Okta (NASDAQ:OKTA) Stock Rating Reaffirmed by Wedbush

Okta (NASDAQ:OKTA)‘s stock had its “outperform” rating reiterated by investment analysts at Wedbush in a research note issued to investors on Friday, Benzinga reports. They currently have a $130.00 price target on the stock. Wedbush’s price objective indicates a potential upside of 33.81% from the company’s previous close.

Several other analysts have also recently weighed in on OKTA. Canaccord Genuity Group lifted their price target on shares of Okta from $85.00 to $95.00 and gave the company a “hold” rating in a report on Thursday, February 29th. Robert W. Baird lifted their price objective on Okta from $90.00 to $108.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. BMO Capital Markets increased their target price on Okta from $80.00 to $110.00 and gave the stock a “market perform” rating in a research report on Thursday, February 29th. Sanford C. Bernstein lifted their price target on Okta from $84.00 to $114.00 and gave the company a “market perform” rating in a research report on Thursday, February 29th. Finally, Evercore ISI raised their price objective on Okta from $70.00 to $102.00 and gave the company an “in-line” rating in a research report on Thursday, February 29th. Twenty equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Okta has an average rating of “Hold” and an average target price of $101.68.

Okta Price Performance

Shares of OKTA stock traded down $0.97 during trading hours on Friday, hitting $97.15. 337,720 shares of the company’s stock were exchanged, compared to its average volume of 1,828,921. The company has a market capitalization of $16.26 billion, a PE ratio of -44.59 and a beta of 0.98. The company has a current ratio of 1.67, a quick ratio of 1.67 and a debt-to-equity ratio of 0.20. Okta has a 12-month low of $65.04 and a 12-month high of $114.50. The business’s 50 day simple moving average is $101.14 and its 200-day simple moving average is $87.04.

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

Insider Activity

In related news, CAO Shibu Ninan sold 2,500 shares of the business’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 sale, the chief accounting officer now owns 6,539 shares in the company, valued at $590,013.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Shibu Ninan sold 2,500 shares of Okta stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now owns 6,539 shares in the company, valued at approximately $590,013.97. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 value of $534,800.00. Following the completion of the sale, the director now owns 6,042 shares of the company’s stock, valued at $646,252.32. The disclosure for this sale can be found here. Insiders sold a total of 11,779 shares of company stock worth $1,205,990 over the last 90 days. Corporate insiders own 7.36% of the company’s stock.

Institutional Trading of Okta

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. NBC Securities Inc. purchased a new stake in shares of Okta in the 3rd quarter worth $27,000. City State Bank boosted its stake in shares of Okta by 160.0% during the first quarter. City State Bank now owns 260 shares of the company’s stock valued at $27,000 after purchasing an additional 160 shares in the last quarter. GAMMA Investing LLC purchased a new stake in Okta during the fourth quarter worth $29,000. Harvest Fund Management Co. Ltd bought a new stake in Okta during the 3rd quarter valued at $39,000. Finally, Venturi Wealth Management LLC increased its holdings in shares of Okta by 50.4% in the 1st quarter. Venturi Wealth Management LLC now owns 391 shares of the company’s stock valued at $41,000 after acquiring an additional 131 shares during the period. 86.64% of the stock is owned by hedge funds and other institutional investors.

Okta Company Profile

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.