Okta (NASDAQ:OKTA) Receives New Coverage from Analysts at Stephens

Stephens began coverage on shares of Okta (NASDAQ:OKTA – Get Rating) in a research report report published on Wednesday, MarketBeat reports. The brokerage issued an overweight rating and a $145.00 price objective on the stock.

Several other equities analysts also recently commented on the company. Raymond James downgraded Okta from an outperform rating to a market perform rating in a research report on Wednesday, March 23rd. KeyCorp decreased their target price on Okta from $225.00 to $190.00 and set an overweight rating for the company in a research note on Tuesday, April 5th. BMO Capital Markets reduced their price objective on Okta from $270.00 to $215.00 and set an outperform rating for the company in a research note on Thursday, March 3rd. Wells Fargo & Company reduced their price objective on Okta from $175.00 to $130.00 and set a na rating for the company in a research note on Monday, May 16th. Finally, Royal Bank of Canada dropped their price target on shares of Okta from $300.00 to $260.00 and set an outperform rating on the stock in a research report on Monday, February 28th. Eight analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Buy and a consensus target price of $215.43.

OKTA stock opened at $86.06 on Wednesday. The company has a current ratio of 2.45, a quick ratio of 2.45 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $13.49 billion, a PE ratio of -15.20 and a beta of 1.15. Okta has a 1-year low of $77.01 and a 1-year high of $276.30. The business’s 50 day simple moving average is $124.51 and its 200 day simple moving average is $174.75.

Okta (NASDAQ:OKTA – Get Rating) last issued its quarterly earnings data on Wednesday, March 2nd. The company reported ($1.20) EPS for the quarter, beating analysts’ consensus estimates of ($1.27) by $0.07. The firm had revenue of $383.02 million for the quarter, compared to analyst estimates of $359.46 million. Okta had a negative return on equity of 13.61% and a negative net margin of 65.25%. During the same period in the prior year, the firm posted ($0.37) EPS. As a group, sell-side analysts predict that Okta will post -5.37 EPS for the current fiscal year.

In other news, CEO Todd Mckinnon sold 7,655 shares of the stock in a transaction on Wednesday, March 16th. The stock was sold at an average price of $152.92, for a total transaction of $1,170,602.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brett Tighe sold 2,858 shares of the firm’s stock in a transaction dated Wednesday, March 16th. The shares were sold at an average price of $152.92, for a total value of $437,045.36. The disclosure for this sale can be found here. Insiders have sold a total of 19,537 shares of company stock worth $2,984,147 in the last quarter. Insiders own 7.60% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Global Trust Asset Management LLC acquired a new position in Okta during the fourth quarter worth approximately $30,000. CI Investments Inc. boosted its stake in shares of Okta by 944.4% in the first quarter. CI Investments Inc. now owns 188 shares of the company’s stock valued at $28,000 after buying an additional 170 shares in the last quarter. KB Financial Partners LLC purchased a new stake in shares of Okta in the fourth quarter valued at approximately $42,000. Aquire Wealth Advisors LLC purchased a new stake in shares of Okta in the fourth quarter valued at approximately $45,000. Finally, Liberty Wealth Management LLC boosted its stake in shares of Okta by 129.3% in the third quarter. Liberty Wealth Management LLC now owns 211 shares of the company’s stock valued at $52,000 after buying an additional 119 shares in the last quarter. Institutional investors and hedge funds own 76.18% of the company’s stock.

Okta Company Profile (Get Rating)

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 and services, 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 applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway that enables organizations to extend the Okta Identity Cloud from the cloud to their existing on-premise applications; and Advanced Server Access to secure cloud infrastructure.

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