Okta, Inc. (NASDAQ:OKTA) Receives Average Rating of “Moderate Buy” from Analysts

Posted by Defense World Staff on May 25th, 2023

Okta, Inc. (NASDAQ:OKTA – Get Rating) has earned an average recommendation of “Hold” from the thirty-nine research firms that are currently covering the stock, Marketbeat reports. Four analysts have rated the stock with a sell recommendation, nine have issued a hold recommendation and nineteen have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $86.71.

Several analysts have recently commented on the stock. Piper Sandler increased their price target on shares of Okta from $90.00 to $100.00 in a research report on Thursday, March 2nd. Moffett Nathanson upped their price objective on shares of Okta from $71.00 to $85.00 and gave the company an “underperform” rating in a research note on Thursday, March 2nd. DA Davidson upped their price objective on shares of Okta from $60.00 to $80.00 in a research note on Thursday, March 2nd. Canaccord Genuity Group upped their price objective on shares of Okta from $70.00 to $85.00 and gave the company a “hold” rating in a research note on Thursday, March 2nd. Finally, BMO Capital Markets upped their price objective on shares of Okta from $80.00 to $94.00 and gave the company an “outperform” rating in a research note on Thursday, March 2nd.

Insider Activity at Okta

In related news, CEO Todd Mckinnon sold 3,117 shares of the firm’s stock in a transaction on 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 sale, the chief executive officer now directly owns 22,813 shares of the company’s stock, valued at approximately $1,881,616.24. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Okta news, CEO Todd Mckinnon sold 3,117 shares of the firm’s stock in a transaction on 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 document filed with the SEC, which is available through this hyperlink. Also, insider Larissa Schwartz sold 452 shares of the firm’s stock in a transaction on Thursday, March 16th. The stock was sold at an average price of $82.48, for a total transaction of $37,280.96. Following the transaction, the insider now directly owns 20,149 shares of the company’s stock, valued at $1,661,889.52. The disclosure for this sale can be found here. In the last three months, insiders sold 6,473 shares of company stock valued at $533,244. Corporate insiders own 7.36% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Glassman Wealth Services grew its holdings in Okta by 150.7% during the 4th quarter. Glassman Wealth Services now owns 361 shares of the company’s stock worth $25,000 after acquiring an additional 217 shares in the last quarter. GoalVest Advisory LLC grew its holdings in Okta by 69.4% during the 1st quarter. GoalVest Advisory LLC now owns 410 shares of the company’s stock worth $35,000 after acquiring an additional 168 shares in the last quarter. GPS Wealth Strategies Group LLC acquired a new position in shares of Okta in the 1st quarter valued at about $39,000. Clearstead Advisors LLC acquired a new position in shares of Okta in the 1st quarter valued at about $43,000. Finally, Lindbrook Capital LLC boosted its holdings in shares of Okta by 107.1% in the 4th quarter. Lindbrook Capital LLC now owns 522 shares of the company’s stock valued at $36,000 after buying an additional 270 shares during the period. 73.02% of the stock is owned by institutional investors and hedge funds.

Okta Trading Up 1.5 %

Shares of OKTA opened at $84.67 on Thursday. The company has a current ratio of 2.20, a quick ratio of 2.20 and a debt-to-equity ratio of 0.40. The firm’s 50-day moving average is $78.52 and its two-hundred day moving average is $71.42. Okta has a twelve month low of $44.12 and a twelve month high of $111.35. The firm has a market capitalization of $13.66 billion, a P/E ratio of -16.38 and a beta of 1.15.

Okta (NASDAQ:OKTA – Get Rating) last released its quarterly earnings results on Wednesday, March 1st. The company reported ($0.70) EPS for the quarter, beating the consensus estimate of ($0.81) by $0.11. The business had revenue of $510.00 million for the quarter, compared to analyst estimates of $488.99 million. Okta had a negative net margin of 43.87% and a negative return on equity of 12.53%. On average, research analysts predict that Okta will post -3.05 earnings per share for the current fiscal year.

About Okta

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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.