Brokerages Set Okta, Inc. (NASDAQ:OKTA) Target Price at $80.47

Shares of Okta, Inc. (NASDAQ:OKTAGet Rating) have earned an average rating of “Hold” from the thirty-six analysts that are currently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, twelve have issued a hold recommendation and twelve have issued a buy recommendation on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $80.47.

Several analysts have weighed in on OKTA shares. BTIG Research cut their price objective on Okta from $117.00 to $80.00 in a research report on Wednesday, November 2nd. Truist Financial decreased their price objective on shares of Okta from $70.00 to $60.00 in a report on Thursday, November 10th. Scotiabank began coverage on shares of Okta in a research note on Wednesday. They set an “outperform” rating and a $90.00 target price for the company. Canaccord Genuity Group reduced their price objective on Okta from $85.00 to $70.00 and set a “hold” rating for the company in a research note on Monday, November 14th. Finally, Sumitomo Mitsui Financial Group initiated coverage on shares of Okta in a report on Wednesday, January 4th. They issued an “outperform” rating and a $90.00 target price for the company.

Insider Activity at Okta

In other news, Director Jacques Frederic Kerrest sold 18,729 shares of the stock in a transaction on Thursday, November 3rd. The stock was sold at an average price of $49.15, for a total transaction of $920,530.35. Following the sale, the director now owns 100 shares in the company, valued at $4,915. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Jacques Frederic Kerrest sold 18,729 shares of the firm’s stock in a transaction dated Thursday, November 3rd. The stock was sold at an average price of $49.15, for a total transaction of $920,530.35. Following the sale, the director now owns 100 shares of the company’s stock, valued at $4,915. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Ledger Susan St. sold 2,504 shares of Okta stock in a transaction that occurred on Friday, December 16th. The shares were sold at an average price of $67.41, for a total value of $168,794.64. Following the completion of the sale, the insider now directly owns 67,298 shares in the company, valued at approximately $4,536,558.18. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 30,679 shares of company stock worth $1,726,103. 7.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Okta

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Synovus Financial Corp raised its holdings in shares of Okta by 1.5% during the 2nd quarter. Synovus Financial Corp now owns 6,978 shares of the company’s stock worth $631,000 after buying an additional 103 shares in the last quarter. Sepio Capital LP boosted its position in shares of Okta by 3.0% during the 2nd quarter. Sepio Capital LP now owns 3,777 shares of the company’s stock valued at $341,000 after purchasing an additional 110 shares in the last quarter. Captrust Financial Advisors boosted its position in shares of Okta by 2.4% during the 2nd quarter. Captrust Financial Advisors now owns 5,953 shares of the company’s stock valued at $538,000 after purchasing an additional 137 shares in the last quarter. Capital Investment Advisory Services LLC boosted its position in shares of Okta by 4.9% during the 2nd quarter. Capital Investment Advisory Services LLC now owns 3,113 shares of the company’s stock valued at $281,000 after purchasing an additional 145 shares in the last quarter. Finally, Toroso Investments LLC lifted its holdings in shares of Okta by 10.1% in the 1st quarter. Toroso Investments LLC now owns 1,717 shares of the company’s stock worth $259,000 after purchasing an additional 157 shares in the last quarter. 73.02% of the stock is owned by institutional investors and hedge funds.

Okta Stock Down 1.3 %

Shares of NASDAQ:OKTA opened at $67.67 on Friday. Okta has a 1 year low of $44.12 and a 1 year high of $210.41. The company has a market cap of $10.84 billion, a PE ratio of -11.71 and a beta of 1.05. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.30 and a quick ratio of 2.30. The stock’s 50-day moving average is $62.58 and its 200 day moving average is $71.13.

Okta (NASDAQ:OKTAGet Rating) last posted its quarterly earnings data on Wednesday, November 30th. The company reported ($1.09) earnings per share for the quarter, beating the consensus estimate of ($1.34) by $0.25. The business had revenue of $481.04 million for the quarter, compared to analysts’ expectations of $463.62 million. Okta had a negative return on equity of 13.61% and a negative net margin of 52.19%. Sell-side analysts anticipate that Okta will post -4.48 EPS for the current year.

Okta Company Profile

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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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