Okta (OKTA) Reaches New 1-Year High and Low Following Analyst Upgrade

Okta Inc (NASDAQ:OKTA)’s share price reached a new 52-week high and low during trading on Friday after Deutsche Bank raised their price target on the stock from $46.00 to $56.00. Deutsche Bank currently has a buy rating on the stock. Okta traded as low as $52.19 and last traded at $51.86, with a volume of 66227 shares traded. The stock had previously closed at $51.17.

A number of other research firms have also recently commented on OKTA. JPMorgan Chase & Co. lifted their price target on Okta to $50.00 and gave the stock an “overweight” rating in a report on Thursday, March 8th. Deutsche Bank lifted their price target on Okta from $43.00 to $46.00 and gave the stock a “buy” rating in a report on Thursday, March 8th. BidaskClub upgraded Okta from a “hold” rating to a “buy” rating in a report on Saturday, February 10th. Citigroup reiterated a “buy” rating and set a $46.00 price target on shares of Okta in a report on Thursday, March 8th. Finally, ValuEngine upgraded Okta from a “hold” rating to a “buy” rating in a report on Wednesday, May 2nd. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $47.17.

In other news, General Counsel Jonathan T. Runyan sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 7th. The stock was sold at an average price of $38.93, for a total transaction of $97,325.00. Following the completion of the sale, the general counsel now owns 2,500 shares in the company, valued at $97,325. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO William E. Losch sold 20,400 shares of the business’s stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $39.60, for a total value of $807,840.00. Following the sale, the chief financial officer now owns 20,400 shares of the company’s stock, valued at approximately $807,840. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 329,571 shares of company stock valued at $13,208,192. Corporate insiders own 20.59% of the company’s stock.

Large investors have recently modified their holdings of the company. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Okta by 276.1% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,633 shares of the company’s stock valued at $105,000 after buying an additional 1,933 shares during the period. Centaurus Financial Inc. bought a new stake in shares of Okta in the first quarter valued at approximately $106,000. HM Payson & Co. bought a new stake in shares of Okta in the first quarter valued at approximately $202,000. Royal Bank of Canada boosted its stake in shares of Okta by 194.8% in the first quarter. Royal Bank of Canada now owns 5,080 shares of the company’s stock valued at $202,000 after buying an additional 3,357 shares during the period. Finally, Cetera Advisors LLC bought a new stake in shares of Okta in the first quarter valued at approximately $209,000. Institutional investors own 54.81% of the company’s stock.

The company has a market cap of $5.18 billion and a PE ratio of -37.87.

Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Wednesday, March 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.05. The business had revenue of $77.80 million during the quarter, compared to analysts’ expectations of $76.77 million. Okta had a negative return on equity of 65.56% and a negative net margin of 43.99%. The firm’s revenue for the quarter was up 59.4% on a year-over-year basis. equities analysts anticipate that Okta Inc will post -1.3 earnings per share for the current fiscal year.

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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