Okta (NASDAQ:OKTA) Price Target Raised to $130.00 at Evercore ISI

Okta (NASDAQ:OKTA) had its price objective boosted by Evercore ISI from $122.00 to $130.00 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other research firms also recently commented on OKTA. Stifel Nicolaus upped their price objective on Okta from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, March 4th. Westpark Capital reaffirmed a “buy” rating and set a $140.00 price objective on shares of Okta in a research note on Wednesday. Jefferies Financial Group reaffirmed a “hold” rating and set a $135.00 price objective (up from $110.00) on shares of Okta in a research note on Friday, May 23rd. Morgan Stanley reduced their price objective on Okta from $125.00 to $123.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Finally, Susquehanna upped their price objective on Okta from $95.00 to $105.00 and gave the company a “neutral” rating in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $121.83.

Okta Trading Down 16.2%

NASDAQ:OKTA opened at $105.22 on Wednesday. The stock has a market cap of $18.27 billion, a P/E ratio of -300.63, a P/E/G ratio of 6.42 and a beta of 0.96. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.34 and a current ratio of 1.34. Okta has a 1 year low of $70.56 and a 1 year high of $127.57. The stock has a 50-day simple moving average of $109.73 and a 200-day simple moving average of $96.48.

Okta (NASDAQ:OKTA) last announced its earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.09. The firm had revenue of $688.00 million during the quarter, compared to analysts’ expectations of $680.14 million. Okta had a positive return on equity of 0.47% and a negative net margin of 1.54%. The business’s revenue was up 11.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.65 EPS. As a group, analysts anticipate that Okta will post 0.42 earnings per share for the current fiscal year.

Insider Buying and Selling at Okta

In other news, CRO Jonathan James Addison sold 7,005 shares of Okta stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $101.19, for a total value of $708,835.95. Following the completion of the transaction, the executive now owns 19,067 shares in the company, valued at approximately $1,929,389.73. This trade represents a 26.87% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Larissa Schwartz sold 11,552 shares of Okta stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $114.09, for a total value of $1,317,967.68. Following the completion of the transaction, the insider now owns 22,125 shares of the company’s stock, valued at $2,524,241.25. The trade was a 34.30% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 154,452 shares of company stock valued at $16,347,360 in the last three months. 5.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Okta

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of Jackson Hole Trust purchased a new stake in Okta during the fourth quarter worth approximately $25,000. Wolff Wiese Magana LLC lifted its stake in Okta by 167.4% in the first quarter. Wolff Wiese Magana LLC now owns 246 shares of the company’s stock valued at $26,000 after buying an additional 154 shares during the last quarter. Wayfinding Financial LLC purchased a new stake in shares of Okta during the first quarter worth approximately $27,000. Harbour Investments Inc. raised its stake in shares of Okta by 152.4% during the first quarter. Harbour Investments Inc. now owns 260 shares of the company’s stock worth $27,000 after purchasing an additional 157 shares during the last quarter. Finally, Rossby Financial LCC purchased a new stake in shares of Okta during the first quarter worth approximately $31,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Company Profile

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.