Okta, Inc. (NASDAQ:OKTA) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Okta, Inc. (NASDAQ:OKTA) have been assigned an average recommendation of “Hold” from the thirty-two analysts that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, nineteen have issued a hold rating and twelve have assigned a buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $98.30.

Several research firms recently weighed in on OKTA. DA Davidson cut their price target on shares of Okta from $85.00 to $75.00 and set a “neutral” rating on the stock in a report on Thursday, October 17th. The Goldman Sachs Group reduced their price target on shares of Okta from $113.00 to $97.00 and set a “buy” rating on the stock in a research report on Tuesday, October 22nd. Citigroup decreased their price target on shares of Okta from $115.00 to $110.00 and set a “neutral” rating for the company in a research note on Thursday, August 29th. BMO Capital Markets lifted their price objective on Okta from $100.00 to $103.00 and gave the company a “market perform” rating in a research report on Thursday, August 29th. Finally, Needham & Company LLC initiated coverage on Okta in a research report on Thursday, October 17th. They issued a “buy” rating and a $100.00 target price for the company.

Okta Stock Performance

Okta stock opened at $76.57 on Monday. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. The firm has a market cap of $13.01 billion, a P/E ratio of -91.15, a P/E/G ratio of 18.47 and a beta of 1.02. Okta has a 1-year low of $66.69 and a 1-year high of $114.50. The firm has a 50-day moving average of $74.72 and a 200-day moving average of $85.32.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, topping 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 business had revenue of $646.00 million during the quarter, compared to analysts’ expectations of $632.24 million. Sell-side analysts expect that Okta will post 0.19 EPS for the current year.

Insider Buying and Selling at Okta

In other news, CRO Jonathan James Addison sold 9,850 shares of Okta stock in a transaction on Monday, October 14th. The shares were sold at an average price of $77.63, for a total transaction of $764,655.50. Following the transaction, the executive now owns 14,601 shares in the company, valued at $1,133,475.63. This trade represents a 40.28 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Larissa Schwartz sold 2,790 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $74.01, for a total transaction of $206,487.90. Following the sale, the insider now directly owns 27,713 shares of the company’s stock, valued at approximately $2,051,039.13. The trade was a 9.15 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 475,789 shares of company stock worth $35,701,361. Insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Several institutional investors and hedge funds have recently bought and sold shares of OKTA. Marshall Wace LLP lifted its holdings in Okta by 117.4% during the second quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock valued at $212,841,000 after purchasing an additional 1,227,890 shares in the last quarter. Eminence Capital LP lifted its stake in shares of Okta by 18.1% during the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock valued at $186,225,000 after buying an additional 305,381 shares in the last quarter. Primecap Management Co. CA lifted its stake in shares of Okta by 0.8% during the 2nd quarter. Primecap Management Co. CA now owns 1,356,216 shares of the company’s stock valued at $126,955,000 after buying an additional 10,800 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Okta by 1.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,069,452 shares of the company’s stock worth $79,503,000 after buying an additional 17,950 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Okta by 20.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,029,753 shares of the company’s stock worth $96,388,000 after buying an additional 178,011 shares in the last quarter. 86.64% of the stock is currently owned by hedge funds and other 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.