Okta (NASDAQ:OKTA) Price Target Increased to $85.00 by Analysts at Macquarie

Okta (NASDAQ:OKTA) had its price objective boosted by Macquarie from $83.00 to $85.00 in a report released on Thursday morning, MarketBeat.com reports. The brokerage currently has a neutral rating on the stock.

A number of other research firms have also weighed in on OKTA. The Goldman Sachs Group raised Okta from a sell rating to a buy rating and upped their price objective for the stock from $77.00 to $91.00 in a research report on Sunday, August 13th. Mizuho increased their target price on Okta from $90.00 to $93.00 and gave the company a buy rating in a report on Thursday. Royal Bank of Canada increased their target price on Okta from $100.00 to $110.00 in a report on Tuesday, May 30th. Needham & Company LLC reissued a buy rating and issued a $100.00 target price on shares of Okta in a report on Tuesday. Finally, Guggenheim reissued a buy rating and issued a $96.00 target price on shares of Okta in a report on Monday, August 21st. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $89.24.

Okta Stock Up 13.5 %

Okta stock opened at $83.51 on Thursday. Okta has a twelve month low of $44.12 and a twelve month high of $94.78. The stock’s fifty day simple moving average is $71.29 and its 200-day simple moving average is $75.71. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $13.56 billion, a P/E ratio of -19.20 and a beta of 1.03.

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

Insider Transactions at Okta

In other news, CFO Brett Tighe sold 4,380 shares of the business’s stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $75.60, for a total transaction of $331,128.00. Following the sale, the chief financial officer now owns 48,516 shares of the company’s stock, valued at approximately $3,667,809.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Larissa Schwartz sold 1,958 shares of the business’s stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $75.60, for a total transaction of $148,024.80. Following the sale, the insider now 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 through this hyperlink. Also, CFO Brett Tighe sold 4,380 shares of Okta stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $75.60, for a total value of $331,128.00. Following the transaction, the chief financial officer now owns 48,516 shares of the company’s stock, valued at $3,667,809.60. The disclosure for this sale can be found here. Insiders have sold 13,430 shares of company stock valued at $1,015,308 in the last quarter. 7.36% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. GoalVest Advisory LLC raised its position in shares of Okta by 69.4% during the 1st quarter. GoalVest Advisory LLC now owns 410 shares of the company’s stock worth $35,000 after purchasing an additional 168 shares during the last quarter. GPS Wealth Strategies Group LLC acquired a new position in shares of Okta during the 1st quarter worth approximately $39,000. Dupont Capital Management Corp raised its position in shares of Okta by 350.0% during the 2nd quarter. Dupont Capital Management Corp now owns 576 shares of the company’s stock worth $40,000 after purchasing an additional 448 shares during the last quarter. Alpha Paradigm Partners LLC acquired a new position in shares of Okta during the 3rd quarter worth approximately $41,000. Finally, EverSource Wealth Advisors LLC acquired a new position in shares of Okta during the 4th quarter worth approximately $42,000. 77.52% of the stock is currently owned by institutional investors and hedge funds.

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.