Okta (NASDAQ:OKTA) Now Covered by Analysts at Needham & Company LLC

Needham & Company LLC began coverage on shares of Okta (NASDAQ:OKTA) in a report released on Thursday, StockNewsAPI reports. The brokerage issued a buy rating and a $100.00 price target on the stock.

OKTA has been the subject of several other research reports. Susquehanna lowered their price objective on Okta from $110.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. Guggenheim reissued a “buy” rating and set a $130.00 target price on shares of Okta in a research report on Tuesday, June 25th. DA Davidson decreased their target price on shares of Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. Westpark Capital reissued a “buy” rating and set a $140.00 target price on shares of Okta in a research report on Thursday, August 29th. Finally, BMO Capital Markets increased their target price on shares of Okta from $100.00 to $103.00 and gave the company a “market perform” rating in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $99.38.

Okta Stock Performance

Okta stock opened at $74.82 on Thursday. The business has a 50 day moving average of $80.44 and a 200-day moving average of $89.20. Okta has a 1 year low of $65.04 and a 1 year high of $114.50. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. The company has a market capitalization of $12.59 billion, a P/E ratio of -44.80, a P/E/G ratio of 18.05 and a beta of 1.02.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.29. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. The company had revenue of $646.00 million during the quarter, compared to the consensus estimate of $632.24 million. On average, equities research analysts predict that Okta will post 0.19 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Larissa Schwartz sold 2,790 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $74.01, for a total value of $206,487.90. Following the transaction, the insider now directly owns 27,713 shares in the company, valued at $2,051,039.13. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Larissa Schwartz sold 2,790 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $74.01, for a total value of $206,487.90. Following the transaction, the insider now directly owns 27,713 shares in the company, valued at $2,051,039.13. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Todd Mckinnon sold 32,516 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $76.22, for a total value of $2,478,369.52. The disclosure for this sale can be found here. Insiders have sold a total of 251,260 shares of company stock worth $19,004,347 in the last ninety days. Corporate insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Several large investors have recently bought and sold shares of OKTA. Future Financial Wealth Managment LLC bought a new position in Okta during the 3rd quarter valued at $26,000. City State Bank lifted its stake in Okta by 160.0% during the 1st quarter. City State Bank now owns 260 shares of the company’s stock valued at $27,000 after acquiring an additional 160 shares in the last quarter. Blue Trust Inc. lifted its stake in Okta by 105.5% during the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after acquiring an additional 191 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Okta by 71.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after acquiring an additional 142 shares in the last quarter. Finally, First Command Advisory Services Inc. purchased a new stake in shares of Okta during the 2nd quarter valued at $47,000. 86.64% of the stock is currently owned by institutional investors.

Okta Company Profile

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.