Needham & Company LLC Reiterates “Hold” Rating for Okta (NASDAQ:OKTA)

Okta (NASDAQ:OKTA)‘s stock had its “hold” rating reaffirmed by research analysts at Needham & Company LLC in a research note issued to investors on Thursday, AnalystRatings.com reports.

Several other equities analysts have also recently issued reports on the company. Mizuho reduced their price objective on Okta from $305.00 to $255.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 10th. Royal Bank of Canada raised their price objective on Okta from $264.00 to $300.00 in a research note on Tuesday, March 2nd. Deutsche Bank Aktiengesellschaft reduced their price objective on Okta from $313.00 to $270.00 and set a “buy” rating on the stock in a research note on Monday, March 8th. Robert W. Baird reduced their price objective on Okta from $275.00 to $240.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 10th. Finally, Oppenheimer restated an “outperform” rating and set a $295.00 price objective on shares of Okta in a research note on Thursday, February 11th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the stock. Okta currently has an average rating of “Buy” and an average target price of $261.32.

OKTA stock opened at $222.56 on Thursday. Okta has a twelve month low of $125.34 and a twelve month high of $294.00. The company has a current ratio of 4.80, a quick ratio of 4.80 and a debt-to-equity ratio of 2.51. The company has a market capitalization of $29.20 billion, a P/E ratio of -115.32 and a beta of 0.99. The firm has a 50 day simple moving average of $237.37 and a 200-day simple moving average of $242.69.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Tuesday, March 2nd. The company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.07. Okta had a negative net margin of 31.38% and a negative return on equity of 31.29%. The business had revenue of $234.74 million during the quarter, compared to the consensus estimate of $221.99 million. During the same quarter last year, the company earned ($0.01) earnings per share. The business’s quarterly revenue was up 40.3% compared to the same quarter last year. On average, research analysts predict that Okta will post -1.31 EPS for the current year.

In related news, CAO Christopher K. Kramer sold 940 shares of Okta stock in a transaction dated Friday, January 15th. The shares were sold at an average price of $260.99, for a total transaction of $245,330.60. Following the sale, the chief accounting officer now directly owns 6,089 shares in the company, valued at $1,589,168.11. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Charles Race sold 50,000 shares of Okta stock in a transaction dated Friday, January 8th. The shares were sold at an average price of $251.89, for a total transaction of $12,594,500.00. Following the sale, the insider now owns 81,559 shares in the company, valued at $20,543,896.51. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 169,208 shares of company stock worth $41,790,580. Company insiders own 12.02% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Chicago Partners Investment Group LLC raised its stake in shares of Okta by 4.5% during the fourth quarter. Chicago Partners Investment Group LLC now owns 1,005 shares of the company’s stock valued at $265,000 after purchasing an additional 43 shares in the last quarter. Wetherby Asset Management Inc. grew its holdings in Okta by 3.3% during the third quarter. Wetherby Asset Management Inc. now owns 1,361 shares of the company’s stock worth $291,000 after acquiring an additional 44 shares during the period. Asahi Life Asset Management CO. LTD. grew its holdings in Okta by 3.1% during the fourth quarter. Asahi Life Asset Management CO. LTD. now owns 1,990 shares of the company’s stock worth $506,000 after acquiring an additional 60 shares during the period. World Asset Management Inc grew its holdings in Okta by 3.0% during the fourth quarter. World Asset Management Inc now owns 2,131 shares of the company’s stock worth $542,000 after acquiring an additional 62 shares during the period. Finally, Xponance Inc. grew its holdings in Okta by 0.5% during the fourth quarter. Xponance Inc. now owns 11,994 shares of the company’s stock worth $3,050,000 after acquiring an additional 65 shares during the period. Institutional investors and hedge funds own 75.77% of the company’s stock.

About Okta

Okta, Inc provides identity management platform 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; and 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.

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Analyst Recommendations for Okta (NASDAQ:OKTA)

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