Okta (NASDAQ:OKTA) Receives New Coverage from Analysts at BMO Capital Markets

Analysts at BMO Capital Markets initiated coverage on shares of Okta (NASDAQ:OKTA) in a research report issued to clients and investors on Thursday, The Fly reports. The brokerage set a “market perform” rating on the stock.

Several other equities analysts have also commented on OKTA. BidaskClub raised shares of Okta from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 18th. Morgan Stanley lifted their price target on shares of Okta from $85.00 to $107.00 and gave the company an “equal weight” rating in a report on Friday, May 31st. Piper Jaffray Companies lifted their price target on shares of Okta from $89.00 to $120.00 and gave the company an “overweight” rating in a report on Friday, May 31st. SunTrust Banks lifted their price target on shares of Okta to $110.00 and gave the company a “hold” rating in a report on Friday, May 31st. Finally, Zacks Investment Research raised shares of Okta from a “sell” rating to a “hold” rating in a report on Wednesday, June 5th. Ten analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $101.22.

Okta stock traded up $2.25 during midday trading on Thursday, hitting $133.08. The company’s stock had a trading volume of 1,519,471 shares, compared to its average volume of 2,099,409. Okta has a 1-year low of $41.88 and a 1-year high of $141.85. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.12 and a current ratio of 1.12. The company has a 50-day simple moving average of $131.43. The company has a market capitalization of $15.20 billion, a P/E ratio of -129.20 and a beta of 1.01.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Thursday, May 30th. The company reported ($0.39) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.01. Okta had a negative net margin of 34.37% and a negative return on equity of 53.36%. The business had revenue of $125.20 million during the quarter, compared to analysts’ expectations of $116.83 million. During the same quarter in the previous year, the company earned ($0.09) EPS. The business’s revenue was up 49.8% on a year-over-year basis. As a group, equities research analysts forecast that Okta will post -1.35 earnings per share for the current fiscal year.

In other Okta news, insider Charles Race sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $104.95, for a total transaction of $3,148,500.00. Following the sale, the insider now directly owns 38,590 shares of the company’s stock, valued at approximately $4,050,020.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Todd Mckinnon sold 250,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $132.27, for a total transaction of $33,067,500.00. Following the sale, the chief executive officer now directly owns 206,500 shares in the company, valued at $27,313,755. The disclosure for this sale can be found here. Insiders have sold a total of 576,604 shares of company stock worth $73,863,056 over the last three months. Insiders own 14.69% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of OKTA. Lindbrook Capital LLC lifted its position in shares of Okta by 76.9% in the 2nd quarter. Lindbrook Capital LLC now owns 230 shares of the company’s stock worth $28,000 after purchasing an additional 100 shares during the period. Valeo Financial Advisors LLC grew its holdings in Okta by 122.4% during the 2nd quarter. Valeo Financial Advisors LLC now owns 238 shares of the company’s stock valued at $29,000 after buying an additional 131 shares during the last quarter. Focused Wealth Management Inc acquired a new stake in Okta during the 2nd quarter valued at $30,000. Truewealth LLC acquired a new stake in Okta during the 2nd quarter valued at $33,000. Finally, Shine Investment Advisory Services Inc. acquired a new stake in Okta during the 2nd quarter valued at $47,000. Hedge funds and other institutional investors own 78.19% of the company’s stock.

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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The Fly

Analyst Recommendations for Okta (NASDAQ:OKTA)

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