Okta (NASDAQ:OKTA) Coverage Initiated by Analysts at Barclays

Barclays began coverage on shares of Okta (NASDAQ:OKTA) in a research note released on Tuesday morning, Marketbeat Ratings reports. The brokerage issued an equal weight rating and a $81.00 price target on the stock.

OKTA has been the topic of a number of other research reports. Bank of America lowered shares of Okta from a “buy” rating to an “underperform” rating and decreased their price objective for the stock from $135.00 to $75.00 in a report on Thursday, August 29th. Wells Fargo & Company lowered their target price on Okta from $90.00 to $80.00 and set an “equal weight” rating for the company in a report on Thursday, October 17th. Citigroup decreased their price objective on Okta from $115.00 to $110.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. UBS Group dropped their target price on shares of Okta from $120.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Finally, Morgan Stanley dropped their price objective on shares of Okta from $100.00 to $92.00 and set an “equal weight” rating on the stock in a research report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $98.30.

Okta Stock Up 1.5 %

OKTA stock opened at $76.57 on Tuesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83. The company has a 50-day moving average of $74.72 and a two-hundred day moving average of $85.50. The stock has a market capitalization of $13.01 billion, a price-to-earnings ratio of -91.15, a price-to-earnings-growth ratio of 18.24 and a beta of 1.02. Okta has a 52-week low of $66.69 and a 52-week high of $114.50.

Okta (NASDAQ:OKTA) last released its earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.29. The business had revenue of $646.00 million for the quarter, compared to the consensus estimate of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. As a group, equities research analysts anticipate that Okta will post 0.19 EPS for the current year.

Insider Activity at Okta

In other Okta news, CEO Todd Mckinnon sold 200,512 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $75.21, for a total value of $15,080,507.52. Following the completion of the transaction, the chief executive officer now directly owns 8,495 shares in the company, valued at approximately $638,908.95. This represents a 95.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Larissa Schwartz sold 2,791 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $71.50, for a total value of $199,556.50. Following the completion of the sale, the insider now owns 22,125 shares in the company, valued at $1,581,937.50. This trade represents a 11.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 475,789 shares of company stock valued at $35,701,361 in the last quarter. Insiders own 7.00% of the company’s stock.

Hedge Funds Weigh In On Okta

Several institutional investors have recently added to or reduced their stakes in OKTA. Virtu Financial LLC acquired a new position in Okta during the 3rd quarter worth approximately $2,436,000. MML Investors Services LLC lifted its holdings in Okta by 43.2% during the third quarter. MML Investors Services LLC now owns 33,333 shares of the company’s stock worth $2,478,000 after acquiring an additional 10,048 shares during the period. Legacy Investment Solutions LLC bought a new stake in Okta in the third quarter worth about $32,000. Wahed Invest LLC grew its holdings in Okta by 14.8% during the third quarter. Wahed Invest LLC now owns 3,874 shares of the company’s stock valued at $288,000 after purchasing an additional 499 shares during the period. Finally, Washington Harbour Partners LP raised its stake in Okta by 19.4% in the 3rd quarter. Washington Harbour Partners LP now owns 35,760 shares of the company’s stock valued at $2,658,000 after acquiring an additional 5,800 shares during the period. 86.64% of the stock is owned by institutional investors and hedge funds.

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.