a valuation call. Finally, BTIG Research began coverage on shares of Okta in a research report on Friday, March 27th. They issued a buy rating and a $144.00 price objective on the stock. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $143.89.

Shares of OKTA traded up $2.95 during midday trading on Thursday, hitting $118.94. 2,126,229 shares of the company traded hands, compared to its average volume of 2,811,125. The firm has a 50 day moving average of $123.22 and a 200-day moving average of $119.07. Okta has a 52 week low of $82.03 and a 52 week high of $142.98. The stock has a market cap of $14.24 billion, a price-to-earnings ratio of -66.82 and a beta of 0.88. The company has a debt-to-equity ratio of 2.45, a quick ratio of 2.92 and a current ratio of 2.92.

Okta (NASDAQ:OKTA) last announced its earnings results on Thursday, March 5th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.04. The firm had revenue of $167.33 million for the quarter, compared to analysts’ expectations of $155.83 million. Okta had a negative net margin of 35.65% and a negative return on equity of 50.48%. The business’s revenue was up 44.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.04) EPS. Sell-side analysts predict that Okta will post -1.67 earnings per share for the current fiscal year.

In other news, Director Benjamin A. Horowitz sold 37,878 shares of the stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $111.48, for a total transaction of $4,222,639.44. Following the transaction, the director now directly owns 15,735 shares in the company, valued at $1,754,137.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Michael R. Kourey sold 20,000 shares of the stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $117.59, for a total transaction of $2,351,800.00. Following the transaction, the director now owns 20,000 shares in the company, valued at $2,351,800. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 170,849 shares of company stock worth $20,398,915. Corporate insiders own 14.69% of the company’s stock.

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

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Analyst Recommendations for Okta (NASDAQ:OKTA)

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