“We maintain our Neutral rating and $65 price target on Okta after reporting very strong FQ3 results. We believe a first mover advantage, strong competitive positioning, and a growing awareness of the importance of identity in driving agility and security for cloud is and will continue to support a robust growth opportunity for Okta. However, trading at the high-end of secular SaaS peers, we believe the opportunity is captured in current valuation.”,” the firm’s analyst wrote.
Other equities research analysts also recently issued reports about the company. BidaskClub upgraded Okta from a hold rating to a buy rating in a research report on Saturday, August 25th. Canaccord Genuity upped their target price on Okta from $60.00 to $75.00 and gave the stock a buy rating in a research report on Friday, September 7th. CIBC upped their target price on Okta from $60.00 to $80.00 and gave the stock an outperform rating in a research report on Friday, September 7th. JPMorgan Chase & Co. upped their target price on Okta to $88.00 and gave the stock an overweight rating in a research report on Friday, September 7th. Finally, Needham & Company LLC upped their target price on Okta from $58.00 to $75.00 and gave the stock a buy rating in a research report on Friday, September 7th. Two equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $68.80.
OKTA traded down $4.29 during trading on Thursday, reaching $62.66. The stock had a trading volume of 48,995 shares, compared to its average volume of 1,986,160. The company has a market capitalization of $6.62 billion, a price-to-earnings ratio of -46.82 and a beta of 0.99. The company has a debt-to-equity ratio of 1.08, a current ratio of 2.90 and a quick ratio of 2.90. Okta has a 1-year low of $24.93 and a 1-year high of $75.49.
Okta (NASDAQ:OKTA) last released its earnings results on Wednesday, December 5th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.24. The firm had revenue of $105.58 million during the quarter, compared to the consensus estimate of $96.81 million. Okta had a negative return on equity of 49.38% and a negative net margin of 33.02%. Equities analysts expect that Okta will post -1.12 EPS for the current fiscal year.
In other Okta news, Director Benjamin A. Horowitz sold 270,465 shares of the company’s stock in a transaction on Friday, September 14th. The stock was sold at an average price of $72.66, for a total value of $19,651,986.90. Following the transaction, the director now owns 11,765 shares of the company’s stock, valued at $854,844.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO William E. Losch sold 20,000 shares of the company’s stock in a transaction on Monday, October 22nd. The shares were sold at an average price of $56.92, for a total value of $1,138,400.00. Following the completion of the transaction, the chief financial officer now directly owns 20,000 shares in the company, valued at approximately $1,138,400. The disclosure for this sale can be found here. Insiders sold 324,142 shares of company stock worth $23,127,125 in the last ninety days. 20.59% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the business. Stratos Wealth Partners LTD. acquired a new stake in Okta during the 3rd quarter valued at $147,000. Benjamin F. Edwards & Company Inc. raised its stake in Okta by 75.4% during the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 2,675 shares of the company’s stock valued at $188,000 after purchasing an additional 1,150 shares during the period. SG Americas Securities LLC acquired a new stake in Okta during the 2nd quarter valued at $139,000. Ibex Investors LLC acquired a new stake in Okta during the 3rd quarter valued at $216,000. Finally, First American Bank acquired a new stake in Okta during the 3rd quarter valued at $218,000. 62.28% of the stock is currently owned by institutional investors.
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.
Receive News & Ratings for Okta Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Okta and related companies with MarketBeat.com's FREE daily email newsletter.