Okta, Inc. (NASDAQ:OKTA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.
According to Zacks, “Okta, Inc. is a provider of identity for the enterprise. The Company’s product consists of Okta information technology Products and Okta for Developers. Okta IT Products include Single Sign-On, Mobility Management, Adaptive Multi-Factor Authentication, Lifecycle Management and Universal Directory. Okta for Developers include Complete Authentication, User Management, Application Programming Interface Access Management and Developer Tools. Okta, Inc. is based in SAN FRANCISCO, United States. “
Several other brokerages have also commented on OKTA. William Blair initiated coverage on Okta in a research report on Wednesday, October 4th. They set an “outperform” rating for the company. SunTrust Banks, Inc. initiated coverage on Okta in a research report on Friday, October 27th. They set a “buy” rating and a $36.00 price objective for the company. Canaccord Genuity reissued a “hold” rating and set a $27.00 price objective on shares of Okta in a research report on Wednesday, August 30th. KeyCorp reissued a “buy” rating and set a $35.00 price objective on shares of Okta in a research report on Friday, September 8th. Finally, Oppenheimer Holdings, Inc. started coverage on Okta in a research report on Tuesday, October 10th. They set an “outperform” rating and a $32.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $32.71.
Shares of Okta (NASDAQ:OKTA) traded up $0.19 during trading on Thursday, reaching $29.19. The company’s stock had a trading volume of 338,800 shares, compared to its average volume of 571,060. Okta has a fifty-two week low of $21.52 and a fifty-two week high of $33.64.
Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Thursday, September 7th. The company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.03). The business had revenue of $61.00 million during the quarter, compared to analyst estimates of $55.90 million. The firm’s revenue for the quarter was up 63.1% on a year-over-year basis. equities research analysts forecast that Okta will post -0.96 EPS for the current fiscal year.
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In other news, General Counsel Jonathan T. Runyan sold 64,396 shares of Okta stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $29.00, for a total value of $1,867,484.00. Following the completion of the transaction, the general counsel now owns 19,366 shares of the company’s stock, valued at approximately $561,614. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Jacques Frederic Kerrest sold 122,504 shares of Okta stock in a transaction dated Thursday, October 12th. The stock was sold at an average price of $28.59, for a total value of $3,502,389.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 936,019 shares of company stock valued at $26,152,862.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Wells Fargo & Company MN raised its position in shares of Okta by 32.3% in the 3rd quarter. Wells Fargo & Company MN now owns 14,013 shares of the company’s stock worth $395,000 after purchasing an additional 3,421 shares during the last quarter. Citadel Advisors LLC raised its position in shares of Okta by 48.1% in the 3rd quarter. Citadel Advisors LLC now owns 67,930 shares of the company’s stock worth $1,916,000 after purchasing an additional 22,065 shares during the last quarter. JPMorgan Chase & Co. raised its position in Okta by 5.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,010,369 shares of the company’s stock worth $29,291,000 after buying an additional 51,761 shares during the last quarter. EAM Investors LLC purchased a new position in Okta in the 3rd quarter worth about $2,178,000. Finally, Ameriprise Financial Inc. raised its position in Okta by 17.1% in the 3rd quarter. Ameriprise Financial Inc. now owns 325,715 shares of the company’s stock worth $9,189,000 after buying an additional 47,542 shares during the last quarter. 13.08% of the stock is owned by hedge funds and other institutional investors.
Okta, Inc is a United States-based independent provider of identity for the enterprise. The Company’s Okta Identity Cloud connects and protects employees. It also connects enterprises to their partners, suppliers and customers. The Company offers products, such as Okta information technology (IT) Products and Okta for Developers.
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