Brokerages Set Okta Inc (NASDAQ:OKTA) Target Price at $97.53

Shares of Okta Inc (NASDAQ:OKTA) have been assigned an average rating of “Buy” from the twenty-two ratings firms that are currently covering the stock, MarketBeat Ratings reports. Eight investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $97.53.

OKTA has been the subject of several research analyst reports. SunTrust Banks downgraded shares of Okta from a “buy” rating to a “hold” rating and upped their price objective for the company from $74.00 to $90.00 in a research note on Monday, March 4th. They noted that the move was a valuation call. Monness Crespi & Hardt restated a “buy” rating and issued a $90.00 price objective (up previously from $75.00) on shares of Okta in a research note on Wednesday, March 6th. Zacks Investment Research upgraded shares of Okta from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a research note on Thursday, March 7th. Robert W. Baird reiterated a “hold” rating on shares of Okta in a research note on Friday, March 8th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $96.00 target price (up previously from $75.00) on shares of Okta in a research note on Friday, March 8th.

In related news, General Counsel Jonathan T. Runyan sold 3,000 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $106.11, for a total transaction of $318,330.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Benjamin A. Horowitz sold 35,669 shares of the stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $80.66, for a total transaction of $2,877,061.54. Following the transaction, the director now directly owns 11,765 shares of the company’s stock, valued at $948,964.90. The disclosure for this sale can be found here. Insiders have sold 600,462 shares of company stock valued at $52,167,697 over the last three months. 14.69% of the stock is currently owned by corporate insiders.



A number of hedge funds and other institutional investors have recently bought and sold shares of OKTA. Morgan Stanley raised its holdings in Okta by 124.5% during the first quarter. Morgan Stanley now owns 5,058,288 shares of the company’s stock worth $418,473,000 after purchasing an additional 2,804,898 shares in the last quarter. FMR LLC increased its holdings in Okta by 27.5% in the fourth quarter. FMR LLC now owns 9,265,547 shares of the company’s stock valued at $591,143,000 after buying an additional 1,996,090 shares in the last quarter. Norges Bank purchased a new position in Okta in the fourth quarter valued at about $53,106,000. BlackRock Inc. increased its holdings in Okta by 16.4% in the fourth quarter. BlackRock Inc. now owns 4,402,670 shares of the company’s stock valued at $280,891,000 after buying an additional 618,835 shares in the last quarter. Finally, Gilder Gagnon Howe & Co. LLC increased its holdings in Okta by 28.0% in the first quarter. Gilder Gagnon Howe & Co. LLC now owns 2,091,177 shares of the company’s stock valued at $173,003,000 after buying an additional 457,058 shares in the last quarter. 79.23% of the stock is owned by hedge funds and other institutional investors.

NASDAQ OKTA traded up $2.26 during trading hours on Wednesday, hitting $129.61. The company had a trading volume of 1,508,931 shares, compared to its average volume of 2,224,388. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.12 and a quick ratio of 1.12. Okta has a 1-year low of $41.88 and a 1-year high of $133.86. The company has a market capitalization of $14.79 billion, a PE ratio of -125.83 and a beta of 1.07.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Thursday, May 30th. The company reported ($0.39) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.01. Okta had a negative net margin of 34.37% and a negative return on equity of 53.36%. The company had revenue of $125.20 million during the quarter, compared to the consensus estimate of $116.83 million. During the same quarter in the prior year, the firm posted ($0.09) earnings per share. Okta’s revenue for the quarter was up 49.8% on a year-over-year basis. On average, research analysts expect that Okta will post -1.35 earnings per share for the current year.

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 cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.

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Analyst Recommendations for Okta (NASDAQ:OKTA)

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