Okta (NASDAQ:OKTA) Rating Increased to Buy at Canaccord Genuity Group

Canaccord Genuity Group upgraded shares of Okta (NASDAQ:OKTA) from a hold rating to a buy rating in a report published on Tuesday, MarketBeat reports. They currently have $120.00 price objective on the stock, up from their prior price objective of $115.00.

Other equities research analysts have also recently issued research reports about the company. Truist Financial raised Okta from a “hold” rating to a “buy” rating and increased their price target for the company from $100.00 to $125.00 in a research note on Monday. Wells Fargo & Company upped their target price on Okta from $100.00 to $110.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 28th. Mizuho cut their target price on Okta from $135.00 to $130.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 28th. Loop Capital assumed coverage on Okta in a research report on Monday, May 5th. They set a “buy” rating and a $140.00 target price on the stock. Finally, The Goldman Sachs Group upped their target price on Okta from $123.00 to $137.00 and gave the company a “buy” rating in a research report on Wednesday, May 28th. Twenty-two investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Okta has a consensus rating of “Moderate Buy” and an average target price of $118.75.

Okta Stock Performance

NASDAQ:OKTA opened at $91.56 on Tuesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.47 and a current ratio of 1.47. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $127.57. The company has a market cap of $16.03 billion, a price-to-earnings ratio of 145.34, a PEG ratio of 4.42 and a beta of 0.80. The stock has a fifty day moving average price of $95.32 and a 200-day moving average price of $102.39.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Tuesday, May 27th. The company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.09. Okta had a return on equity of 2.79% and a net margin of 4.85%.The company had revenue of $688.00 million during the quarter, compared to analysts’ expectations of $680.14 million. During the same quarter in the previous year, the firm earned $0.65 EPS. Okta’s revenue was up 11.5% on a year-over-year basis. As a group, equities analysts anticipate that Okta will post 0.42 EPS for the current fiscal year.

Insider Activity at Okta

In other news, CRO Jonathan James Addison sold 9,000 shares of the business’s stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $100.00, for a total value of $900,000.00. Following the transaction, the executive owned 7,067 shares in the company, valued at $706,700. The trade was a 56.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Eric Robert Kelleher sold 16,018 shares of the business’s stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $91.81, for a total value of $1,470,612.58. Following the completion of the transaction, the insider owned 7,044 shares in the company, valued at $646,709.64. The trade was a 69.46% decrease in their position. The disclosure for this sale can be found here. Insiders sold 88,594 shares of company stock valued at $8,382,790 over the last three months. Insiders own 5.68% of the company’s stock.

Institutional Trading of Okta

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in Okta by 5.3% in the second quarter. Vanguard Group Inc. now owns 18,728,250 shares of the company’s stock worth $1,872,263,000 after buying an additional 935,364 shares during the last quarter. First Trust Advisors LP grew its position in shares of Okta by 9.1% in the second quarter. First Trust Advisors LP now owns 4,901,123 shares of the company’s stock valued at $489,966,000 after purchasing an additional 407,087 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Okta by 20.4% in the second quarter. Massachusetts Financial Services Co. MA now owns 4,455,653 shares of the company’s stock valued at $445,432,000 after purchasing an additional 755,709 shares in the last quarter. Geode Capital Management LLC grew its position in Okta by 11.1% during the second quarter. Geode Capital Management LLC now owns 3,155,011 shares of the company’s stock worth $314,488,000 after buying an additional 314,525 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Okta by 76.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,748,847 shares of the company’s stock worth $289,234,000 after buying an additional 1,189,222 shares in the last quarter. 86.64% of the stock is currently owned by 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.