Okta, Inc. (NASDAQ:OKTA) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Okta, Inc. (NASDAQ:OKTA) has been given a consensus rating of “Moderate Buy” by the thirty-three brokerages that are currently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, eleven have assigned a hold recommendation and twenty have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $90.35.

A number of equities analysts have weighed in on OKTA shares. KeyCorp lowered their price objective on Okta from $106.00 to $95.00 and set an “overweight” rating on the stock in a research note on Monday, October 23rd. Needham & Company LLC restated a “buy” rating and issued a $100.00 price objective on shares of Okta in a report on Tuesday, August 29th. Macquarie lifted their price target on shares of Okta from $83.00 to $85.00 and gave the stock a “neutral” rating in a research note on Thursday, August 31st. Morgan Stanley dropped their target price on Okta from $89.00 to $85.00 and set an “equal weight” rating on the stock in a report on Monday, October 2nd. Finally, Stifel Nicolaus restated a “buy” rating and set a $100.00 price objective on shares of Okta in a research report on Thursday, August 31st.

Insiders Place Their Bets

In other news, CAO Shibu Ninan sold 3,282 shares of Okta stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $83.01, for a total transaction of $272,438.82. Following the sale, the chief accounting officer now directly owns 6,834 shares of the company’s stock, valued at $567,290.34. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, insider Larissa Schwartz sold 3,578 shares of the stock in a transaction on Friday, October 13th. The stock was sold at an average price of $85.03, for a total value of $304,237.34. Following the completion of the transaction, the insider now owns 23,811 shares in the company, valued at approximately $2,024,649.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Shibu Ninan sold 3,282 shares of the company’s stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $83.01, for a total value of $272,438.82. Following the completion of the transaction, the chief accounting officer now directly owns 6,834 shares in the company, valued at $567,290.34. The disclosure for this sale can be found here. Insiders have sold 23,417 shares of company stock worth $1,920,707 in the last quarter. 7.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Okta

Several large investors have recently made changes to their positions in OKTA. MetLife Investment Management LLC bought a new stake in Okta during the first quarter valued at about $1,232,000. APG Asset Management N.V. lifted its stake in shares of Okta by 37.3% in the first quarter. APG Asset Management N.V. now owns 7,000 shares of the company’s stock valued at $950,000 after buying an additional 1,900 shares during the period. Raymond James Trust N.A. grew its position in Okta by 33.7% during the first quarter. Raymond James Trust N.A. now owns 2,307 shares of the company’s stock worth $349,000 after buying an additional 581 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Okta by 3.7% during the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 22,788 shares of the company’s stock valued at $3,440,000 after acquiring an additional 808 shares during the period. Finally, Cibc World Market Inc. raised its holdings in Okta by 7.9% in the 1st quarter. Cibc World Market Inc. now owns 3,297 shares of the company’s stock valued at $498,000 after acquiring an additional 240 shares in the last quarter. Institutional investors own 77.52% of the company’s stock.

Okta Stock Performance

Shares of OKTA stock opened at $72.06 on Thursday. The firm has a market cap of $11.82 billion, a price-to-earnings ratio of -19.53 and a beta of 0.97. Okta has a 52-week low of $46.78 and a 52-week high of $91.50. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.26. The company’s 50 day moving average is $76.79 and its 200 day moving average is $75.78.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Wednesday, August 30th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.09. The business had revenue of $556.00 million for the quarter, compared to the consensus estimate of $534.67 million. Okta had a negative return on equity of 9.40% and a negative net margin of 28.66%. The business’s revenue was up 23.0% compared to the same quarter last year. During the same period last year, the business posted ($1.19) EPS. On average, sell-side analysts anticipate that Okta will post -2.85 EPS for the current fiscal year.

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's, a suite of products and services is used 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 applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway enables organizations to extend the Workforce Identity Cloud; Advanced Server Access to manage and secure cloud infrastructure; and Okta Identity Governance, an identity access management and identity governance solutions.