Okta, Inc. (NASDAQ:OKTA) Given Average Recommendation of “Buy” by Brokerages

Shares of Okta, Inc. (NASDAQ:OKTA – Get Rating) have earned a consensus rating of “Buy” from the thirty brokerages that are currently covering the firm, MarketBeat reports. Seven analysts have rated the stock with a hold recommendation and nineteen have assigned a buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $230.21.

OKTA has been the topic of a number of research analyst reports. Oppenheimer cut their price objective on shares of Okta from $295.00 to $250.00 and set an “outperform” rating on the stock in a report on Thursday, March 3rd. BMO Capital Markets cut their price objective on shares of Okta from $270.00 to $215.00 and set an “outperform” rating on the stock in a report on Thursday, March 3rd. Guggenheim cut their price objective on shares of Okta from $265.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, March 4th. TheStreet cut shares of Okta from a “c-” rating to a “d+” rating in a report on Thursday, January 27th. Finally, DA Davidson cut their price objective on shares of Okta from $250.00 to $225.00 in a report on Thursday, March 3rd.

In related news, CAO Christopher K. Kramer sold 1,035 shares of the firm’s stock in a transaction on Wednesday, March 16th. The stock was sold at an average price of $152.92, for a total transaction of $158,272.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Brett Tighe sold 2,858 shares of the firm’s stock in a transaction on Wednesday, March 16th. The stock was sold at an average price of $152.92, for a total value of $437,045.36. The disclosure for this sale can be found here. Insiders have sold 19,437 shares of company stock worth $2,972,306 over the last 90 days. 9.60% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of OKTA. Xponance Inc. boosted its stake in Okta by 0.9% during the first quarter. Xponance Inc. now owns 14,415 shares of the company’s stock valued at $2,176,000 after buying an additional 132 shares in the last quarter. Ellevest Inc. boosted its position in shares of Okta by 46.4% in the 1st quarter. Ellevest Inc. now owns 2,203 shares of the company’s stock valued at $333,000 after purchasing an additional 698 shares during the period. TCW Group Inc. boosted its position in shares of Okta by 95.4% in the 1st quarter. TCW Group Inc. now owns 96,844 shares of the company’s stock valued at $14,620,000 after purchasing an additional 47,290 shares during the period. ARK Investment Management LLC boosted its position in shares of Okta by 8.7% in the 1st quarter. ARK Investment Management LLC now owns 212,758 shares of the company’s stock valued at $32,118,000 after purchasing an additional 17,003 shares during the period. Finally, Junson Asset Management Hong Kong Ltd boosted its position in shares of Okta by 4.9% in the 1st quarter. Junson Asset Management Hong Kong Ltd now owns 48,800 shares of the company’s stock valued at $7,367,000 after purchasing an additional 2,300 shares during the period. 73.03% of the stock is currently owned by institutional investors.

NASDAQ OKTA opened at $149.05 on Wednesday. The firm has a 50 day simple moving average of $161.66 and a 200-day simple moving average of $203.03. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.45 and a current ratio of 2.45. Okta has a one year low of $135.46 and a one year high of $287.44. The firm has a market cap of $23.36 billion, a price-to-earnings ratio of -26.33 and a beta of 1.04.

Okta (NASDAQ:OKTA – Get Rating) last issued its quarterly earnings results on Wednesday, March 2nd. The company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.06. Okta had a negative net margin of 65.25% and a negative return on equity of 13.61%. During the same period in the prior year, the company earned ($0.37) earnings per share. Equities analysts predict that Okta will post -5.35 EPS for the current fiscal year.

Okta Company Profile (Get Rating)

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 and services, 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 applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway that enables organizations to extend the Okta Identity Cloud from the cloud to their existing on-premise applications; and Advanced Server Access to secure cloud infrastructure.

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