Okta (NASDAQ:OKTA) Given New $93.00 Price Target at Mizuho

Okta (NASDAQ:OKTA) had its price objective boosted by Mizuho from $90.00 to $93.00 in a research note published on Thursday morning, MarketBeat.com reports. The brokerage currently has a buy rating on the stock.

A number of other brokerages have also recently issued reports on OKTA. UBS Group decreased their target price on Okta from $100.00 to $95.00 in a research report on Thursday, June 1st. Guggenheim reissued a buy rating and issued a $96.00 target price on shares of Okta in a research report on Monday, August 21st. Canaccord Genuity Group decreased their target price on Okta from $85.00 to $75.00 and set a hold rating for the company in a research report on Tuesday, August 22nd. Wells Fargo & Company upped their target price on Okta from $85.00 to $95.00 in a research report on Thursday. Finally, Needham & Company LLC reissued a buy rating and issued a $100.00 target price on shares of Okta in a research report on Tuesday. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $89.24.

Okta Trading Up 13.5 %

NASDAQ:OKTA opened at $83.51 on Thursday. The stock has a 50-day simple moving average of $71.29 and a 200-day simple moving average of $75.71. The stock has a market cap of $13.56 billion, a P/E ratio of -19.20 and a beta of 1.03. Okta has a 1 year low of $44.12 and a 1 year high of $94.78. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.09 and a current ratio of 2.09.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Wednesday, August 30th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.09. The business had revenue of $556.00 million during the quarter, compared to analysts’ expectations of $534.67 million. Okta had a negative return on equity of 10.77% and a negative net margin of 35.26%. The business’s quarterly revenue was up 23.0% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.19) EPS. As a group, analysts anticipate that Okta will post -2.83 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Okta news, CEO Todd Mckinnon sold 6,897 shares of the firm’s stock in a transaction on Friday, June 16th. The stock was sold at an average price of $75.60, for a total transaction of $521,413.20. Following the completion of the transaction, the chief executive officer now owns 28,111 shares of the company’s stock, valued at $2,125,191.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Okta news, CEO Todd Mckinnon sold 6,897 shares of the firm’s stock in a transaction on Friday, June 16th. The stock was sold at an average price of $75.60, for a total transaction of $521,413.20. Following the completion of the transaction, the chief executive officer now owns 28,111 shares of the company’s stock, valued at $2,125,191.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Larissa Schwartz sold 1,958 shares of the firm’s stock in a transaction on Friday, June 16th. The stock was sold at an average price of $75.60, for a total value of $148,024.80. Following the transaction, the insider now directly owns 20,522 shares of the company’s stock, valued at approximately $1,551,463.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,430 shares of company stock valued at $1,015,308. 7.36% of the stock is owned by insiders.

Hedge Funds Weigh In On Okta

Several hedge funds have recently bought and sold shares of the stock. Comerica Bank purchased a new stake in shares of Okta in the second quarter valued at $54,000. Coppell Advisory Solutions LLC purchased a new stake in shares of Okta in the second quarter valued at $46,000. Blueshift Asset Management LLC grew its position in shares of Okta by 199.7% in the second quarter. Blueshift Asset Management LLC now owns 7,378 shares of the company’s stock valued at $512,000 after purchasing an additional 4,916 shares during the period. Natixis Advisors L.P. purchased a new stake in shares of Okta in the second quarter valued at $1,029,000. Finally, Rokos Capital Management LLP purchased a new stake in shares of Okta in the second quarter valued at $14,145,000. Hedge funds and other institutional investors own 77.52% of the company’s stock.

Okta Company Profile

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's, a suite of products and services is used to manage and secure identities, 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 enables organizations to extend the Workforce Identity Cloud; Advanced Server Access to manage and secure cloud infrastructure; and Okta Identity Governance, an identity access management and identity governance solutions.