Okta, Inc. (OKTA) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Okta, Inc. (NASDAQ:OKTA) from a hold rating to a buy rating in a report issued on Thursday morning. Zacks Investment Research currently has $33.00 target price on the stock.

According to Zacks, “Okta, Inc. is a provider of identity for the enterprise. The Company’s product consists of Okta information technology Products and Okta for Developers. Okta IT Products include Single Sign-On, Mobility Management, Adaptive Multi-Factor Authentication, Lifecycle Management and Universal Directory. Okta for Developers include Complete Authentication, User Management, Application Programming Interface Access Management and Developer Tools. Okta, Inc. is based in SAN FRANCISCO, United States. “

Other equities research analysts have also issued research reports about the stock. Canaccord Genuity reiterated a hold rating and set a $27.00 price objective on shares of Okta in a research note on Friday, June 9th. KeyCorp reiterated a buy rating and set a $35.00 price objective on shares of Okta in a research note on Friday, September 8th. Finally, Pacific Crest reiterated an outperform rating and set a $32.00 price objective on shares of Okta in a research note on Monday, June 12th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock has an average rating of Buy and a consensus price target of $32.20.

Okta (NASDAQ:OKTA) traded down 0.28% during trading on Thursday, hitting $28.89. The company had a trading volume of 163,164 shares. The company’s market cap is $2.76 billion. The company’s 50 day moving average price is $25.16 and its 200-day moving average price is $24.45. Okta has a 12 month low of $21.52 and a 12 month high of $33.64.

Okta (NASDAQ:OKTA) last issued its earnings results on Thursday, September 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.03). The firm had revenue of $61.00 million for the quarter, compared to analyst estimates of $55.90 million. The company’s revenue for the quarter was up 63.1% on a year-over-year basis. Equities analysts expect that Okta will post ($0.96) earnings per share for the current year.

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Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quantbot Technologies LP acquired a new stake in Okta during the second quarter worth about $101,000. CI Investments Inc. acquired a new stake in Okta during the second quarter worth about $171,000. American Century Companies Inc. acquired a new stake in Okta during the second quarter worth about $201,000. Pacad Investment Ltd. acquired a new stake in Okta during the second quarter worth about $207,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Okta during the second quarter worth about $219,000. Hedge funds and other institutional investors own 15.07% of the company’s stock.

Okta Company Profile

Okta, Inc is a United States-based independent provider of identity for the enterprise. The Company’s Okta Identity Cloud connects and protects employees. It also connects enterprises to their partners, suppliers and customers. The Company offers products, such as Okta information technology (IT) Products and Okta for Developers.

Analyst Recommendations for Okta (NASDAQ:OKTA)

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