Okta (NASDAQ:OKTA) Upgraded to “Buy” at Zacks Investment Research

Okta (NASDAQ:OKTAGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday, Zacks.com reports. The firm presently has a $132.00 price objective on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 9.53% from the company’s previous close.

According to Zacks, “Okta, Inc. is a provider of identity for the enterprise. The Company’s product consists of Okta information technology Products and Okta for Developers. Okta IT Products include Single Sign-On, Mobility Management, Adaptive Multi-Factor Authentication, Lifecycle Management and Universal Directory. Okta for Developers include Complete Authentication, User Management, Application Programming Interface Access Management and Developer Tools. Okta, Inc. is based in SAN FRANCISCO, United States. “

Other equities research analysts also recently issued reports about the company. Morgan Stanley reduced their price objective on Okta from $270.00 to $200.00 and set an “overweight” rating for the company in a report on Wednesday, April 13th. Wolfe Research dropped their target price on Okta from $260.00 to $225.00 and set an “outperform” rating on the stock in a research report on Thursday, March 3rd. Oppenheimer dropped their target price on Okta from $295.00 to $250.00 and set an “outperform” rating on the stock in a research report on Thursday, March 3rd. Raymond James cut Okta from an “outperform” rating to a “market perform” rating in a research report on Wednesday, March 23rd. Finally, Citigroup dropped their target price on Okta from $215.00 to $205.00 and set a “neutral” rating on the stock in a research report on Thursday, March 3rd. Seven equities research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. Based on data from MarketBeat.com, Okta has an average rating of “Buy” and an average target price of $227.48.

NASDAQ OKTA opened at $120.51 on Thursday. Okta has a one year low of $110.04 and a one year high of $276.30. The stock has a 50-day moving average of $150.90 and a 200 day moving average of $195.11. The company has a market capitalization of $18.88 billion, a price-to-earnings ratio of -21.29 and a beta of 1.15. 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 (NASDAQ:OKTAGet Rating) last released its quarterly earnings data on Wednesday, March 2nd. The company reported ($1.20) EPS for the quarter, topping the consensus estimate of ($1.27) by $0.07. Okta had a negative return on equity of 13.61% and a negative net margin of 65.25%. The company had revenue of $383.02 million during the quarter, compared to the consensus estimate of $359.46 million. During the same period last year, the company earned ($0.37) EPS. On average, equities analysts predict that Okta will post -5.36 earnings per share for the current fiscal year.

In related news, insider Ledger Susan St. sold 5,879 shares of Okta stock in a transaction that occurred on Wednesday, March 16th. The stock was sold at an average price of $152.92, for a total transaction of $899,016.68. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel Jonathan T. Runyan sold 2,010 shares of Okta stock in a transaction that occurred on Wednesday, March 16th. The shares were sold at an average price of $152.92, for a total value of $307,369.20. The disclosure for this sale can be found here. Insiders have sold a total of 19,537 shares of company stock worth $2,984,147 in the last three months. 9.60% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in OKTA. Global Trust Asset Management LLC bought a new stake in Okta in the 4th quarter worth approximately $30,000. Addison Advisors LLC increased its stake in Okta by 121.4% in the 1st quarter. Addison Advisors LLC now owns 228 shares of the company’s stock worth $34,000 after acquiring an additional 125 shares during the last quarter. Glassman Wealth Services increased its stake in Okta by 129.2% in the 3rd quarter. Glassman Wealth Services now owns 149 shares of the company’s stock worth $35,000 after acquiring an additional 84 shares during the last quarter. GoalVest Advisory LLC bought a new stake in Okta in the 1st quarter worth approximately $37,000. Finally, KB Financial Partners LLC bought a new stake in Okta in the 4th quarter worth approximately $42,000. 76.18% of the stock is currently owned by institutional investors and hedge funds.

About Okta (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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