Okta (NASDAQ:OKTA) Given New $152.00 Price Target at BTIG Research

Okta (NASDAQ:OKTAGet Rating) had its price objective lowered by research analysts at BTIG Research from $216.00 to $152.00 in a research note issued to investors on Friday, The Fly reports. BTIG Research’s price target points to a potential upside of 38.86% from the company’s current price.

Other analysts also recently issued reports about the stock. Mizuho cut their price target on shares of Okta from $225.00 to $165.00 and set a “buy” rating on the stock in a research report on Wednesday, May 18th. Morgan Stanley cut their price target on shares of Okta to $150.00 and set a “na” rating on the stock in a research report on Wednesday, May 18th. Canaccord Genuity Group lowered their target price on Okta from $320.00 to $215.00 and set a “buy” rating for the company in a research note on Tuesday, February 22nd. Robert W. Baird lowered their target price on Okta from $195.00 to $125.00 in a research note on Friday. Finally, KeyCorp lowered their target price on Okta from $225.00 to $190.00 and set an “overweight” rating for the company in a research note on Tuesday, April 5th. Eight equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $178.43.

Shares of NASDAQ OKTA opened at $109.46 on Friday. 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 12-month low of $77.01 and a 12-month high of $276.30. The company has a market cap of $17.15 billion, a price-to-earnings ratio of -19.34 and a beta of 1.18. The firm’s 50-day simple moving average is $118.87 and its 200 day simple moving average is $170.55.

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

In other Okta news, CFO Brett Tighe sold 2,858 shares of the firm’s stock in a transaction on Wednesday, March 16th. The stock was sold at an average price of $152.92, for a total transaction of $437,045.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Jonathan T. Runyan sold 2,010 shares of Okta stock in a transaction on Wednesday, March 16th. The stock was sold at an average price of $152.92, for a total value of $307,369.20. The disclosure for this sale can be found here. Insiders have sold a total of 19,537 shares of company stock valued at $2,984,147 in the last ninety days. Insiders own 7.60% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Okta by 2.0% during the first quarter. Vanguard Group Inc. now owns 13,506,847 shares of the company’s stock worth $2,038,994,000 after buying an additional 264,423 shares in the last quarter. Capital Research Global Investors lifted its holdings in shares of Okta by 4.9% during the fourth quarter. Capital Research Global Investors now owns 2,819,551 shares of the company’s stock worth $632,059,000 after buying an additional 132,406 shares in the last quarter. Deer Management Co. LLC acquired a new stake in shares of Okta during the fourth quarter worth $614,155,000. Sands Capital Management LLC increased its position in shares of Okta by 0.9% in the first quarter. Sands Capital Management LLC now owns 2,633,732 shares of the company’s stock worth $397,588,000 after purchasing an additional 23,800 shares during the period. Finally, First Trust Advisors LP increased its position in shares of Okta by 4.0% in the first quarter. First Trust Advisors LP now owns 2,320,801 shares of the company’s stock worth $350,348,000 after purchasing an additional 89,070 shares during the period. 76.18% of the stock is owned by institutional investors.

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.

See Also

The Fly logo

Analyst Recommendations for Okta (NASDAQ:OKTA)

Want More Great Investing Ideas?

Receive News & Ratings for Okta Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Okta and related companies with MarketBeat.com's FREE daily email newsletter.