Okta (NASDAQ:OKTA) Coverage Initiated at Barclays

Analysts at Barclays began coverage on shares of Okta (NASDAQ:OKTA) in a research note issued on Tuesday, MarketBeat.com reports. The firm set an “equal weight” rating and a $81.00 price target on the stock. Barclays‘s target price indicates a potential upside of 9.92% from the stock’s current price.

Several other analysts have also issued reports on OKTA. Scotiabank cut their target price on shares of Okta from $104.00 to $92.00 and set a “sector perform” rating for the company in a research report on Thursday, August 29th. UBS Group cut their price objective on shares of Okta from $120.00 to $108.00 and set a “buy” rating for the company in a research report on Thursday, August 29th. BMO Capital Markets raised their target price on Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a report on Thursday, August 29th. Westpark Capital reissued a “buy” rating and set a $140.00 price target on shares of Okta in a report on Thursday, August 29th. Finally, Piper Sandler lowered their price objective on Okta from $100.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, October 17th. One equities research 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’s stock. According to MarketBeat.com, Okta currently has a consensus rating of “Hold” and an average price target of $98.30.

Okta Stock Down 1.1 %

Shares of Okta stock opened at $73.69 on Tuesday. Okta has a twelve month low of $66.69 and a twelve month high of $114.50. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18. The company’s 50 day moving average is $74.63 and its 200 day moving average is $85.72. The company has a market cap of $12.52 billion, a price-to-earnings ratio of -87.73, a price-to-earnings-growth ratio of 18.03 and a beta of 1.02.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.29. The firm had revenue of $646.00 million for the quarter, compared to the consensus estimate of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. Research analysts anticipate that Okta will post 0.19 EPS for the current year.

Insider Buying and Selling

In related news, CEO Todd Mckinnon sold 200,512 shares of Okta stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the transaction, the chief executive officer now directly owns 8,495 shares of the company’s stock, valued at $638,908.95. This trade represents a 95.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CRO Jonathan James Addison sold 9,850 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $77.63, for a total transaction of $764,655.50. Following the completion of the sale, the executive now owns 14,601 shares in the company, valued at $1,133,475.63. This represents a 40.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 475,789 shares of company stock valued at $35,701,361. Insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

Several institutional investors have recently bought and sold shares of the company. Caprock Group LLC boosted its position in shares of Okta by 4.7% in the 2nd quarter. Caprock Group LLC now owns 2,856 shares of the company’s stock worth $267,000 after purchasing an additional 129 shares in the last quarter. National Bank of Canada FI boosted its holdings in Okta by 11.0% in the second quarter. National Bank of Canada FI now owns 1,315 shares of the company’s stock worth $124,000 after acquiring an additional 130 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Okta by 71.4% during the first 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. CWM LLC boosted its stake in Okta by 5.3% in the 2nd quarter. CWM LLC now owns 2,910 shares of the company’s stock worth $272,000 after purchasing an additional 147 shares in the last quarter. Finally, Bleakley Financial Group LLC grew its position in Okta by 4.6% during the 3rd quarter. Bleakley Financial Group LLC now owns 4,114 shares of the company’s stock worth $306,000 after purchasing an additional 182 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

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.