Okta, Inc. (OKTA) Downgraded by Zacks Investment Research

Okta, Inc. (NASDAQ:OKTA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.

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 recently issued reports about the stock. KeyCorp reiterated a “buy” rating and issued a $35.00 price objective on shares of Okta in a report on Friday, September 8th. Canaccord Genuity upped their price objective on shares of Okta from $27.00 to $28.00 and gave the stock a “hold” rating in a report on Friday, September 8th. Finally, Pacific Crest reiterated an “outperform” rating and issued a $32.00 price objective on shares of Okta in a report on Monday, June 12th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Okta currently has a consensus rating of “Hold” and an average price target of $32.20.

Shares of Okta (NASDAQ:OKTA) opened at 29.25 on Tuesday. The stock’s 50 day moving average price is $25.53 and its 200-day moving average price is $24.53. Okta has a 12 month low of $21.52 and a 12 month high of $33.64. The stock’s market capitalization is $2.80 billion.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Thursday, September 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.26) by ($0.03). The company had revenue of $61.00 million for the quarter, compared to analysts’ expectations of $55.90 million. Okta’s revenue was up 63.1% compared to the same quarter last year. Equities analysts forecast that Okta will post ($0.96) earnings per share for the current fiscal year.

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Hedge funds have recently added to or reduced their stakes in the business. Allen Operations LLC bought a new stake in Okta during the second quarter valued at about $1,656,000. Hillman Co. bought a new stake in Okta during the second quarter valued at about $6,975,000. Peregrine Capital Management LLC bought a new stake in Okta during the second quarter valued at about $6,909,000. Pier Capital LLC bought a new stake in Okta during the second quarter valued at about $5,130,000. Finally, Essex Investment Management Co. LLC bought a new stake in Okta during the second quarter valued at about $2,321,000. 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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