Okta, Inc. (NASDAQ:OKTA) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Okta, Inc. (NASDAQ:OKTA) have received a consensus rating of “Hold” from the thirty brokerages that are currently covering the firm, MarketBeat.com reports. Twenty equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $100.39.

OKTA has been the subject of a number of analyst reports. Royal Bank of Canada lifted their price target on shares of Okta from $95.00 to $125.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. Truist Financial reissued a “hold” rating and set a $105.00 price target (up from $85.00) on shares of Okta in a research note on Thursday, February 29th. Mizuho raised their price target on shares of Okta from $90.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, February 29th. Citigroup increased their price objective on Okta from $75.00 to $85.00 and gave the company a “neutral” rating in a report on Wednesday, January 10th. Finally, Bank of America raised shares of Okta from an “underperform” rating to a “buy” rating and lifted their target price for the stock from $64.00 to $135.00 in a research note on Thursday, February 29th.

Okta Stock Down 1.0 %

Okta stock opened at $97.54 on Thursday. Okta has a fifty-two week low of $65.04 and a fifty-two week high of $114.50. The firm has a market capitalization of $16.33 billion, a PE ratio of -44.95 and a beta of 0.98. The company’s 50-day moving average is $101.33 and its 200-day moving average is $86.96. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.67 and a quick ratio of 1.67.

Okta (NASDAQ:OKTA) last posted its earnings results on Wednesday, February 28th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.35. The company had revenue of $605.00 million for the quarter, compared to the consensus estimate of $586.25 million. Okta had a negative return on equity of 5.69% and a negative net margin of 15.69%. Sell-side analysts anticipate that Okta will post -1.51 earnings per share for the current year.

Insiders Place Their Bets

In other Okta news, CAO Shibu Ninan sold 4,279 shares of the stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $104.14, for a total value of $445,615.06. Following the completion of the sale, the chief accounting officer now directly owns 4,111 shares in the company, valued at $428,119.54. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Shellye L. Archambeau sold 5,000 shares of the firm’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $106.96, for a total transaction of $534,800.00. Following the sale, the director now owns 6,042 shares in the company, valued at $646,252.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Shibu Ninan sold 4,279 shares of the stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $104.14, for a total value of $445,615.06. Following the transaction, the chief accounting officer now owns 4,111 shares in the company, valued at approximately $428,119.54. The disclosure for this sale can be found here. Insiders sold a total of 11,779 shares of company stock worth $1,205,990 over the last 90 days. Company insiders own 7.36% of the company’s stock.

Hedge Funds Weigh In On Okta

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Banque Cantonale Vaudoise raised its stake in Okta by 4.3% during the 1st quarter. Banque Cantonale Vaudoise now owns 2,933 shares of the company’s stock valued at $307,000 after acquiring an additional 122 shares during the last quarter. Venturi Wealth Management LLC boosted its position in Okta by 50.4% during the first quarter. Venturi Wealth Management LLC now owns 391 shares of the company’s stock worth $41,000 after acquiring an additional 131 shares during the last quarter. Blue Zone Wealth Advisors LLC grew its stake in Okta by 2.7% in the 4th quarter. Blue Zone Wealth Advisors LLC now owns 5,142 shares of the company’s stock worth $466,000 after acquiring an additional 134 shares during the period. Creative Financial Designs Inc. ADV lifted its stake in shares of Okta by 7.7% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 1,926 shares of the company’s stock worth $174,000 after purchasing an additional 138 shares during the period. Finally, Choreo LLC increased its stake in Okta by 5.0% in the third quarter. Choreo LLC now owns 3,366 shares of the company’s stock valued at $274,000 after purchasing an additional 160 shares during the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s stock.

About Okta

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.