Okta (NASDAQ:OKTA) had its price target increased by analysts at KeyCorp from $43.00 to $50.00 in a research note issued on Monday. The firm currently has an “overweight” rating on the stock. KeyCorp’s target price would indicate a potential upside of 28.24% from the stock’s current price. The analysts noted that the move was a valuation call.
A number of other equities analysts have also recently commented on the company. BidaskClub upgraded Okta from a “buy” rating to a “strong-buy” rating in a report on Thursday, February 22nd. Needham & Company LLC started coverage on Okta in a report on Wednesday, February 14th. They set a “buy” rating and a $38.00 target price for the company. Oppenheimer raised their target price on Okta from $34.00 to $40.00 and gave the company an “outperform” rating in a report on Wednesday, February 21st. Citigroup restated a “buy” rating and set a $46.00 target price on shares of Okta in a report on Thursday, March 8th. Finally, FBN Securities started coverage on Okta in a report on Monday, January 22nd. They set an “outperform” rating and a $35.00 target price for the company. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $42.09.
Okta stock opened at $38.99 on Monday. Okta has a twelve month low of $21.52 and a twelve month high of $42.88. The firm has a market capitalization of $4,036.58 and a price-to-earnings ratio of -24.22.
Okta (NASDAQ:OKTA) last announced its earnings results on Wednesday, March 7th. The company reported ($0.10) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.05. Okta had a negative return on equity of 65.56% and a negative net margin of 43.99%. The company had revenue of $77.80 million during the quarter, compared to analysts’ expectations of $76.77 million. Okta’s revenue for the quarter was up 59.4% compared to the same quarter last year. analysts expect that Okta will post -1.3 EPS for the current year.
In other news, CEO Todd Mckinnon sold 75,000 shares of Okta stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $26.11, for a total value of $1,958,250.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Jonathan T. Runyan sold 3,125 shares of Okta stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $25.99, for a total value of $81,218.75. Following the completion of the transaction, the general counsel now owns 3,125 shares of the company’s stock, valued at approximately $81,218.75. The disclosure for this sale can be found here. Insiders sold a total of 314,400 shares of company stock valued at $9,796,449 in the last quarter.
Institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new position in shares of Okta in the 3rd quarter valued at about $128,000. Hershey Trust Co. purchased a new position in shares of Okta in the 4th quarter valued at about $195,000. Invictus RG purchased a new position in shares of Okta in the 3rd quarter valued at about $211,000. The Manufacturers Life Insurance Company purchased a new position in shares of Okta in the 2nd quarter valued at about $219,000. Finally, Landscape Capital Management L.L.C. purchased a new position in shares of Okta in the 4th quarter valued at about $239,000. Institutional investors and hedge funds own 39.08% of the company’s stock.
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Okta, Inc is a United States-based independent provider of identity for the enterprise. The Company’s Okta Identity Cloud connects and protects employees. It also connects enterprises to their partners, suppliers and customers. The Company offers products, such as Okta information technology (IT) Products and Okta for Developers.
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