Okta, Inc. (NASDAQ:OKTA) Receives $100.39 Consensus Target Price from Brokerages

Okta, Inc. (NASDAQ:OKTA) has earned a consensus recommendation of “Hold” from the thirty ratings firms that are covering the company, MarketBeat Ratings reports. Twenty research analysts have rated the stock with a hold rating and ten have issued a buy rating on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $101.68.

OKTA has been the subject of a number of analyst reports. Mizuho lifted their price objective on Okta from $90.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, February 29th. Canaccord Genuity Group boosted their price objective on shares of Okta from $85.00 to $95.00 and gave the company a “hold” rating in a report on Thursday, February 29th. Westpark Capital raised shares of Okta from a “hold” rating to a “buy” rating and set a $140.00 price target on the stock in a research report on Thursday, February 29th. Truist Financial reissued a “hold” rating and issued a $105.00 price target (up previously from $85.00) on shares of Okta in a report on Thursday, February 29th. Finally, Royal Bank of Canada lifted their target price on Okta from $95.00 to $125.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th.

Okta Price Performance

Shares of OKTA stock opened at $97.42 on Thursday. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.20. Okta has a 12 month low of $65.04 and a 12 month high of $114.50. The firm has a market cap of $16.31 billion, a price-to-earnings ratio of -44.89 and a beta of 0.98. The stock has a 50-day moving average price of $100.92 and a 200 day moving average price of $87.34.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Wednesday, February 28th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.35. Okta had a negative net margin of 15.69% and a negative return on equity of 5.69%. The business had revenue of $605.00 million during the quarter, compared to the consensus estimate of $586.25 million. Research analysts expect that Okta will post -1.51 EPS for the current year.

Insider Buying and Selling at Okta

In other Okta news, CAO Shibu Ninan sold 4,279 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $104.14, for a total transaction of $445,615.06. Following the sale, the chief accounting officer now directly owns 4,111 shares of the company’s stock, valued at $428,119.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Shellye L. Archambeau sold 5,000 shares of Okta stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $106.96, for a total transaction of $534,800.00. Following the completion of the transaction, the director now directly owns 6,042 shares in the company, valued at approximately $646,252.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Shibu Ninan sold 4,279 shares of the stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $104.14, for a total value of $445,615.06. Following the completion of the sale, the chief accounting officer now owns 4,111 shares in the company, valued at approximately $428,119.54. The disclosure for this sale can be found here. Insiders sold a total of 11,779 shares of company stock worth $1,205,990 over the last ninety days. 7.36% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Okta

Several institutional investors and hedge funds have recently modified their holdings of the stock. NBC Securities Inc. bought a new stake in shares of Okta during the 3rd quarter worth about $27,000. City State Bank grew its position in shares of Okta by 160.0% in the first quarter. City State Bank now owns 260 shares of the company’s stock valued at $27,000 after purchasing an additional 160 shares during the last quarter. GAMMA Investing LLC acquired a new position in shares of Okta in the fourth quarter valued at approximately $29,000. Harvest Fund Management Co. Ltd bought a new position in shares of Okta during the third quarter worth approximately $39,000. Finally, Venturi Wealth Management LLC lifted its holdings in Okta by 50.4% during the 1st quarter. Venturi Wealth Management LLC now owns 391 shares of the company’s stock worth $41,000 after purchasing an additional 131 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

About Okta

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.