Okta (NASDAQ:OKTA) Stock Rating Reaffirmed by Guggenheim

Okta (NASDAQ:OKTA)‘s stock had its “buy” rating restated by investment analysts at Guggenheim in a note issued to investors on Tuesday, Benzinga reports. They presently have a $130.00 target price on the stock. Guggenheim’s price objective indicates a potential upside of 47.23% from the stock’s previous close.

OKTA has been the topic of several other reports. BMO Capital Markets decreased their price objective on shares of Okta from $110.00 to $100.00 and set a “market perform” rating on the stock in a report on Monday, June 3rd. Bank of America upgraded shares of Okta from an “underperform” rating to a “buy” rating and upped their price objective for the stock from $64.00 to $135.00 in a report on Thursday, February 29th. JPMorgan Chase & Co. upped their price objective on shares of Okta from $105.00 to $110.00 and gave the stock a “neutral” rating in a report on Thursday, May 30th. Wedbush restated an “outperform” rating and issued a $130.00 price objective on shares of Okta in a report on Wednesday, May 29th. Finally, Evercore ISI upgraded shares of Okta from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $102.00 to $122.00 in a report on Thursday, May 30th. Nineteen research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Okta currently has an average rating of “Hold” and an average price target of $105.58.

Okta Stock Performance

Okta stock opened at $88.30 on Tuesday. The firm has a 50 day simple moving average of $93.40 and a 200-day simple moving average of $92.58. Okta has a 1-year low of $65.04 and a 1-year high of $114.50. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.73 and a quick ratio of 1.73. The stock has a market cap of $14.85 billion, a price-to-earnings ratio of -52.87 and a beta of 1.03.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Wednesday, May 29th. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.27. Okta had a negative net margin of 11.69% and a negative return on equity of 3.81%. The business had revenue of $617.00 million during the quarter, compared to analysts’ expectations of $604.33 million. On average, analysts expect that Okta will post -0.28 EPS for the current year.

Insider Transactions at Okta

In related news, Director Jacques Frederic Kerrest sold 1,552 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $86.99, for a total transaction of $135,008.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On Okta

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Okta by 2.9% in the fourth quarter. Vanguard Group Inc. now owns 15,719,619 shares of the company’s stock valued at $1,423,097,000 after acquiring an additional 438,496 shares during the period. Northern Trust Corp raised its stake in shares of Okta by 3.0% during the 3rd quarter. Northern Trust Corp now owns 944,726 shares of the company’s stock worth $77,005,000 after buying an additional 27,577 shares during the last quarter. RPG Investment Advisory LLC raised its stake in shares of Okta by 57.2% during the 4th quarter. RPG Investment Advisory LLC now owns 77,269 shares of the company’s stock worth $6,995,000 after buying an additional 28,119 shares during the last quarter. Los Angeles Capital Management LLC raised its stake in shares of Okta by 282.5% during the 1st quarter. Los Angeles Capital Management LLC now owns 248,658 shares of the company’s stock worth $26,015,000 after buying an additional 183,643 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in shares of Okta by 2,721.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 176,071 shares of the company’s stock worth $15,940,000 after buying an additional 169,830 shares during the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

About Okta

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.