KeyCorp Boosts Okta (NASDAQ:OKTA) Price Target to $310.00

Okta (NASDAQ:OKTA) had its price target boosted by KeyCorp from $300.00 to $310.00 in a research report issued to clients and investors on Thursday, The Fly reports. The brokerage presently has an “overweight” rating on the stock. KeyCorp’s price target indicates a potential upside of 25.38% from the company’s current price.

Several other equities analysts have also recently commented on the stock. BTIG Research raised shares of Okta from a “neutral” rating to a “buy” rating and set a $280.00 target price on the stock in a research note on Friday, April 9th. The Goldman Sachs Group initiated coverage on shares of Okta in a research note on Tuesday, July 13th. They set a “buy” rating and a $312.00 target price on the stock. JPMorgan Chase & Co. raised their target price on shares of Okta from $235.00 to $245.00 and gave the company a “neutral” rating in a research note on Thursday, May 27th. Stifel Nicolaus assumed coverage on shares of Okta in a research note on Monday, May 24th. They issued a “hold” rating and a $260.00 price objective on the stock. Finally, Raymond James assumed coverage on shares of Okta in a research note on Wednesday, April 21st. They issued an “outperform” rating and a $300.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $275.00.

Shares of NASDAQ:OKTA opened at $247.25 on Thursday. The company has a market cap of $32.78 billion, a P/E ratio of -100.92 and a beta of 0.98. The firm has a 50-day moving average price of $234.29. Okta has a fifty-two week low of $185.05 and a fifty-two week high of $294.00. The company has a debt-to-equity ratio of 2.57, a quick ratio of 3.76 and a current ratio of 3.76.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Tuesday, May 25th. The company reported ($0.10) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.20) by $0.10. The firm had revenue of $251.01 million for the quarter, compared to the consensus estimate of $238.56 million. Okta had a negative net margin of 35.18% and a negative return on equity of 30.90%. As a group, sell-side analysts anticipate that Okta will post -2.88 EPS for the current fiscal year.

In other news, CAO Christopher K. Kramer sold 3,333 shares of Okta stock in a transaction that occurred on Thursday, July 15th. The shares were sold at an average price of $242.94, for a total value of $809,719.02. Following the transaction, the chief accounting officer now owns 13,142 shares of the company’s stock, valued at $3,192,717.48. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Benjamin A. Horowitz sold 80,000 shares of Okta stock in a transaction that occurred on Tuesday, July 6th. The shares were sold at an average price of $247.94, for a total transaction of $19,835,200.00. The disclosure for this sale can be found here. Insiders sold 126,582 shares of company stock valued at $30,671,067 over the last quarter. Corporate insiders own 9.60% of the company’s stock.

A number of hedge funds have recently made changes to their positions in OKTA. Lloyd Advisory Services LLC. increased its holdings in Okta by 633.3% in the 1st quarter. Lloyd Advisory Services LLC. now owns 132 shares of the company’s stock valued at $29,000 after buying an additional 114 shares during the period. San Francisco Sentry Investment Group CA bought a new stake in Okta in the 1st quarter valued at $30,000. State of Alaska Department of Revenue increased its holdings in Okta by 51.9% in the 1st quarter. State of Alaska Department of Revenue now owns 196 shares of the company’s stock valued at $43,000 after buying an additional 67 shares during the period. KB Financial Partners LLC acquired a new stake in shares of Okta in the 1st quarter valued at $48,000. Finally, First Horizon Advisors Inc. boosted its stake in shares of Okta by 29.9% in the 1st quarter. First Horizon Advisors Inc. now owns 274 shares of the company’s stock valued at $60,000 after purchasing an additional 63 shares in the last quarter. 75.76% of the stock is currently owned by institutional investors and hedge funds.

Okta Company Profile

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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