Okta (NASDAQ:OKTA) Stock Rating Lowered by BidaskClub

BidaskClub downgraded shares of Okta (NASDAQ:OKTA) from a strong-buy rating to a buy rating in a report issued on Friday morning, BidAskClub reports.

Other research analysts have also recently issued research reports about the stock. BTIG Research cut shares of Okta from a buy rating to a neutral rating in a report on Monday, June 29th. Mizuho lifted their price target on shares of Okta from $245.00 to $255.00 and gave the company a neutral rating in a report on Thursday, October 15th. BMO Capital Markets lifted their price target on shares of Okta from $228.00 to $260.00 in a report on Thursday, October 8th. ValuEngine upgraded shares of Okta from a hold rating to a buy rating in a report on Thursday, October 1st. Finally, Zacks Investment Research cut shares of Okta from a hold rating to a sell rating in a report on Thursday, July 30th. One research analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have issued a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $208.60.

Shares of Okta stock opened at $219.20 on Friday. The company has a debt-to-equity ratio of 2.47, a quick ratio of 5.07 and a current ratio of 5.07. Okta has a 52-week low of $88.66 and a 52-week high of $251.18. The stock has a market capitalization of $28.08 billion, a price-to-earnings ratio of -115.37 and a beta of 0.97. The company’s 50 day moving average price is $217.52 and its 200-day moving average price is $196.81.

Okta (NASDAQ:OKTA) last issued its earnings results on Thursday, August 27th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.09. Okta had a negative net margin of 32.93% and a negative return on equity of 35.07%. The firm had revenue of $200.45 million for the quarter, compared to analysts’ expectations of $186.37 million. During the same quarter last year, the business earned ($0.05) earnings per share. The business’s revenue was up 42.7% on a year-over-year basis. As a group, equities research analysts forecast that Okta will post -1.48 earnings per share for the current fiscal year.

In other Okta news, Director Benjamin A. Horowitz sold 50,000 shares of the business’s stock in a transaction dated Monday, October 12th. The stock was sold at an average price of $244.28, for a total value of $12,214,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Christopher K. Kramer sold 939 shares of the business’s stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $237.70, for a total value of $223,200.30. Following the completion of the transaction, the chief accounting officer now directly owns 5,601 shares of the company’s stock, valued at approximately $1,331,357.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 365,679 shares of company stock valued at $80,862,987. 12.02% of the stock is owned by insiders.

Large investors have recently modified their holdings of the business. CWM LLC increased its position in shares of Okta by 2,057.1% during the 3rd quarter. CWM LLC now owns 151 shares of the company’s stock valued at $32,000 after purchasing an additional 144 shares during the last quarter. Verus Capital Partners LLC increased its position in shares of Okta by 1,866.7% during the 1st quarter. Verus Capital Partners LLC now owns 295 shares of the company’s stock valued at $36,000 after purchasing an additional 280 shares during the last quarter. Focused Wealth Management Inc increased its position in shares of Okta by 109.7% during the 3rd quarter. Focused Wealth Management Inc now owns 170 shares of the company’s stock valued at $36,000 after purchasing an additional 1,929 shares during the last quarter. James Investment Research Inc. purchased a new stake in shares of Okta during the 2nd quarter valued at about $38,000. Finally, Newfound Research LLC purchased a new stake in shares of Okta during the 3rd quarter valued at about $38,000. 77.40% of the stock is owned by institutional investors and hedge funds.

Okta Company Profile

Okta, Inc provides identity management platforms for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products 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; and Single Sign-On that enables users to access their applications in the cloud or on-premise from various devices with a single entry of their user credentials.

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Analyst Recommendations for Okta (NASDAQ:OKTA)

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