Okta (NASDAQ:OKTA) Upgraded at Needham & Company LLC

Okta (NASDAQ:OKTA) was upgraded by equities research analysts at Needham & Company LLC to a “buy” rating in a research note issued on Thursday, TipRanks reports. The firm currently has a $320.00 target price on the stock. Needham & Company LLC’s price target suggests a potential upside of 23.93% from the company’s previous close.

Several other equities analysts have also recently commented on OKTA. Summit Insights increased their price target on shares of Okta from $275.00 to $300.00 and gave the stock a “buy” rating in a research report on Thursday, September 2nd. Wolfe Research assumed coverage on shares of Okta in a report on Friday, August 6th. They issued an “outperform” rating and a $295.00 target price on the stock. The Goldman Sachs Group raised their target price on shares of Okta from $290.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday, September 2nd. Truist raised their target price on shares of Okta from $260.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday, September 2nd. Finally, Piper Sandler raised their target price on shares of Okta from $235.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, September 2nd. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, six have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Okta currently has an average rating of “Buy” and a consensus target price of $291.33.

Shares of Okta stock traded up $11.02 during trading hours on Thursday, reaching $258.22. 82,182 shares of the company’s stock were exchanged, compared to its average volume of 1,682,600. Okta has a 52-week low of $199.08 and a 52-week high of $294.00. The firm has a market capitalization of $39.94 billion, a price-to-earnings ratio of -67.83 and a beta of 0.97. The company has a fifty day moving average of $246.64 and a 200-day moving average of $243.39. The company has a current ratio of 3.15, a quick ratio of 3.15 and a debt-to-equity ratio of 0.29.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Tuesday, August 31st. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.24. The business had revenue of $316.00 million during the quarter, compared to the consensus estimate of $293.16 million. Okta had a negative return on equity of 18.64% and a negative net margin of 52.47%. The business’s revenue for the quarter was up 57.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.07 EPS. On average, equities research analysts anticipate that Okta will post -4.8 earnings per share for the current fiscal year.

In related news, Director Robert L. Dixon, Jr. sold 800 shares of the business’s stock in a transaction that occurred on Thursday, September 9th. The shares were sold at an average price of $263.45, for a total transaction of $210,760.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Todd Mckinnon sold 13,818 shares of the company’s stock in a transaction that occurred on Tuesday, July 20th. The shares were sold at an average price of $246.30, for a total transaction of $3,403,373.40. Following the completion of the sale, the chief executive officer now directly owns 16,382 shares of the company’s stock, valued at approximately $4,034,886.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 129,979 shares of company stock worth $33,303,560. 9.60% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. AGF Investments LLC lifted its stake in Okta by 1.9% in the second quarter. AGF Investments LLC now owns 2,531 shares of the company’s stock valued at $619,000 after acquiring an additional 47 shares during the last quarter. Penserra Capital Management LLC raised its position in shares of Okta by 19.0% in the first quarter. Penserra Capital Management LLC now owns 300 shares of the company’s stock valued at $66,000 after purchasing an additional 48 shares during the period. Chicago Partners Investment Group LLC raised its position in shares of Okta by 5.2% in the second quarter. Chicago Partners Investment Group LLC now owns 996 shares of the company’s stock valued at $252,000 after purchasing an additional 49 shares during the period. Northeast Financial Consultants Inc raised its position in shares of Okta by 5.6% in the first quarter. Northeast Financial Consultants Inc now owns 950 shares of the company’s stock valued at $210,000 after purchasing an additional 50 shares during the period. Finally, Clearstead Advisors LLC raised its position in shares of Okta by 19.5% in the first quarter. Clearstead Advisors LLC now owns 307 shares of the company’s stock valued at $68,000 after purchasing an additional 50 shares during the period. Institutional investors and hedge funds own 83.75% of the company’s stock.

About Okta

Okta, Inc engages in the provision of identity management platform for the enterprise. It operates through United States and International geographical segments. The firm’s products include single sign-on, multi factor authentication, API access management, authentication, user management, and lifecycle management.

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Analyst Recommendations for Okta (NASDAQ:OKTA)

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