Okta’s (OKTA) “Positive” Rating Reaffirmed at KeyCorp

Okta (NASDAQ:OKTA)‘s stock had its “positive” rating restated by stock analysts at KeyCorp in a research report issued to clients and investors on Thursday. They currently have a $43.00 price target on the stock, up from their previous price target of $35.00. KeyCorp’s price objective would indicate a potential upside of 17.84% from the stock’s previous close.

OKTA has been the topic of a number of other research reports. Needham & Company LLC began coverage on Okta in a research note on Wednesday, February 14th. They issued a “buy” rating and a $38.00 price objective on the stock. BidaskClub raised Okta from a “hold” rating to a “buy” rating in a research note on Saturday, February 10th. SunTrust Banks began coverage on Okta in a research note on Friday, October 27th. They issued a “buy” rating and a $36.00 price objective on the stock. Oppenheimer reaffirmed a “buy” rating and issued a $34.00 price objective on shares of Okta in a research note on Thursday, December 7th. Finally, Zacks Investment Research downgraded Okta from a “buy” rating to a “hold” rating in a research note on Thursday, November 9th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $36.10.

Shares of Okta (NASDAQ OKTA) opened at $36.49 on Thursday. Okta has a 12 month low of $21.52 and a 12 month high of $37.24.

Okta (NASDAQ:OKTA) last issued its earnings results on Wednesday, December 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.05. The company had revenue of $68.24 million for the quarter, compared to the consensus estimate of $62.79 million. Okta had a negative return on equity of 169.65% and a negative net margin of 46.70%. equities research analysts expect that Okta will post -1.48 EPS for the current year.

In other news, General Counsel Jonathan T. Runyan sold 5,000 shares of Okta stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $35.67, for a total value of $178,350.00. Following the completion of the transaction, the general counsel now owns 5,000 shares in the company, valued at approximately $178,350. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Ventures Iv L.P. Khosla sold 300,000 shares of Okta stock in a transaction that occurred on Tuesday, December 12th. The stock was sold at an average price of $25.49, for a total value of $7,647,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 673,435 shares of company stock worth $18,246,471.

Several institutional investors have recently made changes to their positions in OKTA. Schwab Charles Investment Management Inc. purchased a new position in shares of Okta in the 2nd quarter worth approximately $418,000. Bank of New York Mellon Corp purchased a new position in shares of Okta in the 2nd quarter worth approximately $777,000. Wells Fargo & Company MN purchased a new position in shares of Okta in the 2nd quarter worth approximately $242,000. Alliancebernstein L.P. purchased a new position in shares of Okta in the 2nd quarter worth approximately $499,000. Finally, Teachers Advisors LLC purchased a new position in shares of Okta in the 2nd quarter worth approximately $457,000. Hedge funds and other institutional investors own 28.18% of the company’s stock.

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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.

Analyst Recommendations for Okta (NASDAQ:OKTA)

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