Okta (NASDAQ:OKTA) Price Target Raised to $140.00 at Mizuho

Okta (NASDAQ:OKTA) had its price target boosted by Mizuho from $130.00 to $140.00 in a research note published on Thursday, The Fly reports. The firm currently has a neutral rating on the stock.

Other equities research analysts have also recently issued reports about the stock. DA Davidson upgraded shares of Okta from a neutral rating to a buy rating and increased their target price for the company from $131.00 to $135.00 in a research report on Monday, November 18th. Piper Jaffray Companies increased their target price on shares of Okta from $135.00 to $140.00 and gave the company an overweight rating in a research report on Friday, December 6th. JPMorgan Chase & Co. reduced their target price on shares of Okta from $168.00 to $151.00 and set an overweight rating for the company in a research report on Friday, December 6th. Morgan Stanley increased their target price on shares of Okta from $120.00 to $137.00 and gave the company an equal weight rating in a research report on Monday, January 13th. Finally, BidaskClub raised shares of Okta from a hold rating to a buy rating in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twelve have assigned a buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $137.72.

NASDAQ:OKTA traded up $1.72 during trading hours on Thursday, reaching $137.03. 1,178,821 shares of the company were exchanged, compared to its average volume of 1,261,707. The stock’s 50-day moving average is $126.82 and its 200-day moving average is $120.27. The firm has a market cap of $16.57 billion, a PE ratio of -83.55 and a beta of 0.97. The company has a current ratio of 3.19, a quick ratio of 3.19 and a debt-to-equity ratio of 2.47. Okta has a twelve month low of $70.44 and a twelve month high of $141.85.

Okta (NASDAQ:OKTA) last issued its earnings results on Thursday, December 5th. The company reported ($0.07) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.12) by $0.05. The business had revenue of $153.04 million during the quarter, compared to analysts’ expectations of $143.88 million. Okta had a negative net margin of 35.43% and a negative return on equity of 53.08%. The company’s quarterly revenue was up 45.0% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.04) earnings per share. As a group, research analysts anticipate that Okta will post -1.42 EPS for the current year.

In other Okta news, CFO William E. Losch sold 21,108 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $116.52, for a total transaction of $2,459,504.16. Following the completion of the transaction, the chief financial officer now owns 13,670 shares of the company’s stock, valued at $1,592,828.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Christopher K. Kramer sold 950 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $116.63, for a total transaction of $110,798.50. Following the transaction, the chief accounting officer now directly owns 6,311 shares of the company’s stock, valued at approximately $736,051.93. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 275,922 shares of company stock valued at $34,338,836. 14.69% of the stock is currently owned by insiders.

A number of hedge funds have recently made changes to their positions in OKTA. Matthew Goff Investment Advisor LLC acquired a new stake in shares of Okta during the third quarter worth about $2,500,000. TCI Wealth Advisors Inc. lifted its position in shares of Okta by 5,160.0% during the fourth quarter. TCI Wealth Advisors Inc. now owns 263 shares of the company’s stock worth $30,000 after purchasing an additional 258 shares in the last quarter. Valeo Financial Advisors LLC lifted its position in shares of Okta by 75.7% during the fourth quarter. Valeo Financial Advisors LLC now owns 550 shares of the company’s stock worth $63,000 after purchasing an additional 237 shares in the last quarter. Baldwin Brothers Inc. MA lifted its position in shares of Okta by 500.0% during the fourth quarter. Baldwin Brothers Inc. MA now owns 600 shares of the company’s stock worth $70,000 after purchasing an additional 500 shares in the last quarter. Finally, Sowell Financial Services LLC lifted its position in shares of Okta by 556.3% during the fourth quarter. Sowell Financial Services LLC now owns 630 shares of the company’s stock worth $73,000 after purchasing an additional 534 shares in the last quarter. 70.35% of the stock is owned by 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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