Okta (NASDAQ:OKTA – Get Rating) had its price objective cut by equities research analysts at Mizuho from $165.00 to $150.00 in a report issued on Wednesday, The Fly reports. The firm presently has a "buy" rating on the stock. Mizuho's target price indicates a potential upside of 47.39% from the stock's current price.
Several other research analysts have also recently commented on the stock. Guggenheim assumed coverage on shares of Okta in a research report on Friday, August 12th. They issued a "sell" rating and a $89.00 target price for the company. BTIG Research decreased their target price on shares of Okta from $216.00 to $152.00 and set a "buy" rating for the company in a research report on Friday, June 3rd. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Okta from $195.00 to $130.00 in a research report on Friday, June 3rd. Summit Insights restated a "buy" rating on shares of Okta in a research report on Thursday, June 2nd. Finally, Royal Bank of Canada decreased their target price on shares of Okta from $260.00 to $145.00 in a research report on Tuesday, May 31st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eighteen have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $165.74.
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Okta Price Performance
OKTA opened at $101.77 on Wednesday. The firm has a market cap of $16.06 billion, a price-to-earnings ratio of -15.93 and a beta of 1.05. Okta has a fifty-two week low of $77.01 and a fifty-two week high of $276.30. The company's 50-day moving average price is $96.73 and its 200 day moving average price is $125.16. The company has a quick ratio of 2.45, a current ratio of 2.45 and a debt-to-equity ratio of 0.40.
Okta (NASDAQ:OKTA – Get Rating) last released its quarterly earnings data on Thursday, June 2nd. The company reported ($1.36) earnings per share for the quarter, topping the consensus estimate of ($1.37) by $0.01. The firm had revenue of $414.94 million for the quarter, compared to analyst estimates of $388.77 million. Okta had a negative net
margin of 67.06% and a negative return on equity of 13.13%. Okta's quarterly revenue was up 65.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.59) earnings per share. As a group, sell-side analysts expect that Okta will post -5.56 earnings per share for the current year.
Insider Activity at Okta
In related news, CFO Brett Tighe sold 5,913 shares of the company's stock in a transaction that occurred on Thursday, June 16th. The shares were sold at an average price of $79.97, for a total value of $472,862.61. Following the completion of the sale, the chief financial officer now owns 31,189 shares in the company, valued at approximately $2,494,184.33. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Brett Tighe sold 5,913 shares of the company's stock in a transaction that occurred on Thursday, June 16th. The shares were sold at an average price of $79.97, for a total value of $472,862.61. Following the completion of the sale, the chief financial officer now owns 31,189 shares in the company, valued at approximately $2,494,184.33. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Ledger Susan St. sold 2,660 shares of the company's stock in a transaction that occurred on Thursday, June 16th. The shares were sold at an average price of $79.97, for a total transaction of $212,720.20. Following the completion of the sale, the insider now owns 36,641 shares of the company's stock, valued at approximately $2,930,180.77. The disclosure for this sale can be found here. In the last 90 days, insiders sold 16,442 shares of company stock worth $1,316,786. 7.60% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Okta
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OKTA. CI Investments Inc. lifted its position in Okta by 944.4% in the 1st quarter. CI Investments Inc. now owns 188 shares of the company's stock worth $28,000 after buying an additional 170 shares in the last quarter. First Horizon Advisors Inc. increased its stake in shares of Okta by 602.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 358 shares of the company's stock worth $32,000 after purchasing an additional 307 shares during the last quarter. Addison Advisors LLC increased its stake in shares of Okta by 121.4% during the 1st quarter. Addison Advisors LLC now owns 228 shares of the company's stock worth $34,000 after purchasing an additional 125 shares during the last quarter. GoalVest Advisory LLC acquired a new position in shares of Okta during the 1st quarter worth $37,000. Finally, Aquire Wealth Advisors LLC acquired a new position in shares of Okta during the 4th quarter worth $45,000. Hedge funds and other institutional investors own 76.18% of the company's stock.
Okta Company Profile
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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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