Shares of Okta Inc (NASDAQ:OKTA) have received a consensus recommendation of “Buy” from the twenty-four ratings firms that are covering the company, Marketbeat Ratings reports. Seven equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $82.65.
A number of equities research analysts have recently weighed in on the stock. Needham & Company LLC restated a “buy” rating and issued a $105.00 price objective (up from $96.00) on shares of Okta in a report on Thursday, April 4th. SunTrust Banks lowered shares of Okta from a “buy” rating to a “hold” rating and lifted their price target for the stock from $74.00 to $90.00 in a research note on Monday, March 4th. They noted that the move was a valuation call. Canaccord Genuity lifted their price target on shares of Okta from $85.00 to $95.00 and gave the stock a “buy” rating in a research note on Wednesday, April 3rd. They noted that the move was a valuation call. Monness Crespi & Hardt lifted their price target on shares of Okta from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Wednesday, April 3rd. Finally, Morgan Stanley started coverage on shares of Okta in a research note on Monday, February 4th. They set an “equal weight” rating and a $85.00 price target on the stock.
Shares of OKTA opened at $91.94 on Tuesday. Okta has a twelve month low of $40.24 and a twelve month high of $97.24. The firm has a market capitalization of $10.18 billion, a PE ratio of -89.26 and a beta of 1.16.
In other Okta news, CEO Todd Mckinnon sold 5,223 shares of the firm’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $82.31, for a total transaction of $429,905.13. Following the transaction, the chief executive officer now directly owns 14,125 shares of the company’s stock, valued at approximately $1,162,628.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO William E. Losch sold 20,000 shares of the firm’s stock in a transaction on Tuesday, January 22nd. The stock was sold at an average price of $76.89, for a total transaction of $1,537,800.00. Following the transaction, the chief financial officer now directly owns 20,000 shares in the company, valued at $1,537,800. The disclosure for this sale can be found here. Insiders have sold a total of 779,116 shares of company stock worth $63,739,398 over the last three months. 20.59% of the stock is currently owned by insiders.
A number of institutional investors have recently modified their holdings of the business. Highland Capital Management LLC purchased a new position in Okta during the 1st quarter worth $1,374,000. Wedbush Securities Inc. purchased a new stake in shares of Okta in the first quarter valued at about $333,000. Growth Interface Management LLC boosted its holdings in shares of Okta by 348.6% in the first quarter. Growth Interface Management LLC now owns 157,000 shares of the company’s stock valued at $12,989,000 after acquiring an additional 122,000 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Okta in the first quarter valued at about $385,000. Finally, Peregrine Capital Management LLC boosted its holdings in shares of Okta by 1.2% in the first quarter. Peregrine Capital Management LLC now owns 271,026 shares of the company’s stock valued at $22,422,000 after acquiring an additional 3,198 shares in the last quarter. 65.77% of the stock is currently owned by institutional investors.
Okta Company Profile
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 cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.
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