Okta (NASDAQ:OKTA) Price Target Raised to $140.00 at DA Davidson

Okta (NASDAQ:OKTA) had its target price upped by DA Davidson from $110.00 to $140.00 in a report issued on Thursday morning, The Fly reports. They currently have a buy rating on the stock.

OKTA has been the topic of a number of other reports. ValuEngine raised shares of Okta from a hold rating to a buy rating in a report on Thursday. Robert W. Baird reiterated a hold rating and issued a $135.00 price objective on shares of Okta in a research report on Thursday. SunTrust Banks upped their price target on shares of Okta from $134.00 to $162.00 and gave the stock a buy rating in a research report on Friday, March 6th. BTIG Research started coverage on shares of Okta in a research report on Friday, March 27th. They set a buy rating and a $144.00 price target for the company. Finally, JPMorgan Chase & Co. reduced their price target on shares of Okta from $168.00 to $151.00 and set an overweight rating for the company in a research report on Friday, December 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the company. Okta has a consensus rating of Buy and an average price target of $143.89.

NASDAQ:OKTA traded up $2.95 during trading hours on Thursday, reaching $118.94. The company’s stock had a trading volume of 2,126,229 shares, compared to its average volume of 2,811,125. The company has a market capitalization of $14.24 billion, a P/E ratio of -66.82 and a beta of 0.88. Okta has a 12 month low of $82.03 and a 12 month high of $142.98. The company has a debt-to-equity ratio of 2.45, a quick ratio of 2.92 and a current ratio of 2.92. The stock has a 50 day moving average price of $123.22 and a two-hundred day moving average price of $119.07.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Thursday, March 5th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.04. Okta had a negative net margin of 35.65% and a negative return on equity of 50.48%. The business had revenue of $167.33 million for the quarter, compared to analyst estimates of $155.83 million. During the same period in the previous year, the company earned ($0.04) earnings per share. The business’s revenue for the quarter was up 44.9% on a year-over-year basis. As a group, analysts predict that Okta will post -1.67 EPS for the current fiscal year.

In related news, CAO Christopher K. Kramer sold 2,971 shares of Okta stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $130.00, for a total transaction of $386,230.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Charles Race sold 50,000 shares of Okta stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $115.50, for a total transaction of $5,775,000.00. Following the sale, the insider now owns 61,365 shares in the company, valued at $7,087,657.50. The disclosure for this sale can be found here. Insiders sold a total of 170,849 shares of company stock worth $20,398,915 over the last 90 days. Company insiders own 14.69% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. State Street Corp raised its stake in Okta by 0.4% during the 4th quarter. State Street Corp now owns 2,203,130 shares of the company’s stock worth $254,175,000 after acquiring an additional 8,914 shares in the last quarter. FIL Ltd raised its stake in Okta by 73.2% during the 4th quarter. FIL Ltd now owns 1,810,076 shares of the company’s stock worth $208,828,000 after acquiring an additional 765,117 shares in the last quarter. Geode Capital Management LLC raised its stake in Okta by 4.6% during the 4th quarter. Geode Capital Management LLC now owns 1,303,374 shares of the company’s stock worth $150,245,000 after acquiring an additional 57,623 shares in the last quarter. Norges Bank purchased a new position in Okta during the 4th quarter worth $110,294,000. Finally, Franklin Resources Inc. grew its position in Okta by 66.3% during the 4th quarter. Franklin Resources Inc. now owns 511,893 shares of the company’s stock worth $59,057,000 after purchasing an additional 204,012 shares during the last quarter. 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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