Okta, Inc. (NASDAQ:OKTA) Receives Consensus Recommendation of “Hold” from Analysts

Okta, Inc. (NASDAQ:OKTA) has received a consensus recommendation of “Hold” from the thirty brokerages that are currently covering the stock, Marketbeat Ratings reports. Twenty analysts have rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $100.39.

OKTA has been the subject of a number of analyst reports. Royal Bank of Canada upped their price target on Okta from $95.00 to $125.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Robert W. Baird upped their price target on Okta from $90.00 to $108.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. BMO Capital Markets increased their target price on Okta from $80.00 to $110.00 and gave the company a “market perform” rating in a research note on Thursday, February 29th. Bank of America upgraded Okta from an “underperform” rating to a “buy” rating and increased their target price for the company from $64.00 to $135.00 in a research note on Thursday, February 29th. Finally, Sanford C. Bernstein increased their target price on Okta from $84.00 to $114.00 and gave the company a “market perform” rating in a research note on Thursday, February 29th.

Okta Stock Down 1.8 %

OKTA opened at $92.03 on Friday. The company has a market cap of $15.41 billion, a PE ratio of -42.41 and a beta of 1.00. Okta has a 1 year low of $65.04 and a 1 year high of $114.50. The firm has a 50 day moving average price of $98.96 and a 200 day moving average price of $85.88. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.67 and a current ratio of 1.67.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Wednesday, February 28th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.35. The firm had revenue of $605.00 million during the quarter, compared to analysts’ expectations of $586.25 million. Okta had a negative return on equity of 5.69% and a negative net margin of 15.69%. Sell-side analysts expect that Okta will post -1.51 earnings per share for the current year.

Insiders Place Their Bets

In other Okta news, CAO Shibu Ninan sold 2,500 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $90.23, for a total value of $225,575.00. Following the sale, the chief accounting officer now directly owns 6,539 shares of the company’s stock, valued at $590,013.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Shellye L. Archambeau sold 5,000 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $106.96, for a total transaction of $534,800.00. Following the transaction, the director now directly owns 6,042 shares of the company’s stock, valued at $646,252.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Shibu Ninan sold 2,500 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $90.23, for a total value of $225,575.00. Following the transaction, the chief accounting officer now directly owns 6,539 shares in the company, valued at $590,013.97. The disclosure for this sale can be found here. Insiders have sold 11,779 shares of company stock valued at $1,205,990 over the last three months. Company insiders own 7.36% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of OKTA. MetLife Investment Management LLC acquired a new position in Okta during the first quarter worth about $1,232,000. APG Asset Management N.V. grew its holdings in Okta by 37.3% during the first quarter. APG Asset Management N.V. now owns 7,000 shares of the company’s stock worth $950,000 after acquiring an additional 1,900 shares during the period. Raymond James Trust N.A. grew its holdings in Okta by 33.7% during the first quarter. Raymond James Trust N.A. now owns 2,307 shares of the company’s stock worth $349,000 after acquiring an additional 581 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Okta by 3.7% during the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 22,788 shares of the company’s stock worth $3,440,000 after acquiring an additional 808 shares during the period. Finally, Cibc World Market Inc. grew its holdings in Okta by 7.9% during the first quarter. Cibc World Market Inc. now owns 3,297 shares of the company’s stock worth $498,000 after acquiring an additional 240 shares during the period. 86.64% of the stock is owned by institutional investors and hedge funds.

About Okta

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.