Okta, Inc. (NASDAQ:OKTA) Receives Average Rating of “Hold” from Brokerages

Okta, Inc. (NASDAQ:OKTA) has earned a consensus recommendation of “Hold” from the thirty research firms that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have issued a buy rating on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $99.39.

Several analysts recently commented on the stock. Jefferies Financial Group cut their target price on shares of Okta from $100.00 to $85.00 and set a “hold” rating for the company in a research note on Tuesday, September 24th. The Goldman Sachs Group reduced their price objective on Okta from $113.00 to $97.00 and set a “buy” rating for the company in a research note on Tuesday, October 22nd. Robert W. Baird dropped their target price on shares of Okta from $105.00 to $95.00 and set an “outperform” rating on the stock in a research report on Friday, October 18th. Bank of America downgraded Okta from a “buy” rating to an “underperform” rating and reduced their price objective for the stock from $135.00 to $75.00 in a research note on Thursday, August 29th. Finally, DA Davidson decreased their price target on shares of Okta from $85.00 to $75.00 and set a “neutral” rating for the company in a report on Thursday, October 17th.

Okta Stock Up 3.4 %

Shares of OKTA stock opened at $76.61 on Thursday. Okta has a 1 year low of $65.98 and a 1 year high of $114.50. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. The business’s fifty day moving average is $74.84 and its 200-day moving average is $87.04. The stock has a market cap of $13.01 billion, a PE ratio of -91.20, a price-to-earnings-growth ratio of 16.96 and a beta of 1.02.

Okta (NASDAQ:OKTA) last released its earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.29. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. The firm had revenue of $646.00 million for the quarter, compared to analyst estimates of $632.24 million. Equities analysts expect that Okta will post 0.19 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Okta news, insider Larissa Schwartz sold 2,791 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $71.50, for a total value of $199,556.50. Following the completion of the sale, the insider now owns 22,125 shares in the company, valued at approximately $1,581,937.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CRO Jonathan James Addison sold 9,850 shares of the stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $77.63, for a total value of $764,655.50. Following the completion of the transaction, the executive now owns 14,601 shares of the company’s stock, valued at $1,133,475.63. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Larissa Schwartz sold 2,791 shares of Okta stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $71.50, for a total value of $199,556.50. Following the sale, the insider now directly owns 22,125 shares in the company, valued at $1,581,937.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 478,584 shares of company stock valued at $35,958,556 over the last three months. 7.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Okta

Hedge funds have recently modified their holdings of the stock. Caprock Group LLC grew its position in Okta by 4.7% in the second quarter. Caprock Group LLC now owns 2,856 shares of the company’s stock valued at $267,000 after acquiring an additional 129 shares during the period. National Bank of Canada FI boosted its stake in shares of Okta by 11.0% in the 2nd quarter. National Bank of Canada FI now owns 1,315 shares of the company’s stock valued at $124,000 after purchasing an additional 130 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Okta by 71.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after purchasing an additional 142 shares during the last quarter. CWM LLC increased its position in shares of Okta by 5.3% during the 2nd quarter. CWM LLC now owns 2,910 shares of the company’s stock worth $272,000 after purchasing an additional 147 shares in the last quarter. Finally, Bleakley Financial Group LLC lifted its holdings in Okta by 4.6% during the 3rd quarter. Bleakley Financial Group LLC now owns 4,114 shares of the company’s stock valued at $306,000 after purchasing an additional 182 shares during the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

About Okta

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.