William Blair Initiates Coverage on Okta, Inc. (OKTA)
Investment analysts at William Blair started coverage on shares of Okta, Inc. (NASDAQ:OKTA) in a report issued on Wednesday. The brokerage set an “outperform” rating on the stock.
A number of other brokerages also recently issued reports on OKTA. Zacks Investment Research raised shares of Okta from a “hold” rating to a “buy” rating and set a $33.00 price objective on the stock in a research report on Thursday, September 14th. Canaccord Genuity reaffirmed a “hold” rating and issued a $27.00 price objective on shares of Okta in a research report on Wednesday, August 30th. KeyCorp reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Okta in a research report on Friday, September 8th. Finally, Pacific Crest reaffirmed an “outperform” rating and issued a $32.00 price objective on shares of Okta in a research report on Monday, June 12th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Okta presently has an average rating of “Buy” and an average price target of $32.20.
Okta (NASDAQ OKTA) opened at 27.75 on Wednesday. The company’s market cap is $534.52 million. Okta has a 52 week low of $21.52 and a 52 week high of $33.64. The stock has a 50 day moving average of $27.50 and a 200 day moving average of $24.95.
Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Thursday, September 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.03). The firm had revenue of $61.00 million for the quarter, compared to analysts’ expectations of $55.90 million. The company’s quarterly revenue was up 63.1% on a year-over-year basis. On average, analysts expect that Okta will post ($0.96) earnings per share for the current year.
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A number of hedge funds have recently added to or reduced their stakes in OKTA. Quantbot Technologies LP acquired a new stake in Okta in the 2nd quarter worth approximately $101,000. CI Investments Inc. acquired a new stake in Okta in the 2nd quarter worth approximately $171,000. Paulson & CO. Inc. acquired a new stake in Okta in the 2nd quarter worth approximately $171,000. American Century Companies Inc. acquired a new stake in Okta in the 2nd quarter worth approximately $201,000. Finally, Pacad Investment Ltd. acquired a new stake in Okta in the 2nd quarter worth approximately $207,000. Institutional investors own 15.03% of the company’s stock.
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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