Okta Inc (OKTA) Receives $81.00 Average Price Target from Analysts

Shares of Okta Inc (NASDAQ:OKTA) have been assigned a consensus rating of “Buy” from the twenty-four research firms that are presently covering the firm, MarketBeat reports. Seven investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $81.24.

A number of equities analysts have commented on the stock. Zacks Investment Research downgraded shares of Okta from a “buy” rating to a “hold” rating in a research note on Thursday, March 14th. JMP Securities restated a “hold” rating on shares of Okta in a research note on Monday, March 11th. Mizuho assumed coverage on shares of Okta in a research note on Tuesday. They issued a “neutral” rating and a $85.00 target price on the stock. Guggenheim assumed coverage on shares of Okta in a research note on Monday, December 10th. They issued a “buy” rating and a $79.00 target price on the stock. Finally, BidaskClub upgraded shares of Okta from a “buy” rating to a “strong-buy” rating in a research note on Saturday, December 15th.

Shares of Okta stock traded up $1.42 during trading hours on Friday, reaching $82.73. The company’s stock had a trading volume of 1,152,358 shares, compared to its average volume of 1,990,164. Okta has a one year low of $37.29 and a one year high of $87.72. The company has a market cap of $9.29 billion, a PE ratio of -80.32 and a beta of 1.20.

Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Thursday, March 7th. The company reported ($0.24) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.03. The company had revenue of $115.47 million for the quarter, compared to the consensus estimate of $107.94 million. Okta had a negative net margin of 31.43% and a negative return on equity of 44.56%. As a group, sell-side analysts forecast that Okta will post -1.38 earnings per share for the current year.

In related news, CFO William E. Losch sold 20,000 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $81.58, for a total transaction of $1,631,600.00. Following the completion of the sale, the chief financial officer now owns 28,798 shares of the company’s stock, valued at $2,349,340.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Benjamin A. Horowitz sold 35,669 shares of the stock in a transaction that occurred on Friday, February 15th. The shares were sold at an average price of $84.64, for a total transaction of $3,019,024.16. Following the sale, the director now directly owns 11,765 shares of the company’s stock, valued at approximately $995,789.60. The disclosure for this sale can be found here. Insiders have sold 809,905 shares of company stock valued at $64,446,618 in the last three months. 20.59% of the stock is currently owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. acquired a new stake in shares of Okta in the fourth quarter worth $22,091,000. MUFG Securities EMEA plc acquired a new stake in Okta during the fourth quarter valued at $7,669,000. Gemmer Asset Management LLC grew its position in Okta by 13.4% during the fourth quarter. Gemmer Asset Management LLC now owns 84,807 shares of the company’s stock valued at $5,411,000 after buying an additional 10,000 shares during the period. Piedmont Investment Advisors Inc. acquired a new stake in Okta during the third quarter valued at $437,000. Finally, LPL Financial LLC grew its position in Okta by 32.7% during the third quarter. LPL Financial LLC now owns 27,036 shares of the company’s stock valued at $1,902,000 after buying an additional 6,665 shares during the period. Hedge funds and other institutional investors own 66.83% of the company’s stock.

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 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; 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; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for Web and mobile applications, and data of organization; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; and Mobility Management, which simplifies and automates mobile device administration and provisioning across phones, tablets, and laptops.

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Analyst Recommendations for Okta (NASDAQ:OKTA)

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