Okta (NASDAQ:OKTA) was upgraded by analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued on Tuesday, BidAskClub reports.

Other equities analysts have also issued reports about the company. Canaccord Genuity upped their target price on Okta from $120.00 to $125.00 and gave the company a “hold” rating in a research note on Friday, December 6th. BMO Capital Markets reiterated a “market perform” rating and issued a $135.00 target price (down from $155.00) on shares of Okta in a research note on Friday, December 6th. They noted that the move was a valuation call. ValuEngine lowered Okta from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. Goldman Sachs Group upped their target price on Okta from $141.00 to $144.00 and gave the company a “positive” rating in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. dropped their target price on Okta from $168.00 to $151.00 and set an “overweight” rating for the company in a research note on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twelve have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $134.67.

Shares of NASDAQ OKTA traded down $0.94 during trading on Tuesday, reaching $127.63. The company had a trading volume of 34,084 shares, compared to its average volume of 1,099,038. Okta has a twelve month low of $70.44 and a twelve month high of $141.85. The stock has a market capitalization of $15.58 billion, a PE ratio of -124.01 and a beta of 0.99. The stock has a 50-day moving average price of $121.05 and a two-hundred day moving average price of $120.63. The company has a current ratio of 3.19, a quick ratio of 3.19 and a debt-to-equity ratio of 2.47.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Thursday, December 5th. The company reported ($0.07) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.12) by $0.05. Okta had a negative return on equity of 53.08% and a negative net margin of 35.43%. The company had revenue of $153.04 million during the quarter, compared to analysts’ expectations of $143.88 million. During the same period in the previous year, the firm posted ($0.04) earnings per share. The business’s revenue for the quarter was up 45.0% compared to the same quarter last year. On average, sell-side analysts predict that Okta will post -1.42 EPS for the current year.

In other news, insider Jacques Frederic Kerrest sold 4,738 shares of the stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $110.07, for a total value of $521,511.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO William E. Losch sold 30,000 shares of the firm’s stock in a transaction on Monday, January 13th. The shares were sold at an average price of $131.78, for a total transaction of $3,953,400.00. Following the completion of the transaction, the chief financial officer now directly owns 42,562 shares in the company, valued at approximately $5,608,820.36. The disclosure for this sale can be found here. Insiders sold 289,299 shares of company stock worth $35,662,448 in the last 90 days. 14.69% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in OKTA. CSat Investment Advisory L.P. acquired a new position in shares of Okta during the second quarter worth about $34,000. Griffin Asset Management Inc. acquired a new stake in shares of Okta in the second quarter valued at about $45,000. Captrust Financial Advisors raised its holdings in shares of Okta by 196.2% during the 2nd quarter. Captrust Financial Advisors now owns 385 shares of the company’s stock valued at $48,000 after buying an additional 255 shares during the period. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Okta during the 3rd quarter valued at about $112,000. Finally, GQ Asset Management LLC lifted its position in Okta by 8.0% during the 3rd quarter. GQ Asset Management LLC now owns 1,397 shares of the company’s stock worth $138,000 after acquiring an additional 104 shares in the last quarter. Hedge funds and other institutional investors own 70.34% of the company’s stock.

About Okta

Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products to manage and secure identities, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access their applications in the cloud or on-premise from various devices with a single entry of their user credentials; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.

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Analyst Recommendations for Okta (NASDAQ:OKTA)

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