Needham & Company LLC Reaffirms “Buy” Rating for Okta (OKTA)

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Okta (NASDAQ:OKTA)‘s stock had its “buy” rating restated by equities researchers at Needham & Company LLC in a research note issued on Thursday, Marketbeat.com reports. They presently have a $105.00 price target on the stock, up from their prior price target of $96.00. Needham & Company LLC’s price objective suggests a potential upside of 22.97% from the company’s previous close.

A number of other analysts have also commented on OKTA. Robert W. Baird reaffirmed a “hold” rating and issued a $65.00 target price on shares of Okta in a research report on Thursday, December 6th. Guggenheim began coverage on Okta in a report on Monday, December 10th. They set a “buy” rating and a $79.00 price objective for the company. BidaskClub upgraded Okta from a “buy” rating to a “strong-buy” rating in a research note on Saturday, December 15th. DA Davidson began coverage on Okta in a research note on Tuesday, December 18th. They issued a “neutral” rating and a $62.00 target price on the stock. Finally, Piper Jaffray Companies began coverage on Okta in a research note on Friday, January 11th. They issued an “overweight” rating and a $80.00 target price on the stock. Seven analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $82.11.

Shares of Okta stock opened at $85.39 on Thursday. Okta has a one year low of $38.27 and a one year high of $90.67. The stock has a market capitalization of $10.03 billion, a P/E ratio of -82.90 and a beta of 1.16.

Okta (NASDAQ:OKTA) last issued its earnings results on Thursday, March 7th. The company reported ($0.24) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.03. Okta had a negative return on equity of 44.56% and a negative net margin of 31.43%. The business had revenue of $115.47 million during the quarter, compared to analyst estimates of $107.94 million. On average, equities analysts anticipate that Okta will post -1.38 earnings per share for the current fiscal year.

In related news, Director Benjamin A. Horowitz sold 98,242 shares of the company’s stock in a transaction that occurred on Tuesday, January 15th. The stock was sold at an average price of $71.76, for a total value of $7,049,845.92. Following the transaction, the director now owns 11,765 shares in the company, valued at $844,256.40. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Charles Race sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, February 11th. The shares were sold at an average price of $83.76, for a total value of $2,512,800.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 811,689 shares of company stock worth $64,595,725. 20.59% of the stock is owned by company insiders.

A number of hedge funds have recently modified their holdings of the business. Kovack Advisors Inc. raised its holdings in Okta by 2.5% during the 4th quarter. Kovack Advisors Inc. now owns 5,107 shares of the company’s stock valued at $326,000 after acquiring an additional 126 shares during the period. First Mercantile Trust Co. raised its holdings in Okta by 1.8% during the 4th quarter. First Mercantile Trust Co. now owns 11,300 shares of the company’s stock valued at $721,000 after acquiring an additional 200 shares during the period. Ausdal Financial Partners Inc. raised its holdings in Okta by 4.3% during the 4th quarter. Ausdal Financial Partners Inc. now owns 4,904 shares of the company’s stock valued at $313,000 after acquiring an additional 201 shares during the period. Hsbc Holdings PLC raised its holdings in Okta by 5.5% during the 4th quarter. Hsbc Holdings PLC now owns 4,640 shares of the company’s stock valued at $296,000 after acquiring an additional 240 shares during the period. Finally, Diversified Trust Co raised its holdings in Okta by 4.7% during the 4th quarter. Diversified Trust Co now owns 9,015 shares of the company’s stock valued at $575,000 after acquiring an additional 405 shares during the period. 65.77% of the stock is currently owned by institutional investors and hedge funds.

Okta Company Profile

Okta, Inc provides identity solutions 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; 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; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for Web and mobile applications, and data of organization; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; and Mobility Management, which simplifies and automates mobile device administration and provisioning across phones, tablets, and laptops.

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Analyst Recommendations for Okta (NASDAQ:OKTA)

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