Okta (NASDAQ:OKTA) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Okta (NASDAQ:OKTA) had its price objective upped by investment analysts at Wells Fargo & Company from $100.00 to $110.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential downside of 0.01% from the company’s previous close.

Several other research analysts also recently issued reports on the stock. KeyCorp upped their price target on shares of Okta from $125.00 to $135.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 4th. JMP Securities reiterated a “market perform” rating on shares of Okta in a research report on Wednesday. Roth Capital assumed coverage on shares of Okta in a research report on Wednesday, April 23rd. They issued a “buy” rating and a $119.00 price objective for the company. Stifel Nicolaus boosted their price objective on shares of Okta from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, March 4th. Finally, Susquehanna boosted their price objective on shares of Okta from $95.00 to $105.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Okta presently has an average rating of “Moderate Buy” and a consensus target price of $121.31.

Okta Stock Down 12.3%

Shares of OKTA opened at $110.01 on Wednesday. The stock has a market cap of $19.10 billion, a price-to-earnings ratio of -314.77, a P/E/G ratio of 6.42 and a beta of 0.96. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta has a 12 month low of $70.56 and a 12 month high of $127.57. The company has a 50-day moving average price of $109.90 and a two-hundred day moving average price of $96.42.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Tuesday, May 27th. The company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.77 by $0.09. Okta had a negative net margin of 1.54% and a positive return on equity of 0.47%. The firm had revenue of $688.00 million during the quarter, compared to analysts’ expectations of $680.14 million. During the same quarter last year, the company earned $0.65 earnings per share. The company’s revenue for the quarter was up 11.5% compared to the same quarter last year. Equities analysts predict that Okta will post 0.42 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Jacques Frederic Kerrest sold 130,000 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $105.00, for a total value of $13,650,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Jonathan James Addison sold 7,005 shares of the stock in a transaction on Friday, April 11th. The shares were sold at an average price of $101.19, for a total value of $708,835.95. Following the completion of the sale, the executive now owns 19,067 shares of the company’s stock, valued at $1,929,389.73. The trade was a 26.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 154,452 shares of company stock valued at $16,347,360. 5.68% of the stock is currently owned by insiders.

Institutional Trading of Okta

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. TD Private Client Wealth LLC increased its holdings in Okta by 19.6% in the first quarter. TD Private Client Wealth LLC now owns 561 shares of the company’s stock worth $59,000 after purchasing an additional 92 shares in the last quarter. Allworth Financial LP increased its holdings in Okta by 5.7% in the first quarter. Allworth Financial LP now owns 1,708 shares of the company’s stock worth $173,000 after purchasing an additional 92 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in Okta by 12.6% in the first quarter. Smartleaf Asset Management LLC now owns 824 shares of the company’s stock worth $89,000 after purchasing an additional 92 shares in the last quarter. GPS Wealth Strategies Group LLC increased its holdings in Okta by 7.2% in the first quarter. GPS Wealth Strategies Group LLC now owns 1,484 shares of the company’s stock worth $156,000 after purchasing an additional 100 shares in the last quarter. Finally, Frank Rimerman Advisors LLC boosted its position in shares of Okta by 2.4% during the 4th quarter. Frank Rimerman Advisors LLC now owns 4,465 shares of the company’s stock worth $352,000 after purchasing an additional 105 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

About Okta

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.