BidaskClub downgraded shares of Okta (NASDAQ:OKTA) from a buy rating to a hold rating in a research report released on Wednesday morning, BidAskClub reports.
Several other equities research analysts have also weighed in on the company. Canaccord Genuity reissued a buy rating and set a $145.00 price objective (up from $125.00) on shares of Okta in a research note on Thursday, August 29th. BMO Capital Markets began coverage on Okta in a research note on Thursday, August 1st. They set a market perform rating and a $155.00 price objective for the company. Monness Crespi & Hardt lowered Okta from a buy rating to a neutral rating in a research note on Tuesday, May 28th. Zacks Investment Research raised Okta from a sell rating to a hold rating in a research note on Wednesday, June 5th. Finally, Cowen began coverage on Okta in a research note on Wednesday, August 21st. They set an outperform rating and a $150.00 price objective for the company. Eleven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $128.67.
Shares of OKTA traded down $4.28 during trading hours on Wednesday, hitting $102.09. 2,783,982 shares of the company were exchanged, compared to its average volume of 2,736,545. The company has a market capitalization of $12.44 billion, a PE ratio of -99.12 and a beta of 1.06. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.12 and a quick ratio of 1.12. The firm has a fifty day simple moving average of $128.82 and a 200-day simple moving average of $111.90. Okta has a one year low of $41.88 and a one year high of $141.85.
Okta (NASDAQ:OKTA) last released its quarterly earnings data on Wednesday, August 28th. The company reported ($0.32) earnings per share for the quarter, hitting the consensus estimate of ($0.32). The business had revenue of $140.48 million during the quarter, compared to analyst estimates of $131.19 million. Okta had a negative return on equity of 53.93% and a negative net margin of 31.90%. The company’s revenue was up 48.5% compared to the same quarter last year. During the same period last year, the company posted ($0.15) EPS. Sell-side analysts expect that Okta will post -1.4 EPS for the current year.
In related news, insider Jacques Frederic Kerrest sold 1,550 shares of Okta stock in a transaction on Monday, June 17th. The stock was sold at an average price of $127.85, for a total transaction of $198,167.50. Following the completion of the sale, the insider now owns 4,751 shares of the company’s stock, valued at $607,415.35. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO William E. Losch sold 1,108 shares of Okta stock in a transaction on Monday, June 17th. The shares were sold at an average price of $127.85, for a total value of $141,657.80. Following the sale, the chief financial officer now directly owns 11,004 shares of the company’s stock, valued at approximately $1,406,861.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 741,820 shares of company stock valued at $96,287,465. 14.69% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in OKTA. Dimensional Fund Advisors LP boosted its position in Okta by 20.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 158,917 shares of the company’s stock valued at $10,137,000 after purchasing an additional 27,395 shares during the last quarter. Geode Capital Management LLC boosted its position in Okta by 11.9% during the fourth quarter. Geode Capital Management LLC now owns 828,545 shares of the company’s stock valued at $52,860,000 after purchasing an additional 87,926 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Okta during the first quarter valued at $745,000. Janney Montgomery Scott LLC boosted its position in Okta by 9.7% during the first quarter. Janney Montgomery Scott LLC now owns 7,552 shares of the company’s stock valued at $625,000 after purchasing an additional 666 shares during the last quarter. Finally, First Republic Investment Management Inc. boosted its position in Okta by 12.5% during the first quarter. First Republic Investment Management Inc. now owns 8,373 shares of the company’s stock valued at $693,000 after purchasing an additional 928 shares during the last quarter. 70.94% of the stock is owned by hedge funds and other institutional investors.
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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