Okta (NASDAQ:OKTA) Receives New Coverage from Analysts at Needham & Company LLC

Needham & Company LLC initiated coverage on shares of Okta (NASDAQ:OKTA) in a research report released on Thursday, StockNewsAPI reports. The brokerage issued a buy rating and a $100.00 price objective on the stock.

A number of other research analysts have also issued reports on the stock. Scotiabank cut their target price on shares of Okta from $104.00 to $92.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 29th. Jefferies Financial Group dropped their price target on shares of Okta from $100.00 to $85.00 and set a “hold” rating for the company in a research note on Tuesday, September 24th. DA Davidson decreased their price objective on Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. Wells Fargo & Company cut their target price on Okta from $100.00 to $90.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. Finally, Bank of America downgraded Okta from a “buy” rating to an “underperform” rating and lowered their price objective for the stock from $135.00 to $75.00 in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $100.00.

Okta Stock Down 1.7 %

Shares of NASDAQ:OKTA opened at $74.45 on Thursday. Okta has a 52-week low of $65.04 and a 52-week high of $114.50. The company has a market capitalization of $12.52 billion, a PE ratio of -44.58, a price-to-earnings-growth ratio of 26.91 and a beta of 1.02. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83. The company has a fifty day moving average of $80.75 and a 200-day moving average of $89.49.

Okta (NASDAQ:OKTA) last issued its earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.29. The business had revenue of $646.00 million during the quarter, compared to analysts’ expectations of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. On average, equities analysts predict that Okta will post 0.12 EPS for the current fiscal year.

Insider Buying and Selling at Okta

In other Okta news, CRO Jonathan James Addison sold 9,850 shares of the firm’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $77.63, for a total value of $764,655.50. Following the transaction, the executive now directly owns 14,601 shares of the company’s stock, valued at approximately $1,133,475.63. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CRO Jonathan James Addison sold 9,850 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $77.63, for a total value of $764,655.50. Following the transaction, the executive now owns 14,601 shares in the company, valued at $1,133,475.63. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Todd Mckinnon sold 92,729 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $94.92, for a total value of $8,801,836.68. The disclosure for this sale can be found here. In the last 90 days, insiders sold 343,989 shares of company stock worth $27,806,184. 7.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in OKTA. Future Financial Wealth Managment LLC purchased a new stake in Okta in the 3rd quarter valued at about $26,000. City State Bank lifted its holdings in Okta by 160.0% during the first quarter. City State Bank now owns 260 shares of the company’s stock worth $27,000 after acquiring an additional 160 shares during the period. EverSource Wealth Advisors LLC boosted its position in Okta by 71.4% in the first quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after purchasing an additional 142 shares during the last quarter. First Command Advisory Services Inc. purchased a new position in Okta in the second quarter worth $47,000. Finally, nVerses Capital LLC bought a new position in Okta in the 2nd quarter valued at $47,000. 86.64% of the stock is owned by institutional investors.

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.