Okta (NASDAQ:OKTA) Stock Rating Upgraded by BidaskClub

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Okta (NASDAQ:OKTA) was upgraded by equities research analysts at BidaskClub from a “hold” rating to a “buy” rating in a report issued on Tuesday, BidAskClub reports.

Several other analysts have also commented on the stock. Piper Jaffray Companies lifted their price target on shares of Okta from $135.00 to $140.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Citigroup initiated coverage on shares of Okta in a research report on Monday, October 14th. They set a “buy” rating and a $150.00 price target on the stock. DA Davidson raised shares of Okta from a “neutral” rating to a “buy” rating and lifted their price target for the company from $131.00 to $135.00 in a research report on Monday, November 18th. Robert W. Baird reaffirmed a “hold” rating and set a $135.00 price target on shares of Okta in a research report on Friday, December 6th. Finally, Zacks Investment Research raised shares of Okta from a “sell” rating to a “hold” rating in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and twelve have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $134.67.

NASDAQ:OKTA traded down $0.94 on Tuesday, hitting $127.63. The stock had a trading volume of 34,084 shares, compared to its average volume of 1,099,038. The company has a fifty day moving average price of $121.05 and a two-hundred day moving average price of $120.63. Okta has a 1-year low of $70.44 and a 1-year high of $141.85. The company has a quick ratio of 3.19, a current ratio of 3.19 and a debt-to-equity ratio of 2.47. The stock has a market cap of $15.58 billion, a price-to-earnings ratio of -124.01 and a beta of 0.99.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Thursday, December 5th. The company reported ($0.07) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.12) by $0.05. The firm had revenue of $153.04 million for the quarter, compared to analyst estimates of $143.88 million. Okta had a negative net margin of 35.43% and a negative return on equity of 53.08%. The business’s revenue for the quarter was up 45.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.04) EPS. As a group, analysts anticipate that Okta will post -1.42 earnings per share for the current year.

In other Okta news, CAO Christopher K. Kramer sold 950 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $116.63, for a total value of $110,798.50. Following the completion of the transaction, the chief accounting officer now owns 6,311 shares in the company, valued at $736,051.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO William E. Losch sold 30,000 shares of the firm’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $131.78, for a total value of $3,953,400.00. Following the transaction, the chief financial officer now directly owns 42,562 shares in the company, valued at approximately $5,608,820.36. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 289,299 shares of company stock valued at $35,662,448. 14.69% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of OKTA. CSat Investment Advisory L.P. acquired a new stake in shares of Okta in the second quarter valued at approximately $34,000. Griffin Asset Management Inc. purchased a new position in Okta during the 2nd quarter worth $45,000. Captrust Financial Advisors increased its stake in Okta by 196.2% in the second quarter. Captrust Financial Advisors now owns 385 shares of the company’s stock valued at $48,000 after purchasing an additional 255 shares during the period. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Okta in the third quarter valued at $112,000. Finally, GQ Asset Management LLC increased its stake in Okta by 8.0% in the third quarter. GQ Asset Management LLC now owns 1,397 shares of the company’s stock valued at $138,000 after purchasing an additional 104 shares during the period. Institutional investors and hedge funds own 70.34% 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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Analyst Recommendations for Okta (NASDAQ:OKTA)

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