Okta (NASDAQ:OKTA) Given Market Perform Rating at BMO Capital Markets

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BMO Capital Markets reaffirmed their market perform rating on shares of Okta (NASDAQ:OKTA) in a research report released on Friday, The Fly reports. BMO Capital Markets currently has a $135.00 price objective on the stock, down from their prior price objective of $155.00. The analysts noted that the move was a valuation call.

OKTA has been the subject of a number of other research reports. BidaskClub raised shares of Okta from a hold rating to a buy rating in a research report on Thursday, November 21st. Robert W. Baird reissued a hold rating and set a $135.00 price target on shares of Okta in a research report on Friday. Morgan Stanley increased their price objective on shares of Okta from $107.00 to $117.00 and gave the stock an equal weight rating in a research note on Thursday, August 29th. They noted that the move was a valuation call. Zacks Investment Research cut Okta from a hold rating to a sell rating in a report on Wednesday, November 20th. Finally, Canaccord Genuity downgraded Okta from a buy rating to a hold rating in a research report on Wednesday, November 27th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $133.72.

NASDAQ OKTA opened at $121.02 on Friday. Okta has a 52 week low of $52.05 and a 52 week high of $141.85. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.12 and a current ratio of 1.12. The stock’s 50 day moving average price is $116.30 and its two-hundred day moving average price is $120.78. The stock has a market capitalization of $13.81 billion, a price-to-earnings ratio of -117.50 and a beta of 1.07.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Thursday, December 5th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.12) by $0.05. The company had revenue of $153.04 million for the quarter, compared to the consensus estimate of $143.88 million. Okta had a negative net margin of 35.43% and a negative return on equity of 61.17%. The firm’s revenue was up 45.0% compared to the same quarter last year. During the same period last year, the company earned ($0.04) earnings per share. On average, equities research analysts forecast that Okta will post -1.42 EPS for the current year.

In related news, General Counsel Jonathan T. Runyan sold 707 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $102.57, for a total transaction of $72,516.99. Following the transaction, the general counsel now directly owns 1,406 shares of the company’s stock, valued at approximately $144,213.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Todd Mckinnon sold 1,773 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $102.57, for a total value of $181,856.61. Following the completion of the sale, the chief executive officer now owns 3,531 shares in the company, valued at approximately $362,174.67. The disclosure for this sale can be found here. Insiders sold a total of 316,789 shares of company stock valued at $37,578,628 over the last quarter. 14.69% of the stock is currently owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Okta by 19.4% in the second quarter. Vanguard Group Inc. now owns 9,386,104 shares of the company’s stock valued at $1,159,277,000 after purchasing an additional 1,527,751 shares during the last quarter. Point72 Asset Management L.P. lifted its stake in shares of Okta by 37,668.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 912,866 shares of the company’s stock worth $89,881,000 after buying an additional 910,449 shares during the last quarter. Coatue Management LLC lifted its stake in shares of Okta by 234.1% during the 2nd quarter. Coatue Management LLC now owns 1,014,699 shares of the company’s stock worth $125,326,000 after buying an additional 711,032 shares during the last quarter. Nuveen Asset Management LLC lifted its stake in shares of Okta by 761.8% during the 2nd quarter. Nuveen Asset Management LLC now owns 528,622 shares of the company’s stock worth $65,290,000 after buying an additional 467,285 shares during the last quarter. Finally, Whale Rock Capital Management LLC boosted its holdings in shares of Okta by 27.1% during the 2nd quarter. Whale Rock Capital Management LLC now owns 1,870,680 shares of the company’s stock worth $231,048,000 after buying an additional 399,310 shares during the period. 73.02% of the stock is owned by hedge funds and other institutional investors.

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 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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