Okta (NASDAQ:OKTA) Rating Increased to Buy at Truist Financial

Truist Financial upgraded shares of Okta (NASDAQ:OKTA) from a hold rating to a buy rating in a report released on Monday, Marketbeat reports. They currently have $125.00 price target on the stock, up from their prior price target of $100.00.

Other equities research analysts have also issued reports about the stock. Wells Fargo & Company boosted their target price on shares of Okta from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 28th. Evercore ISI boosted their target price on shares of Okta from $122.00 to $130.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 28th. Loop Capital assumed coverage on shares of Okta in a research report on Monday, May 5th. They set a “buy” rating and a $140.00 target price on the stock. Guggenheim restated a “buy” rating and set a $138.00 target price on shares of Okta in a research report on Monday, August 18th. Finally, Jefferies Financial Group decreased their target price on shares of Okta from $105.00 to $100.00 and set a “hold” rating on the stock in a research report on Thursday, August 21st. Twenty-one analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, Okta currently has a consensus rating of “Hold” and a consensus price target of $118.61.

Okta Stock Performance

Shares of OKTA opened at $91.35 on Monday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.47 and a current ratio of 1.47. The stock has a market capitalization of $15.99 billion, a P/E ratio of 145.00, a P/E/G ratio of 4.45 and a beta of 0.80. The company’s fifty day moving average is $95.46 and its two-hundred day moving average is $102.46. Okta has a 1 year low of $70.56 and a 1 year high of $127.57.

Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.09. The company had revenue of $688.00 million for the quarter, compared to analysts’ expectations of $680.14 million. Okta had a net margin of 4.85% and a return on equity of 2.79%. Okta’s revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.65 EPS. On average, sell-side analysts predict that Okta will post 0.42 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Eric Robert Kelleher sold 16,018 shares of the company’s stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $91.81, for a total transaction of $1,470,612.58. Following the completion of the transaction, the insider owned 7,044 shares of the company’s stock, valued at $646,709.64. This represents a 69.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CRO Jonathan James Addison sold 9,000 shares of the stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $100.00, for a total transaction of $900,000.00. Following the sale, the executive directly owned 7,067 shares of the company’s stock, valued at approximately $706,700. This trade represents a 56.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold 88,594 shares of company stock worth $8,382,790 in the last 90 days. 5.68% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Okta

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Okta by 3.4% during the 1st quarter. Vanguard Group Inc. now owns 17,792,886 shares of the company’s stock valued at $1,872,167,000 after buying an additional 582,956 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Okta by 52.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,126 shares of the company’s stock valued at $956,000 after buying an additional 4,171 shares during the last quarter. Trek Financial LLC purchased a new position in shares of Okta during the 1st quarter valued at approximately $426,000. Merit Financial Group LLC purchased a new position in shares of Okta during the 1st quarter valued at approximately $823,000. Finally, Stephens Investment Management Group LLC boosted its stake in shares of Okta by 10.4% during the 1st quarter. Stephens Investment Management Group LLC now owns 499,125 shares of the company’s stock valued at $52,518,000 after buying an additional 46,818 shares during the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

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.