Okta, Inc. (NASDAQ:OKTA) Receives Average Rating of "Hold" from Analysts

Okta, Inc. (NASDAQ:OKTA - Get Free Report) has earned a consensus recommendation of "Hold" from the thirty-one ratings firms that are currently covering the company, MarketBeat reports. Nineteen investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $105.58.

Several analysts have recently commented on OKTA shares. Needham & Company LLC reaffirmed a "buy" rating and issued a $130.00 target price on shares of Okta in a research report on Thursday, May 30th. JPMorgan Chase & Co. raised their target price on Okta from $105.00 to $110.00 and gave the stock a "neutral" rating in a research report on Thursday, May 30th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $125.00 target price on shares of Okta in a research report on Monday, June 17th. Susquehanna decreased their target price on Okta from $115.00 to $110.00 and set a "neutral" rating for the company in a research report on Thursday, May 30th. Finally, Guggenheim reissued a "buy" rating and set a $130.00 price objective on shares of Okta in a research report on Tuesday, June 25th.

Okta Price Performance

Shares of OKTA traded up $1.03 during trading hours on Tuesday, hitting $96.05. 1,121,132 shares of the company were exchanged, compared to its average volume of 1,850,646. The company has a market capitalization of $16.16 billion, a PE ratio of -57.51 and a beta of 1.03. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.73 and a quick ratio of 1.73. The firm has a fifty day simple moving average of $93.32 and a 200-day simple moving average of $93.92. Okta has a one year low of $65.04 and a one year high of $114.50.

Okta (NASDAQ:OKTA - Get Free Report) last released its quarterly earnings data on Wednesday, May 29th. The company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.27. The business had revenue of $617.00 million during the quarter, compared to analyst estimates of $604.33 million. Okta had a negative return on equity of 3.81% and a negative net margin of 11.69%. As a group, sell-side analysts predict that Okta will post -0.28 earnings per share for the current year.

Insider Transactions at Okta

In other news, insider Larissa Schwartz sold 2,792 shares of Okta stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $99.40, for a total value of $277,524.80. Following the transaction, the insider now directly owns 29,809 shares in the company, valued at $2,963,014.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Larissa Schwartz sold 2,792 shares of Okta stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $99.40, for a total transaction of $277,524.80. Following the sale, the insider now directly owns 29,809 shares of the company's stock, valued at $2,963,014.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Todd Mckinnon sold 92,729 shares of Okta stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $94.92, for a total value of $8,801,836.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 362,256 shares of company stock worth $34,154,578. Company insiders own 7.00% of the company's stock.

Institutional Investors Weigh In On Okta

A number of institutional investors have recently added to or reduced their stakes in OKTA. Vanguard Group Inc. boosted its holdings in Okta by 0.8% during the first quarter. Vanguard Group Inc. now owns 15,848,525 shares of the company's stock valued at $1,658,073,000 after purchasing an additional 128,906 shares in the last quarter. Sands Capital Management LLC boosted its holdings in Okta by 42.3% during the fourth quarter. Sands Capital Management LLC now owns 8,358,414 shares of the company's stock valued at $756,687,000 after purchasing an additional 2,486,456 shares in the last quarter. First Trust Advisors LP boosted its holdings in Okta by 28.1% during the fourth quarter. First Trust Advisors LP now owns 4,085,430 shares of the company's stock valued at $369,854,000 after purchasing an additional 897,216 shares in the last quarter. Cerity Partners LLC boosted its holdings in Okta by 6,192.3% during the fourth quarter. Cerity Partners LLC now owns 3,172,223 shares of the company's stock valued at $287,181,000 after purchasing an additional 3,121,809 shares in the last quarter. Finally, Eminence Capital LP boosted its holdings in Okta by 19.4% during the fourth quarter. Eminence Capital LP now owns 1,910,621 shares of the company's stock valued at $172,969,000 after purchasing an additional 310,918 shares in the last quarter. 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.