Robert W. Baird Begins Coverage on Okta (OKTA)

Robert W. Baird assumed coverage on shares of Okta (NASDAQ:OKTA) in a research note published on Wednesday morning, Marketbeat reports. The brokerage issued a neutral rating and a $65.00 target price on the stock.

OKTA has been the topic of a number of other reports. BidaskClub cut Okta from a buy rating to a hold rating in a research note on Wednesday, August 1st. Canaccord Genuity raised their price objective on Okta from $60.00 to $75.00 and gave the company a buy rating in a research note on Friday, September 7th. Needham & Company LLC increased their target price on shares of Okta from $58.00 to $75.00 and gave the stock a buy rating in a report on Friday, September 7th. Deutsche Bank increased their target price on shares of Okta to $75.00 and gave the stock a buy rating in a report on Friday, September 7th. Finally, Oppenheimer increased their target price on shares of Okta from $60.00 to $80.00 and gave the stock an outperform rating in a report on Friday, September 7th. One investment analyst has rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Okta has an average rating of Buy and a consensus target price of $68.36.

Shares of NASDAQ:OKTA opened at $55.76 on Wednesday. Okta has a 12-month low of $24.93 and a 12-month high of $75.49. The stock has a market cap of $6.48 billion, a PE ratio of -40.70 and a beta of -0.60. The company has a current ratio of 2.90, a quick ratio of 2.90 and a debt-to-equity ratio of 1.08.

Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Thursday, September 6th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 last year, the firm earned ($0.16) earnings per share. The company’s revenue for the quarter was up 57.0% compared to the same quarter last year. As a group, analysts anticipate that Okta will post -1.12 EPS for the current year.

In other news, Director Benjamin A. Horowitz sold 270,465 shares of the stock in a transaction dated Friday, September 14th. The shares were 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 $854,844.90. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO William E. Losch sold 15,000 shares of the stock in a transaction dated Monday, September 24th. The stock was sold at an average price of $68.67, for a total transaction of $1,030,050.00. Following the sale, the chief financial officer now owns 15,000 shares of the company’s stock, valued at $1,030,050. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 615,319 shares of company stock valued at $39,566,291. 20.59% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. Rhumbline Advisers lifted its holdings in Okta by 374.3% in the second quarter. Rhumbline Advisers now owns 87,675 shares of the company’s stock worth $4,416,000 after buying an additional 69,191 shares during the period. Keybank National Association OH lifted its holdings in Okta by 34.7% in the second quarter. Keybank National Association OH now owns 67,460 shares of the company’s stock worth $3,398,000 after buying an additional 17,362 shares during the period. US Bancorp DE lifted its holdings in Okta by 41.8% in the second quarter. US Bancorp DE now owns 21,059 shares of the company’s stock worth $1,061,000 after buying an additional 6,209 shares during the period. BlackRock Inc. lifted its holdings in Okta by 66.0% in the second quarter. BlackRock Inc. now owns 3,802,964 shares of the company’s stock worth $191,555,000 after buying an additional 1,512,528 shares during the period. Finally, Commonwealth Equity Services LLC lifted its holdings in Okta by 61.6% in the second quarter. Commonwealth Equity Services LLC now owns 47,175 shares of the company’s stock worth $2,376,000 after buying an additional 17,987 shares during the period. Institutional investors and hedge funds own 58.78% 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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Analyst Recommendations for Okta (NASDAQ:OKTA)

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