Citigroup Boosts Okta (NASDAQ:OKTA) Price Target to $130.00

Okta (NASDAQ:OKTAGet Rating) had its price target increased by equities research analysts at Citigroup from $105.00 to $130.00 in a report released on Friday, The Fly reports. Citigroup’s price objective would indicate a potential upside of 38.77% from the stock’s current price.

Several other research firms also recently commented on OKTA. Raymond James downgraded Okta from an “outperform” rating to a “market perform” rating in a research note on Wednesday, March 23rd. Wells Fargo & Company cut their target price on Okta from $175.00 to $130.00 and set a “na” rating for the company in a research note on Monday, May 16th. Morgan Stanley cut their target price on Okta to $150.00 and set a “na” rating for the company in a research note on Wednesday, May 18th. Needham & Company LLC cut their target price on Okta from $320.00 to $235.00 and set a “buy” rating for the company in a research note on Thursday, March 3rd. Finally, Royal Bank of Canada cut their target price on Okta from $260.00 to $145.00 in a research note on Tuesday. Eight investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $189.46.

Shares of NASDAQ OKTA opened at $93.68 on Friday. The stock has a market cap of $14.68 billion, a PE ratio of -16.55 and a beta of 1.18. The company has a quick ratio of 2.45, a current ratio of 2.45 and a debt-to-equity ratio of 0.31. Okta has a 52-week low of $77.01 and a 52-week high of $276.30. The business has a 50-day moving average price of $118.87 and a 200 day moving average price of $170.55.

Okta (NASDAQ:OKTAGet Rating) last posted its quarterly earnings data on Thursday, June 2nd. The company reported ($0.27) EPS for the quarter, beating the consensus estimate of ($0.34) by $0.07. The firm had revenue of $414.94 million during the quarter, compared to the consensus estimate of $388.77 million. Okta had a negative return on equity of 13.61% and a negative net margin of 65.25%. The firm’s revenue was up 65.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.59) EPS. Sell-side analysts anticipate that Okta will post -5.37 earnings per share for the current year.

In other Okta news, CEO Todd Mckinnon sold 7,655 shares of Okta stock in a transaction dated Wednesday, March 16th. The stock was sold at an average price of $152.92, for a total value of $1,170,602.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brett Tighe sold 2,858 shares of Okta stock in a transaction dated Wednesday, March 16th. The shares were sold at an average price of $152.92, for a total value of $437,045.36. The disclosure for this sale can be found here. Insiders sold a total of 19,537 shares of company stock valued at $2,984,147 in the last 90 days. 7.60% of the stock is owned by company insiders.

Large investors have recently modified their holdings of the company. Natixis Advisors L.P. purchased a new stake in shares of Okta during the 4th quarter worth about $2,440,000. Frontier Capital Management Co. LLC boosted its holdings in Okta by 3.7% in the 4th quarter. Frontier Capital Management Co. LLC now owns 370,859 shares of the company’s stock worth $83,135,000 after acquiring an additional 13,309 shares during the period. Advisor Group Holdings Inc. boosted its holdings in Okta by 6.2% in the 4th quarter. Advisor Group Holdings Inc. now owns 54,677 shares of the company’s stock worth $12,250,000 after acquiring an additional 3,195 shares during the period. Glynn Capital Management LLC boosted its holdings in Okta by 27.9% in the 4th quarter. Glynn Capital Management LLC now owns 335,282 shares of the company’s stock worth $75,160,000 after acquiring an additional 73,093 shares during the period. Finally, Viridian Ria LLC purchased a new position in Okta in the 4th quarter worth approximately $2,439,000. Institutional investors and hedge funds own 76.18% of the company’s stock.

Okta Company Profile (Get Rating)

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 and services, 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 applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway that enables organizations to extend the Okta Identity Cloud from the cloud to their existing on-premise applications; and Advanced Server Access to secure cloud infrastructure.

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