Okta (NASDAQ:OKTA) Price Target Raised to $255.00

Okta (NASDAQ:OKTA) had its target price hoisted by Mizuho from $245.00 to $255.00 in a research report report published on Thursday, The Fly reports. Mizuho currently has a neutral rating on the stock.

OKTA has been the subject of several other reports. TheStreet raised shares of Okta from a d+ rating to a c- rating in a research note on Thursday, August 27th. ValuEngine raised shares of Okta from a hold rating to a buy rating in a research note on Thursday, October 1st. Truist lifted their price objective on shares of Okta from $200.00 to $240.00 in a research note on Friday, August 28th. Robert W. Baird reaffirmed a hold rating on shares of Okta in a research note on Friday, August 28th. Finally, Goldman Sachs Group lifted their price objective on shares of Okta from $230.00 to $240.00 and gave the stock a buy rating in a research note on Friday, August 28th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $208.60.

OKTA stock opened at $243.95 on Thursday. The firm has a fifty day moving average price of $214.06 and a 200 day moving average price of $191.37. Okta has a fifty-two week low of $88.66 and a fifty-two week high of $251.18. The company has a debt-to-equity ratio of 2.47, a current ratio of 5.07 and a quick ratio of 5.07.

Okta (NASDAQ:OKTA) last posted its earnings results on Thursday, August 27th. The company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.09. Okta had a negative net margin of 32.93% and a negative return on equity of 35.07%. The firm had revenue of $200.45 million during the quarter, compared to analyst estimates of $186.37 million. During the same period last year, the firm posted ($0.05) earnings per share. Okta’s revenue for the quarter was up 42.7% compared to the same quarter last year. As a group, research analysts forecast that Okta will post -1.48 earnings per share for the current year.

In related news, insider Jacques Frederic Kerrest sold 200 shares of Okta stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $210.10, for a total value of $42,020.00. Following the completion of the sale, the insider now directly owns 7,542 shares in the company, valued at $1,584,574.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Charles Race sold 50,000 shares of the business’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $200.13, for a total transaction of $10,006,500.00. Following the completion of the transaction, the insider now owns 66,932 shares of the company’s stock, valued at $13,395,101.16. The disclosure for this sale can be found here. Insiders sold 405,377 shares of company stock valued at $89,068,004 over the last 90 days. 12.02% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in OKTA. Verus Capital Partners LLC raised its holdings in Okta by 1,866.7% in the first quarter. Verus Capital Partners LLC now owns 295 shares of the company’s stock worth $36,000 after purchasing an additional 280 shares in the last quarter. James Investment Research Inc. bought a new position in Okta in the second quarter worth about $38,000. Meeder Asset Management Inc. raised its holdings in Okta by 90.8% in the first quarter. Meeder Asset Management Inc. now owns 393 shares of the company’s stock worth $48,000 after purchasing an additional 187 shares in the last quarter. Barnett & Company Inc. bought a new position in Okta in the second quarter worth about $54,000. Finally, Beese Fulmer Investment Management Inc. bought a new position in Okta in the second quarter worth about $68,000. Institutional investors and hedge funds own 77.40% 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 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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