Piper Jaffray Companies assumed coverage on shares of Okta (NASDAQ:OKTA) in a research note released on Friday, MarketBeat.com reports. The firm issued an overweight rating and a $80.00 price target on the stock.
Other equities research analysts have also recently issued reports about the company. Guggenheim started coverage on Okta in a research note on Monday, December 10th. They issued a buy rating and a $79.00 price target for the company. Canaccord Genuity reiterated a buy rating and issued a $75.00 price target on shares of Okta in a research note on Wednesday, October 10th. BidaskClub cut Okta from a strong-buy rating to a buy rating in a research note on Thursday, September 20th. Zacks Investment Research upgraded Okta from a hold rating to a buy rating and set a $63.00 price target for the company in a research note on Wednesday, November 7th. Finally, Berenberg Bank started coverage on Okta in a research note on Thursday, November 29th. They issued a buy rating and a $73.00 price objective for the company. Three investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $69.61.
Okta stock opened at $68.41 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.69 and a quick ratio of 2.69. Okta has a one year low of $26.20 and a one year high of $75.49. The stock has a market capitalization of $7.60 billion, a price-to-earnings ratio of -49.93 and a beta of 0.81.
In other news, CFO William E. Losch sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, October 22nd. The stock was sold at an average price of $56.92, for a total value of $1,138,400.00. Following the transaction, the chief financial officer now owns 20,000 shares in the company, valued at $1,138,400. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael R. Kourey sold 17,500 shares of the firm’s stock in a transaction that occurred on Monday, December 17th. The shares were sold at an average price of $62.24, for a total value of $1,089,200.00. Following the completion of the transaction, the director now owns 11,765 shares in the company, valued at approximately $732,253.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,077,695 shares of company stock worth $69,685,714. 20.59% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in OKTA. Bank of New York Mellon Corp lifted its position in shares of Okta by 47.7% in the second quarter. Bank of New York Mellon Corp now owns 312,096 shares of the company’s stock valued at $15,720,000 after acquiring an additional 100,767 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Okta in the second quarter valued at approximately $139,000. BlackRock Inc. lifted its position in shares of Okta by 66.0% in the second quarter. BlackRock Inc. now owns 3,802,964 shares of the company’s stock valued at $191,555,000 after acquiring an additional 1,512,528 shares in the last quarter. Dimensional Fund Advisors LP purchased a new position in shares of Okta in the second quarter valued at approximately $5,810,000. Finally, FMR LLC lifted its position in shares of Okta by 28.9% in the second quarter. FMR LLC now owns 7,078,025 shares of the company’s stock valued at $356,520,000 after acquiring an additional 1,585,500 shares in the last quarter. Institutional investors and hedge funds own 61.58% 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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