Okta Inc (NASDAQ:OKTA) shares gapped up before the market opened on Thursday . The stock had previously closed at $67.85, but opened at $62.60. Okta shares last traded at $61.52, with a volume of 27942 shares.
A number of research analysts recently weighed in on the company. Zacks Investment Research lowered Okta from a “buy” rating to a “hold” rating in a report on Thursday. Robert W. Baird assumed coverage on Okta in a report on Wednesday, October 17th. They set a “neutral” rating and a $65.00 target price on the stock. Canaccord Genuity reissued a “buy” rating and set a $75.00 target price on shares of Okta in a report on Wednesday, October 10th. William Blair reaffirmed an “outperform” rating on shares of Okta in a report on Wednesday, October 10th. Finally, BidaskClub lowered Okta from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 20th. Two equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $68.50.
The company has a quick ratio of 2.90, a current ratio of 2.90 and a debt-to-equity ratio of 1.08. The firm has a market cap of $6.83 billion, a P/E ratio of -43.27 and a beta of 0.97.
Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Thursday, September 6th. The company reported ($0.15) EPS for the quarter, beating 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 analyst estimates of $85.00 million. During the same period in the prior year, the firm posted ($0.16) EPS. The company’s revenue for the quarter was up 57.0% on a year-over-year basis. As a group, equities research analysts predict that Okta Inc will post -1.12 EPS for the current year.
In other news, Director Benjamin A. Horowitz sold 270,465 shares of the company’s stock in a transaction on Friday, September 14th. The stock was sold at an average price of $72.66, for a total transaction of $19,651,986.90. Following the completion of the sale, the director now directly owns 11,765 shares in the company, valued at approximately $854,844.90. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO William E. Losch sold 20,000 shares of the company’s stock in a transaction on Monday, October 22nd. The shares were sold at an average price of $56.92, for a total value of $1,138,400.00. Following the sale, the chief financial officer now owns 20,000 shares of the company’s stock, valued at $1,138,400. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 630,319 shares of company stock valued at $40,437,266. Corporate insiders own 20.59% of the company’s stock.
Several large investors have recently added to or reduced their stakes in OKTA. Ladenburg Thalmann Financial Services Inc. lifted its position in shares of Okta by 276.1% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,633 shares of the company’s stock valued at $105,000 after acquiring an additional 1,933 shares during the period. Parallel Advisors LLC lifted its position in shares of Okta by 129.9% during the 2nd 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 during the period. SG Americas Securities LLC bought a new stake in shares of Okta during the 2nd quarter valued at $139,000. Stratos Wealth Partners LTD. bought a new stake in shares of Okta during the 3rd quarter valued at $147,000. Finally, Public Employees Retirement Association of Colorado bought a new stake in shares of Okta during the 2nd quarter valued at $160,000. Hedge funds and other institutional investors own 59.84% of the company’s stock.
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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