“We believe Okta is well positioned to scale to become a multi-billion-dollar revenue firm and if that is true, then it is very likely that the stock will nicely reward long-term investors. Meanwhile, our bet is that the stock is close to a short-term bottom after swooning almost 20% in 30 days, especially as investors realize Okta is likely to post a strong October quarter (FQ3) in early December. BUY.”,” the firm’s analyst wrote.
A number of other equities analysts have also weighed in on OKTA. BidaskClub lowered shares of Okta from a buy rating to a hold rating in a report on Tuesday, June 26th. William Blair restated an outperform rating on shares of Okta in a report on Wednesday. Needham & Company LLC upgraded shares of Okta from a hold rating to a buy rating and set a $58.00 price objective for the company in a report on Wednesday, June 27th. They noted that the move was a valuation call. Monness Crespi & Hardt boosted their price objective on shares of Okta from $62.00 to $75.00 and gave the stock a buy rating in a report on Friday, September 7th. Finally, Deutsche Bank boosted their price objective on shares of Okta to $75.00 and gave the stock a buy rating in a report on Friday, September 7th. Seventeen research analysts have rated the stock with a buy rating, The stock has an average rating of Buy and a consensus target price of $68.62.
Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Thursday, September 6th. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.21. Okta had a negative return on equity of 56.91% and a negative net margin of 38.13%. The firm had revenue of $94.59 million for the quarter, compared to analysts’ expectations of $85.00 million. During the same period in the previous year, the firm posted ($0.16) EPS. The business’s revenue for the quarter was up 57.0% compared to the same quarter last year. On average, equities analysts anticipate that Okta will post -1.12 EPS for the current year.
In other Okta news, General Counsel Jonathan T. Runyan sold 2,500 shares of the business’s stock in a transaction on Thursday, July 19th. The shares were sold at an average price of $56.06, for a total transaction of $140,150.00. Following the completion of the sale, the general counsel now directly owns 2,500 shares in the company, valued at approximately $140,150. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO William E. Losch sold 15,000 shares of the business’s stock in a transaction on Monday, July 16th. The shares were sold at an average price of $53.78, for a total transaction of $806,700.00. Following the sale, the chief financial officer now owns 15,000 shares of the company’s stock, valued at $806,700. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 633,996 shares of company stock valued at $40,577,841. Company insiders own 20.59% of the company’s stock.
Several large investors have recently bought and sold shares of OKTA. First Trust Advisors LP purchased a new stake in shares of Okta in the 2nd quarter worth $115,170,000. Alkeon Capital Management LLC increased its stake in shares of Okta by 7,191.6% in the 1st quarter. Alkeon Capital Management LLC now owns 1,822,900 shares of the company’s stock worth $72,643,000 after purchasing an additional 1,797,900 shares in the last quarter. FMR LLC increased its stake in shares of Okta by 28.9% in the 2nd quarter. FMR LLC now owns 7,078,025 shares of the company’s stock worth $356,520,000 after purchasing an additional 1,585,500 shares in the last quarter. BlackRock Inc. increased its stake in shares of Okta by 66.0% in the 2nd quarter. BlackRock Inc. now owns 3,802,964 shares of the company’s stock worth $191,555,000 after purchasing an additional 1,512,528 shares in the last quarter. Finally, Gilder Gagnon Howe & Co. LLC increased its stake in shares of Okta by 113.5% in the 2nd quarter. Gilder Gagnon Howe & Co. LLC now owns 1,626,913 shares of the company’s stock worth $81,948,000 after purchasing an additional 864,933 shares in the last quarter. Hedge funds and other institutional investors own 58.81% of the company’s stock.
Okta Company Profile
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 Web and mobile applications, and data of organization; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; and Mobility Management, which simplifies and automates mobile device administration and provisioning across phones, tablets, and laptops.
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