Okta (NASDAQ:OKTA)‘s stock had its “buy” rating reiterated by research analysts at Canaccord Genuity in a note issued to investors on Friday, The Fly reports. They presently have a $85.00 price objective on the stock, up from their prior price objective of $75.00. Canaccord Genuity’s target price would indicate a potential upside of 4.67% from the stock’s previous close. The analysts noted that the move was a valuation call.
A number of other brokerages have also recently weighed in on OKTA. SunTrust Banks cut Okta from a “buy” rating to a “hold” rating and upped their price objective for the stock from $74.00 to $90.00 in a research note on Monday. They noted that the move was a valuation call. Morgan Stanley assumed coverage on Okta in a research note on Monday, February 4th. They set an “equal weight” rating and a $85.00 price objective for the company. Zacks Investment Research cut Okta from a “hold” rating to a “sell” rating in a research note on Tuesday, February 5th. Needham & Company LLC upped their price objective on Okta from $75.00 to $96.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Robert W. Baird restated a “hold” rating on shares of Okta in a research note on Friday. Four research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Okta has an average rating of “Buy” and an average price target of $77.44.
Get Okta alerts:Shares of NASDAQ OKTA opened at $81.21 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.69 and a quick ratio of 2.69. The firm has a market cap of $9.30 billion, a P/E ratio of -59.28 and a beta of 1.25. Okta has a 1-year low of $37.21 and a 1-year high of $87.72.
Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Wednesday, December 5th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.24. The firm had revenue of $105.58 million during the quarter, compared to analysts’ expectations of $96.81 million. Okta had a negative return on equity of 48.01% and a negative net margin of 33.02%. As a group, equities analysts forecast that Okta will post -1.05 EPS for the current fiscal year.
In other Okta news, CFO William E. Losch sold 20,000 shares of the stock in a transaction dated Monday, December 17th. The stock was sold at an average price of $62.07, for a total value of $1,241,400.00. Following the completion of the sale, the chief financial officer now directly owns 20,000 shares in the company, valued at $1,241,400. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Benjamin A. Horowitz sold 35,669 shares of the stock in a transaction dated Friday, February 15th. The shares were sold at an average price of $84.64, for a total value of $3,019,024.16. Following the completion of the transaction, the director now directly owns 11,765 shares in the company, valued at $995,789.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,408,272 shares of company stock valued at $95,470,066. 20.59% of the stock is currently owned by company insiders.
Several hedge funds have recently made changes to their positions in OKTA. FMR LLC increased its holdings in shares of Okta by 27.5% in the fourth quarter. FMR LLC now owns 9,265,547 shares of the company’s stock valued at $591,143,000 after purchasing an additional 1,996,090 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Okta by 2,210.1% in the third quarter. Renaissance Technologies LLC now owns 1,298,300 shares of the company’s stock valued at $91,348,000 after purchasing an additional 1,242,100 shares during the period. FIL Ltd acquired a new position in shares of Okta in the third quarter valued at about $75,914,000. Norges Bank acquired a new position in shares of Okta in the fourth quarter valued at about $53,106,000. Finally, Morgan Stanley increased its holdings in shares of Okta by 49.3% in the third quarter. Morgan Stanley now owns 2,256,056 shares of the company’s stock valued at $158,736,000 after purchasing an additional 744,738 shares during the period. 62.54% of the stock is currently owned by institutional investors and hedge funds.
About Okta
Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products to manage and secure identities, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access their applications in the cloud or on-premise from various devices with a single entry of their user credentials; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for Web and mobile applications, and data of organization; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; and Mobility Management, which simplifies and automates mobile device administration and provisioning across phones, tablets, and laptops.
Featured Story: How accurate is the Rule of 72?
No comments:
Post a Comment