Okta (OKTA) Upgraded to “Hold” at BidaskClub

BidaskClub upgraded shares of Okta (NASDAQ:OKTA) from a sell rating to a hold rating in a research note issued to investors on Saturday morning.

OKTA has been the topic of a number of other research reports. Oppenheimer assumed coverage on Okta in a research note on Tuesday, October 10th. They issued an outperform rating and a $32.00 target price on the stock. KeyCorp restated a buy rating and issued a $35.00 target price on shares of Okta in a research note on Friday, November 10th. Zacks Investment Research downgraded Okta from a buy rating to a hold rating in a research note on Thursday, November 9th. SunTrust Banks assumed coverage on Okta in a research note on Friday, October 27th. They issued a buy rating and a $36.00 target price on the stock. Finally, William Blair assumed coverage on Okta in a research note on Wednesday, October 4th. They issued an outperform rating on the stock. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock has an average rating of Buy and a consensus price target of $33.00.

Shares of Okta (NASDAQ OKTA) traded up $2.18 during midday trading on Friday, hitting $29.18. The stock had a trading volume of 6,233,133 shares, compared to its average volume of 1,163,090. Okta has a 12-month low of $21.52 and a 12-month high of $33.64.

Okta (NASDAQ:OKTA) last announced its earnings results on Wednesday, December 6th. The company reported ($0.34) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.05. Okta had a negative return on equity of 169.65% and a negative net margin of 46.70%. research analysts forecast that Okta will post -0.86 earnings per share for the current fiscal year.

In related news, insider Ventures Iv L.P. Khosla sold 300,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 12th. The stock was sold at an average price of $25.49, for a total value of $7,647,000.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, General Counsel Jonathan T. Runyan sold 9,375 shares of the company’s stock in a transaction that occurred on Wednesday, December 20th. The shares were sold at an average price of $25.22, for a total value of $236,437.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,005,271 shares of company stock worth $27,938,146.

Several large investors have recently bought and sold shares of OKTA. Schwab Charles Investment Management Inc. purchased a new stake in shares of Okta during the second quarter worth $418,000. Rhumbline Advisers purchased a new stake in shares of Okta during the second quarter worth $290,000. Bank of New York Mellon Corp purchased a new stake in shares of Okta during the second quarter worth $777,000. Principal Financial Group Inc. purchased a new stake in shares of Okta during the second quarter worth $990,000. Finally, Eaton Vance Management purchased a new stake in shares of Okta during the second quarter worth $1,044,000. Hedge funds and other institutional investors own 13.41% of the company’s stock.

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Okta Company Profile

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.

Analyst Recommendations for Okta (NASDAQ:OKTA)

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