Okta (NASDAQ:OKTA) Given “Outperform” Rating at Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Okta (NASDAQ:OKTA) in a report issued on Thursday morning, Benzinga reports. Royal Bank of Canada currently has a $112.00 price objective on the stock.

Other analysts have also recently issued reports about the company. Guggenheim reissued a buy rating and issued a $96.00 target price on shares of Okta in a research note on Monday, August 21st. DA Davidson lifted their price objective on Okta from $75.00 to $80.00 and gave the company a neutral rating in a research report on Thursday. Stifel Nicolaus reaffirmed a buy rating and set a $100.00 target price on shares of Okta in a research note on Thursday. Morgan Stanley upped their target price on shares of Okta from $84.00 to $89.00 and gave the stock an equal weight rating in a research note on Monday, July 31st. Finally, BMO Capital Markets lifted their price target on shares of Okta from $85.00 to $90.00 and gave the stock a market perform rating in a research note on Thursday. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat, Okta currently has an average rating of Moderate Buy and a consensus price target of $89.24.

Okta Trading Up 13.5 %

Shares of OKTA stock opened at $83.51 on Thursday. The stock has a market capitalization of $13.56 billion, a PE 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 current ratio of 2.09 and a quick ratio of 2.09. The business has a 50-day moving average of $71.29 and a 200 day moving average of $75.71.

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

Insiders Place Their Bets

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

Institutional Trading of Okta

Several institutional investors and hedge funds have recently bought and sold shares of the business. Comerica Bank purchased a new position in shares of Okta during the 2nd quarter valued at about $54,000. Coppell Advisory Solutions LLC acquired a new position in Okta in the 2nd quarter valued at about $46,000. Blueshift Asset Management LLC raised its position in 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 position in shares of Okta during the second quarter worth $1,029,000. Finally, Rokos Capital Management LLP purchased a new position in Okta in the 2nd quarter valued at approximately $14,145,000. 77.52% of the stock is currently owned by institutional investors and hedge funds.

About Okta

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.