Okta Inc (OKTA) Receives Average Recommendation of “Buy” from Analysts

Okta Inc (NASDAQ:OKTA) has been given an average rating of “Buy” by the twenty-two analysts that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $72.94.

Several research firms have commented on OKTA. Zacks Investment Research cut Okta from a “buy” rating to a “hold” rating in a report on Thursday, November 8th. Morgan Stanley began coverage on Okta in a report on Monday. They issued an “equal weight” rating and a $85.00 price target for the company. Guggenheim began coverage on Okta in a report on Monday, December 10th. They issued a “buy” rating and a $79.00 price target for the company. BidaskClub cut Okta from a “buy” rating to a “hold” rating in a report on Tuesday, November 13th. Finally, Berenberg Bank began coverage on Okta in a report on Thursday, November 29th. They issued a “buy” rating and a $73.00 price target for the company.

Okta stock traded down $0.79 during trading hours on Thursday, hitting $80.67. The stock had a trading volume of 1,222,156 shares, compared to its average volume of 1,947,544. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 1.09. The stock has a market cap of $9.07 billion, a price-to-earnings ratio of -58.88 and a beta of 1.25. Okta has a fifty-two week low of $27.71 and a fifty-two week high of $83.58.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Wednesday, December 5th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.24. The firm had revenue of $105.58 million during the quarter, compared to analysts’ expectations of $96.81 million. Okta had a negative return on equity of 48.01% and a negative net margin of 33.02%. On average, analysts expect that Okta will post -1.05 earnings per share for the current fiscal year.

In related news, Director Michael R. Kourey sold 17,500 shares of the stock in a transaction that occurred on Monday, December 17th. The stock was sold at an average price of $62.24, for a total transaction of $1,089,200.00. Following the sale, the director now directly owns 11,765 shares in the company, valued at approximately $732,253.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO William E. Losch sold 20,000 shares of the stock in a transaction that occurred on Monday, December 17th. The stock was sold at an average price of $62.07, for a total value of $1,241,400.00. Following the sale, the chief financial officer now owns 20,000 shares in the company, valued at $1,241,400. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,342,603 shares of company stock valued at $89,938,242. 20.59% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Intercontinental Wealth Advisors LLC bought a new position in Okta in the 4th quarter valued at $55,000. Winslow Evans & Crocker Inc. bought a new position in Okta in the 4th quarter valued at $56,000. Penserra Capital Management LLC bought a new position in Okta in the 4th quarter valued at $81,000. Capital Investment Advisory Services LLC bought a new position in Okta in the 4th quarter valued at $99,000. Finally, Quantamental Technologies LLC bought a new position in Okta in the 4th quarter valued at $108,000. Institutional investors and hedge funds own 61.70% of the company’s stock.

Okta Company Profile

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 to manage and secure identities, 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 their applications in the cloud or on-premise from various devices with a single entry of their user credentials; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for Web and mobile applications, and data of organization; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; and Mobility Management, which simplifies and automates mobile device administration and provisioning across phones, tablets, and laptops.

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Analyst Recommendations for Okta (NASDAQ:OKTA)

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