Okta (NASDAQ:OKTA) Price Target Raised to $154.00 at Needham & Company LLC

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Okta (NASDAQ:OKTA) had its price target lifted by analysts at Needham & Company LLC to $154.00 in a report issued on Wednesday, The Fly reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price suggests a potential upside of 11.06% from the company’s current price.

A number of other equities research analysts have also weighed in on OKTA. Deutsche Bank restated a “buy” rating and issued a GBX 430 ($5.62) target price on shares of in a report on Friday, June 21st. Zacks Investment Research upgraded shares of First Industrial Realty Trust from a “hold” rating to a “buy” rating and set a $39.00 price objective for the company in a research note on Wednesday, June 5th. BidaskClub lowered shares of Walgreens Boots Alliance from a “sell” rating to a “strong sell” rating in a research note on Monday, June 24th. Piper Jaffray Companies set a $360.00 price objective on shares of Ulta Beauty and gave the company a “buy” rating in a research note on Friday, May 31st. Finally, JPMorgan Chase & Co. decreased their price objective on shares of GAP from $24.00 to $17.00 and set an “underweight” rating for the company in a research note on Friday, May 31st. Eight equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $101.22.

OKTA opened at $138.66 on Wednesday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.61. Okta has a fifty-two week low of $41.88 and a fifty-two week high of $139.90. The firm has a market cap of $15.75 billion, a price-to-earnings ratio of -134.62 and a beta of 1.01. The stock has a 50-day simple moving average of $126.88.

Okta (NASDAQ:OKTA) last posted its earnings results on Thursday, May 30th. The company reported ($0.39) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.40) by $0.01. Okta had a negative net margin of 34.37% and a negative return on equity of 53.36%. The company had revenue of $125.20 million for the quarter, compared to analyst estimates of $116.83 million. During the same quarter in the prior year, the business posted ($0.09) EPS. The firm’s revenue was up 49.8% compared to the same quarter last year. Sell-side analysts predict that Okta will post -1.35 earnings per share for the current fiscal year.

In other news, insider Charles Race sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $104.95, for a total transaction of $3,148,500.00. Following the completion of the sale, the insider now owns 38,590 shares in the company, valued at approximately $4,050,020.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Benjamin A. Horowitz sold 48,897 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $106.15, for a total transaction of $5,190,416.55. Following the sale, the director now owns 11,765 shares of the company’s stock, valued at approximately $1,248,854.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 348,388 shares of company stock valued at $42,845,814. 14.69% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Valeo Financial Advisors LLC boosted its holdings in Okta by 122.4% in the 2nd quarter. Valeo Financial Advisors LLC now owns 238 shares of the company’s stock worth $29,000 after buying an additional 131 shares during the period. Truewealth LLC bought a new position in Okta in the 2nd quarter valued at $33,000. Meridian Wealth Management LLC bought a new position in Okta in the 1st quarter valued at $48,000. Optimum Investment Advisors bought a new position in Okta in the 1st quarter valued at $50,000. Finally, Tortoise Index Solutions LLC bought a new position in Okta in the 1st quarter valued at $55,000. 77.89% of the stock is owned by institutional investors.

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 cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.

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Analyst Recommendations for Okta (NASDAQ:OKTA)

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