Okta (NASDAQ:OKTA) Stock Rating Lowered by BTIG Research

Okta (NASDAQ:OKTA) was downgraded by analysts at BTIG Research from a “buy” rating to a “neutral” rating in a report released on Monday, MarketBeat.com reports.

Several other research analysts have also recently weighed in on the company. DA Davidson boosted their price objective on Okta from $140.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, May 29th. Citigroup raised their price objective on shares of Okta from $150.00 to $162.00 and gave the stock a “buy” rating in a report on Friday, March 6th. Piper Sandler reaffirmed a “buy” rating and set a $190.00 target price on shares of Okta in a report on Monday, June 8th. ValuEngine cut shares of Okta from a “buy” rating to a “hold” rating in a report on Monday, May 4th. Finally, Robert W. Baird raised their target price on shares of Okta from $135.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, May 21st. Seven analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $181.56.

Shares of NASDAQ OKTA opened at $200.23 on Monday. The company has a market capitalization of $24.90 billion, a PE ratio of -111.86 and a beta of 1.07. The company has a quick ratio of 2.86, a current ratio of 2.86 and a debt-to-equity ratio of 2.52. The firm has a fifty day simple moving average of $188.89 and a 200 day simple moving average of $144.13. Okta has a twelve month low of $88.66 and a twelve month high of $206.09.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Thursday, May 28th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.10. Okta had a negative return on equity of 44.99% and a negative net margin of 33.34%. The business had revenue of $182.86 million for the quarter, compared to analyst estimates of $171.57 million. During the same quarter in the prior year, the company earned ($0.19) earnings per share. The company’s quarterly revenue was up 46.0% on a year-over-year basis. As a group, equities analysts expect that Okta will post -1.51 earnings per share for the current fiscal year.

In other Okta news, Director Benjamin A. Horowitz sold 37,878 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $198.94, for a total transaction of $7,535,449.32. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Christopher K. Kramer sold 1,730 shares of the stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $138.24, for a total value of $239,155.20. Following the completion of the transaction, the chief accounting officer now directly owns 7,948 shares of the company’s stock, valued at approximately $1,098,731.52. The disclosure for this sale can be found here. Over the last three months, insiders have sold 536,287 shares of company stock worth $93,666,752. Insiders own 12.02% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Harwood Advisory Group LLC purchased a new stake in Okta in the first quarter worth $30,000. Verus Capital Partners LLC grew its position in shares of Okta by 1,866.7% in the 1st quarter. Verus Capital Partners LLC now owns 295 shares of the company’s stock worth $36,000 after buying an additional 280 shares during the period. Lindbrook Capital LLC grew its position in shares of Okta by 62.0% in the 1st quarter. Lindbrook Capital LLC now owns 324 shares of the company’s stock worth $40,000 after buying an additional 124 shares during the period. Exchange Traded Concepts LLC increased its stake in shares of Okta by 644.9% in the 1st quarter. Exchange Traded Concepts LLC now owns 365 shares of the company’s stock worth $45,000 after acquiring an additional 316 shares in the last quarter. Finally, Meeder Asset Management Inc. lifted its position in Okta by 90.8% during the 1st quarter. Meeder Asset Management Inc. now owns 393 shares of the company’s stock valued at $48,000 after acquiring an additional 187 shares during the period. Institutional investors own 75.57% 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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