Okta (NASDAQ:OKTA) PT Raised to $140.00

Okta (NASDAQ:OKTA) had its price objective boosted by equities researchers at Mizuho from $130.00 to $140.00 in a research note issued to investors on Thursday, The Fly reports. The firm currently has a “neutral” rating on the stock. Mizuho’s target price suggests a potential upside of 2.17% from the company’s previous close.

Other equities research analysts have also issued reports about the company. DA Davidson raised Okta from a “neutral” rating to a “buy” rating and raised their price objective for the company from $131.00 to $135.00 in a research note on Monday, November 18th. Robert W. Baird reaffirmed a “hold” rating and issued a $135.00 price objective on shares of Okta in a research note on Friday, December 6th. BMO Capital Markets reiterated a “market perform” rating and issued a $135.00 price target (down from $155.00) on shares of Okta in a report on Friday, December 6th. They noted that the move was a valuation call. JPMorgan Chase & Co. reduced their price target on Okta from $168.00 to $151.00 and set an “overweight” rating on the stock in a report on Friday, December 6th. Finally, BidaskClub upgraded Okta from a “hold” rating to a “buy” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $137.72.

NASDAQ:OKTA opened at $137.03 on Thursday. Okta has a 1 year low of $70.44 and a 1 year high of $141.85. The business has a 50 day simple moving average of $127.15 and a 200-day simple moving average of $120.25. The company has a quick ratio of 3.19, a current ratio of 3.19 and a debt-to-equity ratio of 2.47.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Thursday, December 5th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.05. The business had revenue of $153.04 million during the quarter, compared to analyst estimates of $143.88 million. Okta had a negative return on equity of 53.08% and a negative net margin of 35.43%. The company’s revenue for the quarter was up 45.0% on a year-over-year basis. During the same period last year, the company earned ($0.04) EPS. Research analysts anticipate that Okta will post -1.41 EPS for the current fiscal year.

In other Okta news, insider Charles Race sold 50,000 shares of the firm’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $119.49, for a total transaction of $5,974,500.00. Following the transaction, the insider now directly owns 60,540 shares in the company, valued at approximately $7,233,924.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jacques Frederic Kerrest sold 300 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $130.00, for a total value of $39,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 275,922 shares of company stock worth $34,338,836. Company insiders own 14.69% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OKTA. DNB Asset Management AS increased its holdings in Okta by 4.6% in the 3rd quarter. DNB Asset Management AS now owns 10,676 shares of the company’s stock worth $1,051,000 after acquiring an additional 467 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Okta by 6.9% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,632 shares of the company’s stock worth $554,000 after purchasing an additional 363 shares during the period. Signaturefd LLC boosted its stake in Okta by 24.8% in the 3rd quarter. Signaturefd LLC now owns 1,632 shares of the company’s stock worth $161,000 after purchasing an additional 324 shares during the period. Capital Investment Advisory Services LLC boosted its stake in Okta by 15.3% in the 3rd quarter. Capital Investment Advisory Services LLC now owns 2,940 shares of the company’s stock worth $289,000 after purchasing an additional 390 shares during the period. Finally, Envestnet Asset Management Inc. boosted its stake in Okta by 48.3% in the 3rd quarter. Envestnet Asset Management Inc. now owns 27,143 shares of the company’s stock worth $2,672,000 after purchasing an additional 8,838 shares during the period. Institutional investors own 70.35% of the company’s stock.

About Okta

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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