Guggenheim Reaffirms “Buy” Rating for Okta (NASDAQ:OKTA)

Okta (NASDAQ:OKTA)‘s stock had its “buy” rating reissued by stock analysts at Guggenheim in a research note issued on Tuesday, Benzinga reports. They presently have a $130.00 target price on the stock. Guggenheim’s price target points to a potential upside of 47.23% from the company’s current price.

Other equities research analysts have also issued reports about the company. Westpark Capital upgraded Okta from a “hold” rating to a “buy” rating and set a $140.00 price target for the company in a report on Thursday, February 29th. Wedbush reiterated an “outperform” rating and issued a $130.00 target price on shares of Okta in a research note on Wednesday, May 29th. Evercore ISI upgraded shares of Okta from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $102.00 to $122.00 in a research note on Thursday, May 30th. Needham & Company LLC reaffirmed a “buy” rating and issued a $130.00 price objective on shares of Okta in a research note on Thursday, May 30th. Finally, Bank of America upgraded shares of Okta from an “underperform” rating to a “buy” rating and upped their price objective for the stock from $64.00 to $135.00 in a report on Thursday, February 29th. Nineteen analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $105.58.

Okta Stock Down 0.7 %

Okta stock opened at $88.30 on Tuesday. Okta has a twelve month low of $65.04 and a twelve month high of $114.50. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.73 and a current ratio of 1.73. The firm has a market cap of $14.85 billion, a PE ratio of -52.87 and a beta of 1.03. The firm’s 50 day moving average price is $93.40 and its two-hundred day moving average price is $92.58.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Wednesday, May 29th. The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.27. Okta had a negative net margin of 11.69% and a negative return on equity of 3.81%. The business had revenue of $617.00 million for the quarter, compared to the consensus estimate of $604.33 million. On average, research analysts predict that Okta will post -0.28 EPS for the current fiscal year.

Insider Buying and Selling at Okta

In related news, Director Jacques Frederic Kerrest sold 1,552 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $86.99, for a total value of $135,008.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

A number of institutional investors have recently added to or reduced their stakes in OKTA. Vanguard Group Inc. raised its holdings in shares of Okta by 2.9% in the 4th quarter. Vanguard Group Inc. now owns 15,719,619 shares of the company’s stock worth $1,423,097,000 after buying an additional 438,496 shares in the last quarter. Northern Trust Corp grew its position in Okta by 3.0% in the third quarter. Northern Trust Corp now owns 944,726 shares of the company’s stock valued at $77,005,000 after acquiring an additional 27,577 shares during the period. RPG Investment Advisory LLC raised its stake in Okta by 57.2% during the fourth quarter. RPG Investment Advisory LLC now owns 77,269 shares of the company’s stock worth $6,995,000 after acquiring an additional 28,119 shares in the last quarter. Los Angeles Capital Management LLC lifted its holdings in shares of Okta by 282.5% during the first quarter. Los Angeles Capital Management LLC now owns 248,658 shares of the company’s stock valued at $26,015,000 after acquiring an additional 183,643 shares during the period. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Okta by 2,721.2% in the 4th quarter. Assenagon Asset Management S.A. now owns 176,071 shares of the company’s stock valued at $15,940,000 after purchasing an additional 169,830 shares in the last quarter. 86.64% of the stock is 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.