Okta (NASDAQ:OKTA) Now Covered by Westpark Capital

Stock analysts at Westpark Capital assumed coverage on shares of Okta (NASDAQ:OKTA – Get Rating) in a report issued on Friday, The Fly reports. The firm set a “buy” rating and a $120.00 price target on the stock. Westpark Capital’s price target would indicate a potential upside of 43.15% from the stock’s previous close.

A number of other research firms have also recently commented on OKTA. Bank of America assumed coverage on shares of Okta in a research note on Monday, February 13th. They issued an “underperform” rating and a $64.00 price target for the company. Citigroup increased their price target on shares of Okta from $70.00 to $87.00 and gave the stock a “neutral” rating in a research note on Friday, March 3rd. Canaccord Genuity Group raised their price target on shares of Okta from $70.00 to $85.00 and gave the company a “hold” rating in a report on Thursday, March 2nd. Piper Sandler raised their price objective on shares of Okta from $90.00 to $100.00 in a report on Thursday, March 2nd. Finally, Cowen began coverage on shares of Okta in a research report on Tuesday, December 13th. They set a “market perform” rating and a $70.00 price objective on the stock. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $85.32.

Okta Price Performance

OKTA stock opened at $83.83 on Friday. Okta has a 52-week low of $44.12 and a 52-week high of $176.18. The company has a fifty day moving average price of $75.02 and a 200-day moving average price of $64.58. The company has a market capitalization of $19.03 billion, a P/E ratio of -16.21 and a beta of 1.12. The company has a debt-to-equity ratio of 0.40, a quick ratio of 2.30 and a current ratio of 2.20.

Okta (NASDAQ:OKTA – Get Rating) last issued its quarterly earnings data on Wednesday, March 1st. The company reported ($0.70) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.11. Okta had a negative net margin of 43.87% and a negative return on equity of 12.53%. The firm had revenue of $510.00 million during the quarter, compared to analysts’ expectations of $488.99 million. As a group, equities analysts expect that Okta will post -3.08 EPS for the current year.

Insider Activity

In related news, CFO Brett Tighe sold 2,184 shares of Okta stock in a transaction dated Thursday, March 16th. The shares were sold at an average price of $82.48, for a total transaction of $180,136.32. Following the completion of the transaction, the chief financial officer now directly owns 42,843 shares of the company’s stock, valued at approximately $3,533,690.64. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Todd Mckinnon sold 3,117 shares of Okta stock in a transaction dated Thursday, March 16th. The shares were sold at an average price of $82.48, for a total transaction of $257,090.16. Following the completion of the transaction, the chief executive officer now directly owns 22,813 shares of the company’s stock, valued at approximately $1,881,616.24. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Brett Tighe sold 2,184 shares of Okta stock in a transaction dated Thursday, March 16th. The stock was sold at an average price of $82.48, for a total transaction of $180,136.32. Following the completion of the transaction, the chief financial officer now directly owns 42,843 shares of the company’s stock, valued at $3,533,690.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 6,383 shares of company stock valued at $526,343. Corporate insiders own 7.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of OKTA. MetLife Investment Management LLC purchased a new position in Okta in the first quarter worth about $1,232,000. APG Asset Management N.V. raised its holdings in Okta by 37.3% in the first quarter. APG Asset Management N.V. now owns 7,000 shares of the company’s stock worth $950,000 after buying an additional 1,900 shares during the last quarter. Raymond James Trust N.A. raised its holdings in Okta by 33.7% in the first quarter. Raymond James Trust N.A. now owns 2,307 shares of the company’s stock worth $349,000 after buying an additional 581 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in Okta by 3.7% in the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 22,788 shares of the company’s stock worth $3,440,000 after buying an additional 808 shares during the last quarter. Finally, Cibc World Market Inc. raised its holdings in shares of Okta by 7.9% during the first quarter. Cibc World Market Inc. now owns 3,297 shares of the company’s stock valued at $498,000 after purchasing an additional 240 shares during the last quarter. 73.02% of the stock is owned by hedge funds and other institutional investors.

Okta Company Profile

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Okta, Inc engages in the provision of an identity management platform for enterprises. It operates through the United States and International geographical segments. The firm’s products include single sign-on, multi-factor authentication, API access management, authentication, user management, and lifecycle management.