Okta (OKTA) Shares Up 5.8%

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Okta Inc (NASDAQ:OKTA)’s share price shot up 5.8% during mid-day trading on Thursday . The company traded as high as $58.47 and last traded at $58.02. 1,873,972 shares changed hands during trading, a decline of 7% from the average session volume of 2,019,196 shares. The stock had previously closed at $54.86.

A number of brokerages have recently issued reports on OKTA. Robert W. Baird began coverage on Okta in a research report on Wednesday, October 17th. They set a “neutral” rating and a $65.00 price objective for the company. BidaskClub downgraded Okta from a “buy” rating to a “hold” rating in a research report on Wednesday, August 1st. Canaccord Genuity raised their price objective on Okta from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, September 7th. Needham & Company LLC raised their price objective on Okta from $58.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, September 7th. Finally, Deutsche Bank raised their price objective on Okta to $75.00 and gave the stock a “buy” rating in a research report on Friday, September 7th. Three equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $68.50.

The firm has a market capitalization of $5.99 billion, a price-to-earnings ratio of -42.12 and a beta of 0.97. The company has a quick ratio of 2.90, a current ratio of 2.90 and a debt-to-equity ratio of 1.08.

Okta (NASDAQ:OKTA) last issued its earnings results on Thursday, September 6th. The company reported ($0.15) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.36) by $0.21. The business had revenue of $94.59 million during the quarter, compared to the consensus estimate of $85.00 million. Okta had a negative return on equity of 56.91% and a negative net margin of 38.13%. The firm’s revenue for the quarter was up 57.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.16) earnings per share. Equities analysts expect that Okta Inc will post -1.12 EPS for the current fiscal year.

In other news, General Counsel Jonathan T. Runyan sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, August 24th. The stock was sold at an average price of $58.53, for a total transaction of $292,650.00. Following the completion of the sale, the general counsel now owns 2,500 shares in the company, valued at $146,325. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, General Counsel Jonathan T. Runyan sold 47,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 28th. The shares were sold at an average price of $60.14, for a total value of $2,856,650.00. Following the sale, the general counsel now owns 8,481 shares of the company’s stock, valued at approximately $510,047.34. The disclosure for this sale can be found here. Over the last quarter, insiders sold 389,142 shares of company stock valued at $27,119,075. 20.59% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OKTA. Parallel Advisors LLC increased its holdings in shares of Okta by 129.9% during the second quarter. Parallel Advisors LLC now owns 2,393 shares of the company’s stock valued at $120,000 after acquiring an additional 1,352 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Okta during the second quarter valued at approximately $139,000. Stratos Wealth Partners LTD. bought a new stake in shares of Okta during the third quarter valued at approximately $147,000. Public Employees Retirement Association of Colorado bought a new stake in shares of Okta during the second quarter valued at approximately $160,000. Finally, Flagship Harbor Advisors LLC bought a new stake in shares of Okta during the second quarter valued at approximately $174,000. Hedge funds and other institutional investors own 58.88% of the company’s stock.

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Okta Company Profile (NASDAQ: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 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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