Okta (NASDAQ:OKTA) Upgraded to “Buy” at BTIG Research


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BTIG Research upgraded shares of Okta (NASDAQ:OKTA) from a neutral rating to a buy rating in a report issued on Thursday, Benzinga reports. They currently have $280.00 price target on the stock.

OKTA has been the topic of a number of other research reports. Canaccord Genuity raised Okta from a hold rating to a buy rating and set a $300.00 price objective on the stock in a research note on Wednesday, March 10th. BMO Capital Markets cut their target price on Okta from $285.00 to $265.00 and set an outperform rating on the stock in a research report on Thursday, March 4th. Deutsche Bank Aktiengesellschaft cut their target price on Okta from $313.00 to $270.00 and set a buy rating on the stock in a research report on Monday, March 8th. Needham & Company LLC reaffirmed a hold rating on shares of Okta in a research report on Thursday, April 8th. Finally, Morgan Stanley boosted their target price on Okta from $250.00 to $275.00 and gave the stock an equal weight rating in a research report on Friday, January 8th. One analyst has rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the company. Okta currently has a consensus rating of Buy and an average target price of $262.25.

Shares of OKTA stock opened at $274.25 on Thursday. The company has a debt-to-equity ratio of 2.51, a quick ratio of 4.80 and a current ratio of 4.80. Okta has a 1 year low of $142.00 and a 1 year high of $294.00. The stock has a fifty day moving average of $231.45 and a two-hundred day moving average of $244.15. The firm has a market capitalization of $35.98 billion, a PE ratio of -142.10 and a beta of 0.99.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Tuesday, March 2nd. The company reported $0.06 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.07. Okta had a negative return on equity of 31.29% and a negative net margin of 31.38%. The company had revenue of $234.74 million during the quarter, compared to analyst estimates of $221.99 million. During the same quarter in the previous year, the firm posted ($0.01) EPS. The firm’s quarterly revenue was up 40.3% on a year-over-year basis. Equities research analysts predict that Okta will post -1.31 earnings per share for the current fiscal year.

In other Okta news, CFO Michael R. Kourey sold 20,000 shares of the business’s stock in a transaction dated Monday, March 22nd. The stock was sold at an average price of $221.86, for a total value of $4,437,200.00. Following the transaction, the chief financial officer now owns 20,000 shares in the company, valued at $4,437,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jacques Frederic Kerrest sold 6,276 shares of the business’s stock in a transaction dated Tuesday, March 16th. The shares were sold at an average price of $228.81, for a total value of $1,436,011.56. Insiders sold 43,268 shares of company stock worth $9,745,749 in the last 90 days. Corporate insiders own 12.02% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Chicago Partners Investment Group LLC boosted its stake in shares of Okta by 4.5% during the 4th quarter. Chicago Partners Investment Group LLC now owns 1,005 shares of the company’s stock worth $265,000 after acquiring an additional 43 shares in the last quarter. Wetherby Asset Management Inc. boosted its stake in shares of Okta by 3.3% during the 3rd quarter. Wetherby Asset Management Inc. now owns 1,361 shares of the company’s stock worth $291,000 after acquiring an additional 44 shares in the last quarter. Asahi Life Asset Management CO. LTD. lifted its position in shares of Okta by 3.1% during the 4th quarter. Asahi Life Asset Management CO. LTD. now owns 1,990 shares of the company’s stock worth $506,000 after purchasing an additional 60 shares during the last quarter. World Asset Management Inc lifted its position in shares of Okta by 3.0% during the 4th quarter. World Asset Management Inc now owns 2,131 shares of the company’s stock worth $542,000 after purchasing an additional 62 shares during the last quarter. Finally, Xponance Inc. lifted its position in shares of Okta by 0.5% during the 4th quarter. Xponance Inc. now owns 11,994 shares of the company’s stock worth $3,050,000 after purchasing an additional 65 shares during the last quarter. Institutional investors own 75.77% of the company’s stock.

About Okta

Okta, Inc provides identity management platform 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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