Analysts’ Weekly Ratings Updates for Okta (OKTA)

Several analysts have recently updated their ratings and price targets for Okta (NASDAQ: OKTA):

  • 5/5/2022 – Okta was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $132.00 price target on the stock. 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. “
  • 5/3/2022 – Okta was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. 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. “
  • 4/26/2022 – Okta was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. 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. “
  • 4/20/2022 – Okta was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. 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. “
  • 4/14/2022 – Okta was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. 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. “
  • 4/13/2022 – Okta had its price target lowered by analysts at Morgan Stanley from $270.00 to $200.00. They now have an “overweight” rating on the stock.
  • 4/5/2022 – Okta had its price target lowered by analysts at KeyCorp from $225.00 to $190.00. They now have an “overweight” rating on the stock.
  • 4/5/2022 – Okta was upgraded by analysts at Zacks Investment Research from a “sell” rating to a “hold” rating. 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. “
  • 4/4/2022 – Okta had its price target lowered by analysts at Wells Fargo & Company from $235.00 to $175.00. They now have an “overweight” rating on the stock.
  • 4/3/2022 – Okta had its price target lowered by analysts at BTIG Research from $273.00 to $216.00.
  • 3/23/2022 – Okta was downgraded by analysts at Raymond James from an “outperform” rating to a “market perform” rating.
  • 3/22/2022 – Okta was downgraded by analysts at Truist Financial Co. from a “buy” rating to a “hold” rating. They now have a $170.00 price target on the stock, down previously from $270.00.
  • 3/21/2022 – Okta had its price target lowered by analysts at Stifel Nicolaus from $200.00 to $195.00. They now have a “hold” rating on the stock.
  • 3/8/2022 – Okta was upgraded by analysts at Mizuho from a “neutral” rating to a “buy” rating.

Shares of NASDAQ OKTA opened at $111.17 on Friday. The firm has a market capitalization of $17.42 billion, a P/E ratio of -19.64 and a beta of 1.15. The company has a quick ratio of 2.45, a current ratio of 2.45 and a debt-to-equity ratio of 0.31. The stock’s 50-day simple moving average is $149.57 and its two-hundred day simple moving average is $194.08. Okta, Inc. has a twelve month low of $109.90 and a twelve month high of $276.30.

Okta (NASDAQ:OKTAGet Rating) last announced its earnings results on Wednesday, March 2nd. The company reported ($1.20) earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $383.02 million for the quarter, compared to analyst estimates of $359.46 million. During the same period in the prior year, the company earned ($0.37) EPS. As a group, research analysts anticipate that Okta, Inc. will post -5.36 EPS for the current fiscal year.

In related news, CEO Todd Mckinnon sold 7,655 shares of the stock in a transaction dated Wednesday, March 16th. The stock was sold at an average price of $152.92, for a total transaction of $1,170,602.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ledger Susan St. sold 5,879 shares of the stock in a transaction dated Wednesday, March 16th. The shares were sold at an average price of $152.92, for a total value of $899,016.68. The disclosure for this sale can be found here. Insiders sold a total of 19,537 shares of company stock valued at $2,984,147 over the last quarter. Company insiders own 9.60% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. Alliancebernstein L.P. raised its position in Okta by 20.1% during the 3rd quarter. Alliancebernstein L.P. now owns 198,721 shares of the company’s stock valued at $47,164,000 after purchasing an additional 33,306 shares during the last quarter. Frontier Capital Management Co. LLC raised its position in Okta by 3.7% during the 4th quarter. Frontier Capital Management Co. LLC now owns 370,859 shares of the company’s stock valued at $83,135,000 after purchasing an additional 13,309 shares during the last quarter. Advisor Group Holdings Inc. raised its position in Okta by 6.2% during the 4th quarter. Advisor Group Holdings Inc. now owns 54,677 shares of the company’s stock valued at $12,250,000 after purchasing an additional 3,195 shares during the last quarter. Glynn Capital Management LLC raised its position in Okta by 27.9% during the 4th quarter. Glynn Capital Management LLC now owns 335,282 shares of the company’s stock valued at $75,160,000 after purchasing an additional 73,093 shares during the last quarter. Finally, Jeneq Management LP bought a new position in Okta during the 3rd quarter valued at approximately $33,441,000. Institutional investors own 76.18% of the company’s stock.

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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