Needham & Company LLC Begins Coverage on Okta (NASDAQ:OKTA)

Needham & Company LLC started coverage on shares of Okta (NASDAQ:OKTA) in a report released on Thursday, StockNewsAPI reports. The brokerage set a “buy” rating and a $100.00 price target on the stock. Needham & Company LLC’s price target points to a potential upside of 33.65% from the company’s current price.

Several other research analysts have also recently weighed in on OKTA. Wells Fargo & Company cut their price target on shares of Okta from $100.00 to $90.00 and set an “equal weight” rating on the stock in a report on Thursday, August 29th. Piper Sandler cut their price target on shares of Okta from $100.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday. BMO Capital Markets boosted their target price on shares of Okta from $100.00 to $103.00 and gave the company a “market perform” rating in a research note on Thursday, August 29th. Westpark Capital reiterated a “buy” rating and issued a $140.00 target price on shares of Okta in a research note on Thursday, August 29th. Finally, Bank of America cut shares of Okta from a “buy” rating to an “underperform” rating and dropped their target price for the company from $135.00 to $75.00 in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $99.38.

Okta Stock Up 0.5 %

Shares of NASDAQ OKTA opened at $74.82 on Thursday. Okta has a 1 year low of $65.04 and a 1 year high of $114.50. The stock has a market capitalization of $12.71 billion, a P/E ratio of -89.07, a P/E/G ratio of 18.05 and a beta of 1.02. The company has a 50-day moving average price of $80.44 and a 200-day moving average price of $89.29. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.29. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. The business had revenue of $646.00 million for the quarter, compared to analysts’ expectations of $632.24 million. On average, equities research analysts forecast that Okta will post 0.19 EPS for the current fiscal year.

Insiders Place Their Bets

In other Okta news, insider Larissa Schwartz sold 2,797 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $77.63, for a total value of $217,131.11. Following the sale, the insider now directly owns 24,916 shares in the company, valued at $1,934,229.08. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Todd Mckinnon sold 92,729 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $94.92, for a total transaction of $8,801,836.68. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Larissa Schwartz sold 2,797 shares of the firm’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $77.63, for a total transaction of $217,131.11. Following the sale, the insider now owns 24,916 shares in the company, valued at approximately $1,934,229.08. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 343,989 shares of company stock worth $27,806,184 in the last three months. 7.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Okta

Several institutional investors and hedge funds have recently made changes to their positions in OKTA. Marshall Wace LLP raised its position in shares of Okta by 117.4% during the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock valued at $212,841,000 after buying an additional 1,227,890 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Okta by 2.9% during the 4th quarter. Vanguard Group Inc. now owns 15,719,619 shares of the company’s stock valued at $1,423,097,000 after buying an additional 438,496 shares in the last quarter. Eminence Capital LP raised its position in shares of Okta by 18.1% during the 2nd quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock valued at $186,225,000 after buying an additional 305,381 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Okta by 49.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 645,448 shares of the company’s stock valued at $67,527,000 after buying an additional 214,302 shares in the last quarter. Finally, Truist Financial Corp raised its position in shares of Okta by 62.5% during the 2nd quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after buying an additional 200,770 shares in the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s stock.

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.