Okta, Inc. (OKTA) Downgraded to Sell at Zacks Investment Research
Zacks Investment Research lowered shares of Okta, Inc. (NASDAQ:OKTA) from a hold rating to a sell rating in a report published on Friday morning.
According to Zacks, “Okta, Inc. is a provider of identity for the enterprise. The Company’s product consists of Okta information technology Products and Okta for Developers. Okta IT Products include Single Sign-On, Mobility Management, Adaptive Multi-Factor Authentication, Lifecycle Management and Universal Directory. Okta for Developers include Complete Authentication, User Management, Application Programming Interface Access Management and Developer Tools. Okta, Inc. is based in SAN FRANCISCO, United States. “
Other analysts have also recently issued reports about the company. Canaccord Genuity restated a hold rating and issued a $27.00 price target on shares of Okta in a research note on Friday, June 9th. Pacific Crest restated an outperform rating and issued a $32.00 price target on shares of Okta in a research note on Monday, June 12th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. Okta presently has an average rating of Hold and an average price target of $29.50.
Okta (NASDAQ:OKTA) traded down 1.48% on Friday, hitting $26.59. The stock had a trading volume of 189,212 shares. The company’s market cap is $2.53 billion. The firm’s 50-day moving average is $24.05 and its 200-day moving average is $24.12. Okta has a 52-week low of $10.09 and a 52-week high of $28.25.
Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Wednesday, June 7th. The company reported ($0.50) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.61) by $0.11. The business had revenue of $53 million during the quarter, compared to analyst estimates of $48.23 million. The business’s revenue was up 66.7% compared to the same quarter last year. Equities research analysts anticipate that Okta will post ($1.13) earnings per share for the current fiscal year.
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Institutional investors have recently added to or reduced their stakes in the company. Peregrine Capital Management LLC bought a new position in Okta during the second quarter worth about $6,909,000. Spark Investment Management LLC purchased a new stake in shares of Okta during the second quarter valued at approximately $3,841,000. Essex Investment Management Co. LLC purchased a new stake in shares of Okta during the second quarter valued at approximately $2,321,000. Hillman Co. purchased a new stake in shares of Okta during the second quarter valued at approximately $6,975,000. Finally, Gilder Gagnon Howe & Co. LLC purchased a new stake in shares of Okta during the second quarter valued at approximately $23,054,000.
Okta Company Profile
Okta, Inc is a United States-based independent provider of identity for the enterprise. The Company’s Okta Identity Cloud connects and protects employees. It also connects enterprises to their partners, suppliers and customers. The Company offers products, such as Okta information technology (IT) Products and Okta for Developers.
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