Analysts’ Recent Ratings Changes for Okta (OKTA)

A number of firms have modified their ratings and price targets on shares of Okta (NASDAQ: OKTA) recently:

  • 4/4/2019 – Okta had its price target raised by analysts at Needham & Company LLC from $96.00 to $105.00. They now have a “buy” rating on the stock.
  • 4/3/2019 – Okta had its price target raised by analysts at Monness Crespi & Hardt from $90.00 to $95.00. They now have a “buy” rating on the stock.
  • 4/3/2019 – Okta had its price target raised by analysts at Canaccord Genuity from $85.00 to $95.00. They now have a “buy” rating on the stock. They noted that the move was a valuation call. They noted that the move was a valuation call.
  • 3/26/2019 – Okta is now covered by analysts at Mizuho. They set a “neutral” rating and a $85.00 price target on the stock.
  • 3/18/2019 – Okta was upgraded by analysts at Goldman Sachs Group Inc from a “neutral” rating to a “buy” rating. They now have a $94.00 price target on the stock, up previously from $80.00.
  • 3/14/2019 – Okta was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Okta, Inc. is a provider of identity for the enterprise. The Company’s product consists of Okta information technology Products and Okta for Developers. Okta IT Products include Single Sign-On, Mobility Management, Adaptive Multi-Factor Authentication, Lifecycle Management and Universal Directory. Okta for Developers include Complete Authentication, User Management, Application Programming Interface Access Management and Developer Tools. Okta, Inc. is based in SAN FRANCISCO, United States. “
  • 3/11/2019 – Okta had its “hold” rating reaffirmed by analysts at JMP Securities.
  • 3/8/2019 – Okta had its price target raised by analysts at Piper Jaffray Companies to $89.00. They now have an “overweight” rating on the stock.
  • 3/8/2019 – Okta had its “hold” rating reaffirmed by analysts at Robert W. Baird. They wrote, “We point towards relatively small deals for a ~$500 million ARR company growing 50%+, which require greater S&M expense. But management foresees larger deals in the future, which would inflect margin performance. Overall, Okta remains the clear leader in cloud identity and is successfully executing to the large and growing opportunity.””
  • 3/8/2019 – Okta had its “buy” rating reaffirmed by analysts at Canaccord Genuity. They now have a $85.00 price target on the stock, up previously from $75.00. They noted that the move was a valuation call. They noted that the move was a valuation call.
  • 3/8/2019 – Okta had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $96.00 price target on the stock, up previously from $75.00.
  • 3/7/2019 – Okta was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $90.00 price target on the stock. According to Zacks, “Okta, Inc. is a provider of identity for the enterprise. The Company’s product consists of Okta information technology Products and Okta for Developers. Okta IT Products include Single Sign-On, Mobility Management, Adaptive Multi-Factor Authentication, Lifecycle Management and Universal Directory. Okta for Developers include Complete Authentication, User Management, Application Programming Interface Access Management and Developer Tools. Okta, Inc. is based in SAN FRANCISCO, United States. “
  • 3/6/2019 – Okta had its “buy” rating reaffirmed by analysts at Monness Crespi & Hardt. They now have a $90.00 price target on the stock, up previously from $75.00.
  • 3/4/2019 – Okta was downgraded by analysts at SunTrust Banks, Inc. from a “buy” rating to a “hold” rating. They now have a $90.00 price target on the stock, up previously from $74.00. They noted that the move was a valuation call. They noted that the move was a valuation call.
  • 2/5/2019 – Okta was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. According to Zacks, “Okta, Inc. is a provider of identity for the enterprise. The Company’s product consists of Okta information technology Products and Okta for Developers. Okta IT Products include Single Sign-On, Mobility Management, Adaptive Multi-Factor Authentication, Lifecycle Management and Universal Directory. Okta for Developers include Complete Authentication, User Management, Application Programming Interface Access Management and Developer Tools. Okta, Inc. is based in SAN FRANCISCO, United States. “
  • 2/4/2019 – Okta is now covered by analysts at Morgan Stanley. They set an “equal weight” rating and a $85.00 price target on the stock.

Shares of OKTA traded down $4.16 during mid-day trading on Thursday, reaching $85.19. 3,674,890 shares of the company were exchanged, compared to its average volume of 2,325,501. Okta Inc has a 52 week low of $37.85 and a 52 week high of $90.67. The company has a market capitalization of $10.03 billion, a price-to-earnings ratio of -82.71 and a beta of 1.16.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Thursday, March 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.27) by $0.03. Okta had a negative return on equity of 44.56% and a negative net margin of 31.43%. The company had revenue of $115.47 million during the quarter, compared to the consensus estimate of $107.94 million. On average, research analysts predict that Okta Inc will post -1.38 EPS for the current fiscal year.

In other Okta news, Director Benjamin A. Horowitz sold 35,669 shares of the firm’s stock in a transaction that occurred on Friday, February 15th. The stock was sold at an average price of $84.64, for a total value of $3,019,024.16. Following the completion of the sale, the director now owns 11,765 shares of the company’s stock, valued at $995,789.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Jonathan T. Runyan sold 964 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $80.93, for a total value of $78,016.52. Following the completion of the sale, the general counsel now directly owns 6,380 shares of the company’s stock, valued at approximately $516,333.40. The disclosure for this sale can be found here. Insiders sold 811,689 shares of company stock valued at $64,595,725 in the last three months. Insiders own 20.59% of the company’s stock.

Several hedge funds have recently bought and sold shares of OKTA. Ffcm LLC bought a new position in shares of Okta in the fourth quarter valued at approximately $36,000. Intercontinental Wealth Advisors LLC bought a new position in shares of Okta in the fourth quarter valued at approximately $55,000. Winslow Evans & Crocker Inc. bought a new position in shares of Okta in the fourth quarter valued at approximately $56,000. Penserra Capital Management LLC bought a new position in shares of Okta in the fourth quarter valued at approximately $81,000. Finally, Capital Investment Advisory Services LLC bought a new stake in Okta during the fourth quarter worth $99,000. Institutional investors own 65.77% of the company’s stock.

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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