Westpark Capital Reiterates “Buy” Rating for Okta (NASDAQ:OKTA)

Okta (NASDAQ:OKTA)‘s stock had its “buy” rating reiterated by stock analysts at Westpark Capital in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $140.00 price objective on the stock. Westpark Capital’s price target indicates a potential upside of 77.98% from the stock’s current price.

OKTA has been the subject of several other research reports. Wedbush reiterated an “outperform” rating and issued a $130.00 price objective on shares of Okta in a research report on Wednesday, May 29th. Evercore ISI raised Okta from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $102.00 to $122.00 in a research report on Thursday, May 30th. JPMorgan Chase & Co. raised their price objective on shares of Okta from $105.00 to $110.00 and gave the stock a “neutral” rating in a report on Thursday, May 30th. UBS Group lowered their price target on shares of Okta from $130.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday, May 30th. Finally, Scotiabank cut their target price on shares of Okta from $104.00 to $92.00 and set a “sector perform” rating for the company in a research note on Thursday. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Okta has an average rating of “Hold” and a consensus target price of $104.61.

Okta Stock Down 18.5 %

Shares of OKTA traded down $17.88 during trading hours on Thursday, reaching $78.66. 3,697,505 shares of the stock traded hands, compared to its average volume of 1,810,307. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.19. The company has a market cap of $13.23 billion, a price-to-earnings ratio of -46.95 and a beta of 1.03. Okta has a 52 week low of $65.04 and a 52 week high of $114.50. The stock has a fifty day simple moving average of $93.37 and a 200 day simple moving average of $95.54.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.29. Okta had a negative net margin of 11.69% and a negative return on equity of 3.81%. The company had revenue of $646.00 million for the quarter, compared to analysts’ expectations of $632.24 million. On average, equities analysts forecast that Okta will post -0.28 EPS for the current year.

Insider Activity at Okta

In other Okta news, insider Larissa Schwartz sold 2,792 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $99.40, for a total value of $277,524.80. Following the completion of the transaction, the insider now directly owns 29,809 shares in the company, valued at $2,963,014.60. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Todd Mckinnon sold 92,729 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $94.92, for a total transaction of $8,801,836.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Larissa Schwartz sold 2,792 shares of the stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $99.40, for a total value of $277,524.80. Following the completion of the sale, the insider now directly owns 29,809 shares of the company’s stock, valued at $2,963,014.60. The disclosure for this sale can be found here. Insiders have sold 365,051 shares of company stock worth $34,411,773 over the last quarter. 7.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Okta

A number of hedge funds have recently modified their holdings of the stock. Sands Capital Management LLC increased its holdings in Okta by 42.3% during the 4th quarter. Sands Capital Management LLC now owns 8,358,414 shares of the company’s stock valued at $756,687,000 after purchasing an additional 2,486,456 shares in the last quarter. Norges Bank acquired a new position in shares of Okta in the 4th quarter valued at $150,794,000. Marshall Wace LLP increased its stake in shares of Okta by 117.4% in the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock valued at $212,841,000 after acquiring an additional 1,227,890 shares during the last quarter. First Trust Advisors LP raised its holdings in Okta by 28.1% in the fourth quarter. First Trust Advisors LP now owns 4,085,430 shares of the company’s stock worth $369,854,000 after purchasing an additional 897,216 shares during the period. Finally, Point72 Asset Management L.P. lifted its holdings in Okta by 1,465.8% during the fourth quarter. Point72 Asset Management L.P. now owns 682,900 shares of the company’s stock worth $61,823,000 after acquiring an additional 732,900 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.