Okta, Inc. (NASDAQ:OKTA) Given Average Recommendation of “Hold” by Brokerages

Okta, Inc. (NASDAQ:OKTA) has been given an average recommendation of “Hold” by the twenty-nine brokerages that are currently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have issued a buy rating on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $104.43.

OKTA has been the topic of a number of recent analyst reports. Canaccord Genuity Group dropped their price objective on Okta from $95.00 to $90.00 and set a “hold” rating on the stock in a research note on Thursday, August 29th. Citigroup cut their price target on Okta from $115.00 to $110.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. Westpark Capital restated a “buy” rating and issued a $140.00 price objective on shares of Okta in a research note on Thursday, August 29th. Piper Sandler cut their target price on shares of Okta from $110.00 to $100.00 and set a “neutral” rating for the company in a research note on Thursday, August 29th. Finally, Needham & Company LLC restated a “buy” rating and set a $130.00 price objective on shares of Okta in a report on Thursday, August 29th.

Insiders Place Their Bets

In other news, insider Larissa Schwartz sold 2,792 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was 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 in the company, valued at approximately $2,963,014.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other Okta news, Director Jacques Frederic Kerrest sold 26,618 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $100.29, for a total transaction of $2,669,519.22. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Larissa Schwartz sold 2,792 shares of Okta stock in a transaction 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. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 540,439 shares of company stock valued at $46,557,801. 7.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Okta

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. City State Bank boosted its stake in shares of Okta by 160.0% in the 1st quarter. City State Bank now owns 260 shares of the company’s stock valued at $27,000 after purchasing an additional 160 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Okta by 71.4% in the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after acquiring an additional 142 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new stake in Okta during the 3rd quarter worth $26,000. First Command Advisory Services Inc. bought a new stake in shares of Okta during the 2nd quarter valued at $47,000. Finally, nVerses Capital LLC acquired a new position in shares of Okta in the 2nd quarter valued at $47,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Okta Stock Down 0.8 %

OKTA opened at $77.34 on Friday. The firm has a market cap of $13.01 billion, a P/E ratio of -46.31, a price-to-earnings-growth ratio of 26.91 and a beta of 1.02. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. The business has a 50 day moving average price of $81.43 and a 200 day moving average price of $90.17. Okta has a twelve month low of $65.04 and a twelve month high of $114.50.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.29. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. The business had revenue of $646.00 million during the quarter, compared to analysts’ expectations of $632.24 million. Research analysts forecast that Okta will post 0.12 EPS for the current year.

About Okta

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.