Okta (NASDAQ:OKTA) Given New $90.00 Price Target at Citigroup

Okta (NASDAQ:OKTA) had its target price raised by Citigroup from $87.00 to $90.00 in a report issued on Wednesday morning, MarketBeat.com reports. The firm currently has a neutral rating on the stock.

Several other research firms also recently commented on OKTA. Macquarie raised their price objective on Okta from $83.00 to $85.00 and gave the stock a neutral rating in a report on Thursday, August 31st. JMP Securities restated a market outperform rating and set a $110.00 price objective on shares of Okta in a report on Thursday, August 31st. Mizuho raised their price objective on Okta from $90.00 to $93.00 and gave the stock a buy rating in a report on Thursday, August 31st. UBS Group reduced their price objective on Okta from $100.00 to $95.00 in a report on Thursday, June 1st. Finally, Sanford C. Bernstein dropped their target price on Okta from $92.00 to $84.00 in a research report on Thursday, June 1st. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat.com, Okta currently has an average rating of Moderate Buy and a consensus target price of $89.32.

Okta Trading Up 0.4 %

Shares of NASDAQ OKTA opened at $87.50 on Wednesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.09 and a current ratio of 1.84. The business’s 50 day moving average price is $72.57 and its 200-day moving average price is $75.98. Okta has a fifty-two week low of $44.12 and a fifty-two week high of $91.50. The company has a market cap of $14.21 billion, a price-to-earnings ratio of -23.71 and a beta of 0.99.

Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Wednesday, August 30th. The company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.09. Okta had a negative return on equity of 9.40% and a negative net margin of 28.66%. The firm had revenue of $556.00 million for the quarter, compared to the consensus estimate of $534.67 million. During the same period in the prior year, the business posted ($1.19) earnings per share. The company’s revenue for the quarter was up 23.0% on a year-over-year basis. On average, sell-side analysts expect that Okta will post -2.81 earnings per share for the current year.

Insider Buying and Selling at Okta

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

Hedge Funds Weigh In On Okta

Several institutional investors and hedge funds have recently modified their holdings of OKTA. MetLife Investment Management LLC purchased a new position in shares of Okta in the 1st quarter valued at about $1,232,000. APG Asset Management N.V. increased its stake in shares of Okta by 37.3% in the 1st quarter. APG Asset Management N.V. now owns 7,000 shares of the company’s stock valued at $950,000 after purchasing an additional 1,900 shares in the last quarter. Raymond James Trust N.A. boosted its holdings in Okta by 33.7% in the 1st 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 boosted its holdings in Okta by 3.7% in the 1st 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. boosted its holdings in Okta by 7.9% in the 1st quarter. Cibc World Market Inc. now owns 3,297 shares of the company’s stock worth $498,000 after buying an additional 240 shares during the last quarter. 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.