Okta, Inc. (NASDAQ:OKTA) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Okta, Inc. (NASDAQ:OKTA) have received a consensus rating of “Buy” from the twenty-five research firms that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, eight have issued a hold recommendation and twelve have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $275.29.

Several equities research analysts recently issued reports on OKTA shares. Daiwa Capital Markets started coverage on shares of Okta in a research note on Thursday, June 24th. They issued a “buy” rating and a $282.00 target price for the company. BTIG Research raised shares of Okta from a “neutral” rating to a “buy” rating and set a $280.00 price target on the stock in a report on Friday, April 9th. KGI Securities started coverage on shares of Okta in a report on Friday, July 2nd. They issued a “hold” rating on the stock. Raymond James started coverage on shares of Okta in a report on Wednesday, April 21st. They issued an “outperform” rating and a $300.00 price target on the stock. Finally, Stifel Nicolaus started coverage on shares of Okta in a report on Monday, May 24th. They issued a “hold” rating and a $260.00 price target on the stock.

In related news, CAO Christopher K. Kramer sold 3,333 shares of Okta stock in a transaction that occurred on Tuesday, June 15th. The shares were sold at an average price of $227.03, for a total value of $756,690.99. Following the transaction, the chief accounting officer now directly owns 11,806 shares of the company’s stock, valued at $2,680,316.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Benjamin A. Horowitz sold 80,000 shares of Okta stock in a transaction that occurred on Tuesday, July 6th. The shares were sold at an average price of $247.94, for a total transaction of $19,835,200.00. The disclosure for this sale can be found here. Insiders sold 126,582 shares of company stock worth $30,671,067 over the last three months. 9.60% of the stock is currently owned by insiders.

Institutional investors have recently modified their holdings of the business. National Pension Service boosted its position in Okta by 7.0% in the first quarter. National Pension Service now owns 175,213 shares of the company’s stock valued at $38,622,000 after buying an additional 11,538 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its position in Okta by 149.2% in the first quarter. Nomura Asset Management Co. Ltd. now owns 60,560 shares of the company’s stock valued at $13,349,000 after buying an additional 36,256 shares in the last quarter. Cresset Asset Management LLC boosted its position in Okta by 13.6% in the first quarter. Cresset Asset Management LLC now owns 4,540 shares of the company’s stock valued at $1,001,000 after buying an additional 543 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in Okta in the fourth quarter valued at approximately $1,073,000. Finally, Northern Trust Corp boosted its position in Okta by 2.6% in the first quarter. Northern Trust Corp now owns 779,398 shares of the company’s stock valued at $171,804,000 after buying an additional 19,627 shares in the last quarter. Hedge funds and other institutional investors own 75.76% of the company’s stock.

Shares of NASDAQ:OKTA opened at $247.25 on Monday. Okta has a 52-week low of $185.05 and a 52-week high of $294.00. The firm has a market cap of $32.78 billion, a P/E ratio of -100.92 and a beta of 0.98. The firm has a 50-day moving average price of $234.29. The company has a debt-to-equity ratio of 2.57, a current ratio of 3.76 and a quick ratio of 3.76.

Okta (NASDAQ:OKTA) last issued its earnings results on Tuesday, May 25th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.20) by $0.10. Okta had a negative net margin of 35.18% and a negative return on equity of 30.90%. The business had revenue of $251.01 million during the quarter, compared to the consensus estimate of $238.56 million. Equities research analysts anticipate that Okta will post -2.88 earnings per share for the current year.

About Okta

Okta, Inc provides identity management platform 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; and 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.

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Analyst Recommendations for Okta (NASDAQ:OKTA)

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