Zacks Investment Research Lowers Okta, Inc. (OKTA) to Hold

Zacks Investment Research cut shares of Okta, Inc. (NASDAQ:OKTA) from a buy rating to a hold rating in a report released on Thursday morning.

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. “

A number of other brokerages have also recently weighed in on OKTA. William Blair initiated coverage on shares of Okta in a report on Wednesday, October 4th. They issued an outperform rating for the company. SunTrust Banks, Inc. began coverage on shares of Okta in a report on Friday, October 27th. They set a buy rating and a $36.00 price target for the company. Canaccord Genuity reiterated a hold rating and set a $27.00 price target on shares of Okta in a report on Wednesday, August 30th. KeyCorp reiterated a buy rating and set a $35.00 price target on shares of Okta in a report on Friday, September 8th. Finally, Oppenheimer Holdings, Inc. began coverage on shares of Okta in a report on Tuesday, October 10th. They set an outperform rating and a $32.00 price target for the company. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Okta presently has an average rating of Buy and a consensus price target of $32.71.

Shares of Okta (OKTA) traded up $0.19 during mid-day trading on Thursday, hitting $29.19. 338,800 shares of the company were exchanged, compared to its average volume of 833,701. Okta has a 52-week low of $21.52 and a 52-week high of $33.64.

Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Thursday, September 7th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates 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. The firm’s revenue was up 63.1% on a year-over-year basis. research analysts expect that Okta will post -0.96 EPS for the current fiscal year.

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In other news, General Counsel Jonathan T. Runyan sold 300,000 shares of the company’s stock in a transaction on Wednesday, October 4th. The shares were sold at an average price of $27.03, for a total value of $8,109,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Jonathan T. Runyan sold 64,396 shares of the company’s stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $29.00, for a total transaction of $1,867,484.00. Following the completion of the transaction, the general counsel now owns 19,366 shares of the company’s stock, valued at approximately $561,614. The disclosure for this sale can be found here. Insiders have sold a total of 936,019 shares of company stock valued at $26,152,862 in the last quarter.

Several institutional investors have recently modified their holdings of the company. Glynn Capital Management LLC acquired a new position in shares of Okta in the 2nd quarter valued at $45,855,000. FMR LLC acquired a new position in shares of Okta in the 2nd quarter valued at $23,135,000. Gilder Gagnon Howe & Co. LLC acquired a new position in shares of Okta in the 2nd quarter valued at $23,054,000. JPMorgan Chase & Co. boosted its holdings in shares of Okta by 5.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,010,369 shares of the company’s stock valued at $29,291,000 after buying an additional 51,761 shares in the last quarter. Finally, Vanguard Group Inc. acquired a new position in shares of Okta in the 2nd quarter valued at $21,749,000. Institutional investors and hedge funds own 13.08% 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.

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