Investment Analysts’ Weekly Ratings Updates for Okta (OKTA)

A number of firms have modified their ratings and price targets on shares of Okta (NASDAQ: OKTA) recently:

• 9/6/2023 – Okta had its price target raised by analysts at Citigroup Inc. from $87.00 to $90.00. They now have a “neutral” rating on the stock.
• 8/31/2023 – Okta had its “outperform” rating reaffirmed by analysts at Oppenheimer Holdings Inc.. They now have a $110.00 price target on the stock.
• 8/31/2023 – Okta had its “outperform” rating reaffirmed by analysts at Royal Bank of Canada. They now have a $112.00 price target on the stock.
• 8/31/2023 – Okta had its price target raised by analysts at Macquarie from $83.00 to $85.00. They now have a “neutral” rating on the stock.
• 8/31/2023 – Okta had its price target raised by analysts at DA Davidson from $75.00 to $80.00. They now have a “neutral” rating on the stock.
• 8/31/2023 – Okta had its price target raised by analysts at BMO Capital Markets from $85.00 to $90.00. They now have a “market perform” rating on the stock.
• 8/31/2023 – Okta had its “market outperform” rating reaffirmed by analysts at JMP Securities. They now have a $110.00 price target on the stock.
• 8/31/2023 – Okta had its price target raised by analysts at Canaccord Genuity Group Inc. from $75.00 to $85.00. They now have a “hold” rating on the stock.
• 8/31/2023 – Okta had its “equal weight” rating reaffirmed by analysts at Stephens. They now have a $90.00 price target on the stock.
• 8/31/2023 – Okta had its “buy” rating reaffirmed by analysts at Stifel Nicolaus. They now have a $100.00 price target on the stock.
• 8/31/2023 – Okta had its price target raised by analysts at Mizuho from $90.00 to $93.00. They now have a “buy” rating on the stock.
• 8/31/2023 – Okta had its price target raised by analysts at Wells Fargo & Company from $85.00 to $95.00.
• 8/29/2023 – Okta had its “buy” rating reaffirmed by analysts at Needham & Company LLC. They now have a $100.00 price target on the stock.
• 8/28/2023 – Okta had its price target lowered by analysts at Wells Fargo & Company from $98.00 to $85.00. They now have an “overweight” rating on the stock.
• 8/22/2023 – Okta had its price target lowered by analysts at Canaccord Genuity Group Inc. from $85.00 to $75.00. They now have a “hold” rating on the stock.
• 8/21/2023 – Okta had its “buy” rating reaffirmed by analysts at Guggenheim. They now have a $96.00 price target on the stock.
• 8/16/2023 – Okta had its price target lowered by analysts at Mizuho from $95.00 to $90.00. They now have a “buy” rating on the stock.
• 8/13/2023 – Okta was upgraded by analysts at The Goldman Sachs Group, Inc. from a “sell” rating to a “buy” rating. They now have a $91.00 price target on the stock, up previously from $77.00.
• 7/31/2023 – Okta had its price target raised by analysts at Morgan Stanley from $84.00 to $89.00. They now have an “equal weight” rating on the stock.

Okta Stock Down 1.4 %

OKTA traded down $1.22 during trading on Tuesday, reaching $88.86. 1,206,711 shares of the stock were exchanged, compared to its average volume of 2,517,540. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.09 and a current ratio of 1.84. The stock’s 50 day moving average price is $74.07 and its two-hundred day moving average price is $76.40. Okta, Inc. has a twelve month low of $44.12 and a twelve month high of $91.50. The stock has a market cap of $14.43 billion, a P/E ratio of -24.08 and a beta of 0.99.

Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Wednesday, August 30th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.09. The firm had revenue of $556.00 million for the quarter, compared to the consensus estimate of $534.67 million. Okta had a negative net margin of 28.66% and a negative return on equity of 9.40%. The business’s revenue for the quarter was up 23.0% on a year-over-year basis. During the same period in the prior year, the company posted ($1.19) earnings per share. Equities analysts expect that Okta, Inc. will post -2.85 EPS for the current year.

Insider Transactions at Okta

In related news, insider Larissa Schwartz sold 1,958 shares of Okta stock in a transaction on Friday, June 16th. The shares were sold at an average price of $75.60, for a total value of $148,024.80. Following the completion of the sale, the insider now owns 20,522 shares of the company’s stock, valued at approximately $1,551,463.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Okta news, CFO Brett Tighe sold 4,380 shares of Okta stock in a transaction on Friday, June 16th. The shares were sold at an average price of $75.60, for a total transaction of $331,128.00. Following the transaction, the chief financial officer now directly owns 48,516 shares of the company’s stock, valued at approximately $3,667,809.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Larissa Schwartz sold 1,958 shares of Okta stock in a transaction on Friday, June 16th. The stock was sold at an average price of $75.60, for a total transaction of $148,024.80. Following the transaction, the insider now directly owns 20,522 shares in the company, valued at $1,551,463.20. The disclosure for this sale can be found here. Insiders sold a total of 13,430 shares of company stock valued at $1,015,308 in the last quarter. 7.36% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in OKTA. Vanguard Group Inc. grew its holdings in shares of Okta by 1.7% during the third quarter. Vanguard Group Inc. now owns 14,079,420 shares of the company’s stock worth $800,697,000 after purchasing an additional 237,961 shares in the last quarter. Sands Capital Management LLC lifted its position in Okta by 158.0% in the fourth quarter. Sands Capital Management LLC now owns 6,313,967 shares of the company’s stock valued at $431,433,000 after purchasing an additional 3,866,915 shares during the last quarter. Champlain Investment Partners LLC lifted its position in Okta by 41.7% in the second quarter. Champlain Investment Partners LLC now owns 4,159,017 shares of the company’s stock valued at $288,428,000 after purchasing an additional 1,224,405 shares during the last quarter. Geode Capital Management LLC lifted its position in Okta by 2.8% in the second quarter. Geode Capital Management LLC now owns 2,214,091 shares of the company’s stock valued at $153,289,000 after purchasing an additional 59,516 shares during the last quarter. Finally, Soma Equity Partners LP bought a new stake in Okta in the fourth quarter valued at approximately $111,036,000. Hedge funds and other institutional investors own 77.52% of the company’s stock.

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's, a suite of products and services is used 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 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 enables organizations to extend the Workforce Identity Cloud; Advanced Server Access to manage and secure cloud infrastructure; and Okta Identity Governance, an identity access management and identity governance solutions.