JPMorgan Chase & Co. assumed coverage on shares of Okta (NASDAQ:OKTA – Get Rating) in a research report released on Tuesday morning, The Fly reports. The brokerage issued an overweight rating and a $90.00 target price on the stock.
Other analysts have also issued reports about the company. Morgan Stanley decreased their target price on Okta from $93.00 to $65.00 and set an equal weight rating for the company in a research report on Friday, November 4th. Cowen began coverage on Okta in a research report on Tuesday, December 13th. They issued a market perform rating and a $70.00 target price for the company. Guggenheim boosted their target price on Okta to $70.00 in a research report on Friday, December 2nd. Deutsche Bank Aktiengesellschaft boosted their price objective on Okta from $80.00 to $90.00 and gave the stock a buy rating in a report on Monday. Finally, Canaccord Genuity Group decreased their price objective on Okta from $85.00 to $70.00 and set a hold rating for the company in a report on Monday, November 14th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and nineteen have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $84.50.
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Okta Stock Performance
OKTA stock opened at $68.70 on Tuesday. The stock has a 50-day moving average price of $63.54 and a 200-day moving average price of $70.02. Okta has a 1-year low of $44.12 and a 1-year high of $203.79. The company has a current ratio of 2.30, a quick ratio of 2.30 and a debt-to-equity ratio of 0.41. The firm has a market cap of $11.00 billion, a PE ratio of -11.89 and a beta of 1.05.
Okta (NASDAQ:OKTA – Get Rating) last issued its earnings results on Wednesday, November 30th. The company reported ($1.09) EPS for the quarter, beating analysts' consensus estimates of ($1.34) by $0.25. Okta had a negative return on equity of 13.61% and a negative net
margin of 52.19%. The business had revenue of $481.04 million during the quarter, compared to analyst estimates of $463.62 million. As a group, equities research analysts expect that Okta will post -4.48 earnings per share for the current year.
Insider Transactions at Okta
In other news, CEO Todd Mckinnon sold 3,771 shares of the company's stock in a transaction on Friday, December 16th. The shares were sold at an average price of $67.41, for a total value of $254,203.11. Following the transaction, the chief executive officer now owns 18,662 shares of the company's stock, valued at $1,258,005.42. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Ledger Susan St. sold 2,504 shares of the stock in a transaction on Friday, December 16th. The stock was sold at an average price of $67.41, for a total value of $168,794.64. Following the transaction, the insider now owns 67,298 shares of the company's stock, valued at $4,536,558.18. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Todd Mckinnon sold 3,771 shares of the stock in a transaction on Friday, December 16th. The shares were sold at an average price of $67.41, for a total value of $254,203.11. Following the completion of the transaction, the chief executive officer now directly owns 18,662 shares in the company, valued at approximately $1,258,005.42. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 30,679 shares of company stock valued at $1,726,103. 7.60% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in the company. MetLife Investment Management LLC purchased a new stake in Okta during the first quarter valued at about $1,232,000. APG Asset Management N.V. boosted its position in Okta by 37.3% during the first quarter. APG Asset Management N.V. now owns 7,000 shares of the company's stock valued at $950,000 after buying an additional 1,900 shares during the period. Raymond James Trust N.A. boosted its position in Okta by 33.7% during the first quarter. Raymond James Trust N.A. now owns 2,307 shares of the company's stock valued at $349,000 after buying an additional 581 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in Okta by 3.7% during the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 22,788 shares of the company's stock valued at $3,440,000 after buying an additional 808 shares during the period. Finally, Cibc World Market Inc. boosted its position in Okta by 7.9% during the first quarter. Cibc World Market Inc. now owns 3,297 shares of the company's stock valued at $498,000 after buying an additional 240 shares during the period. Institutional investors own 73.02% of the company's stock.
About Okta
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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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