Okta (NASDAQ:OKTA) has received an average recommendation of “Buy” from the fifteen brokerages that are presently covering the stock, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $43.00.
A number of research analysts have recently weighed in on OKTA shares. SunTrust Banks raised their price target on shares of Okta to $45.00 and gave the company a “buy” rating in a report on Thursday, March 8th. Deutsche Bank raised their price target on shares of Okta from $43.00 to $46.00 and gave the company a “buy” rating in a report on Thursday, March 8th. Needham & Company LLC raised their price target on shares of Okta from $38.00 to $50.00 and gave the company a “buy” rating in a report on Thursday, March 8th. Citigroup restated a “buy” rating and set a $46.00 price target on shares of Okta in a report on Thursday, March 8th. Finally, BidaskClub upgraded shares of Okta from a “hold” rating to a “buy” rating in a report on Saturday, February 10th.
Okta stock opened at $38.64 on Friday. Okta has a 1-year low of $21.52 and a 1-year high of $42.88.
Okta (NASDAQ:OKTA) last released its quarterly earnings results on Wednesday, March 7th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.05. The business had revenue of $77.80 million for the quarter, compared to the consensus estimate of $76.77 million. Okta had a negative net margin of 43.99% and a negative return on equity of 65.56%. The business’s quarterly revenue was up 59.4% compared to the same quarter last year. equities analysts forecast that Okta will post -1.3 earnings per share for the current year.
In related news, CEO Todd Mckinnon sold 75,000 shares of Okta stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $29.67, for a total value of $2,225,250.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO William E. Losch sold 12,200 shares of Okta stock in a transaction on Thursday, January 11th. The stock was sold at an average price of $26.48, for a total transaction of $323,056.00. Following the completion of the transaction, the chief financial officer now owns 12,200 shares in the company, valued at approximately $323,056. The disclosure for this sale can be found here. Insiders sold a total of 256,275 shares of company stock worth $8,531,831 in the last quarter.
A number of institutional investors and hedge funds have recently made changes to their positions in OKTA. SG Americas Securities LLC bought a new position in Okta in the 3rd quarter worth $128,000. Hershey Trust Co. acquired a new stake in Okta in the 4th quarter worth $195,000. Invictus RG acquired a new stake in Okta in the 3rd quarter worth $211,000. The Manufacturers Life Insurance Company acquired a new stake in Okta in the 2nd quarter worth $219,000. Finally, Landscape Capital Management L.L.C. acquired a new stake in Okta in the 4th quarter worth $239,000. Hedge funds and other institutional investors own 38.06% of the company’s stock.
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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 Web and mobile applications, and data of organization; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; and Mobility Management, which simplifies and automates mobile device administration and provisioning across phones, tablets, and laptops.
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