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

by · The Markets Daily

Stock analysts at Needham & Company LLC started coverage on shares of Okta (NASDAQ:OKTA – Get Free Report) in a research report issued on Thursday, StockNewsAPI reports. The brokerage set a “buy” rating and a $100.00 price target on the stock. Needham & Company LLC’s target price indicates a potential upside of 32.07% from the company’s current price.

A number of other research firms also recently issued reports on OKTA. Bank of America downgraded shares of Okta from a “buy” rating to an “underperform” rating and decreased their target price for the company from $135.00 to $75.00 in a research report on Thursday, August 29th. Scotiabank decreased their target price on shares of Okta from $104.00 to $92.00 and set a “sector perform” rating for the company in a research report on Thursday, August 29th. Westpark Capital restated a “buy” rating and set a $140.00 target price on shares of Okta in a research report on Thursday, August 29th. BMO Capital Markets lifted their price objective on shares of Okta from $100.00 to $103.00 and gave the company a “market perform” rating in a report on Thursday, August 29th. Finally, DA Davidson cut their price objective on shares of Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Okta presently has a consensus rating of “Hold” and an average target price of $102.82.

Check Out Our Latest Analysis on OKTA

Okta Trading Down 3.7 %

NASDAQ:OKTA opened at $75.72 on Thursday. Okta has a 12 month low of $65.04 and a 12 month high of $114.50. The firm has a fifty day simple moving average of $81.03 and a 200-day simple moving average of $89.60. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $12.74 billion, a P/E ratio of -45.34, a PEG ratio of 26.91 and a beta of 1.02.

Okta (NASDAQ:OKTA – Get Free Report) last posted its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 EPS 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 during the quarter, compared to the consensus estimate of $632.24 million. On average, equities research analysts anticipate that Okta will post 0.12 earnings per share for the current year.

Insider Transactions at Okta

In other news, CEO Todd Mckinnon sold 92,729 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $94.92, for a total value of $8,801,836.68. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Okta news, insider Larissa Schwartz sold 2,795 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $92.02, for a total value of $257,195.90. Following the completion of the transaction, the insider now owns 27,014 shares of the company’s stock, valued at $2,485,828.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Todd Mckinnon sold 92,729 shares of the firm’s stock in a transaction that occurred 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 disclosure for this sale can be found here. In the last three months, insiders have sold 523,676 shares of company stock worth $44,592,544. 7.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Okta

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OKTA. Future Financial Wealth Managment LLC acquired a new stake in shares of Okta in the 3rd quarter valued at $26,000. City State Bank raised its holdings in shares of Okta by 160.0% in the 1st quarter. City State Bank now owns 260 shares of the company’s stock valued at $27,000 after purchasing an additional 160 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Okta by 71.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock valued at $36,000 after purchasing an additional 142 shares in the last quarter. First Command Advisory Services Inc. acquired a new stake in shares of Okta in the 2nd quarter valued at $47,000. Finally, nVerses Capital LLC acquired a new stake in shares of Okta in the 2nd quarter valued at $47,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

About Okta

(Get Free Report)

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.

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