Okta (NASDAQ:OKTA) Earns Sell Rating from Analysts at Arete

Investment analysts at Arete started coverage on shares of Okta (NASDAQ:OKTA) in a note issued to investors on Monday,Briefing.com Automated Import reports. The firm set a “sell” rating and a $83.00 price target on the stock. Arete’s price target points to a potential downside of 16.24% from the stock’s current price.

A number of other research firms have also weighed in on OKTA. Needham & Company LLC raised their target price on shares of Okta from $115.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, May 28th. Cantor Fitzgerald began coverage on shares of Okta in a report on Monday, March 31st. They issued an “overweight” rating and a $130.00 target price on the stock. BTIG Research restated a “buy” rating on shares of Okta in a research report on Thursday, May 22nd. Loop Capital assumed coverage on Okta in a research report on Monday, May 5th. They issued a “buy” rating and a $140.00 price target for the company. Finally, JMP Securities reissued a “market perform” rating on shares of Okta in a research note on Wednesday, May 28th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, Okta has a consensus rating of “Moderate Buy” and an average price target of $120.49.

Okta Stock Performance

OKTA opened at $99.09 on Monday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.47 and a current ratio of 1.47. The stock has a market capitalization of $17.35 billion, a price-to-earnings ratio of 157.29, a PEG ratio of 4.79 and a beta of 0.82. The company has a fifty day moving average of $109.19 and a 200 day moving average of $100.66. Okta has a fifty-two week low of $70.56 and a fifty-two week high of $127.57.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.09. The firm had revenue of $688.00 million during the quarter, compared to analyst estimates of $680.14 million. Okta had a return on equity of 2.79% and a net margin of 4.85%. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.65 earnings per share. As a group, sell-side analysts forecast that Okta will post 0.42 earnings per share for the current fiscal year.

Insider Activity at Okta

In other Okta news, CRO Jonathan James Addison sold 7,005 shares of the company’s stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $101.19, for a total transaction of $708,835.95. Following the transaction, the executive owned 19,067 shares in the company, valued at approximately $1,929,389.73. This represents a 26.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Larissa Schwartz sold 2,244 shares of Okta stock in a transaction on Friday, June 20th. The stock was sold at an average price of $100.00, for a total transaction of $224,400.00. Following the sale, the insider owned 23,640 shares of the company’s stock, valued at $2,364,000. The trade was a 8.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,935 shares of company stock worth $1,100,347 over the last three months. 5.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Okta

Several hedge funds have recently made changes to their positions in the company. Wolff Wiese Magana LLC grew its stake in Okta by 167.4% during the 1st quarter. Wolff Wiese Magana LLC now owns 246 shares of the company’s stock valued at $26,000 after purchasing an additional 154 shares during the last quarter. Wayfinding Financial LLC acquired a new stake in shares of Okta during the first quarter worth about $27,000. Harbour Investments Inc. boosted its position in Okta by 152.4% in the first quarter. Harbour Investments Inc. now owns 260 shares of the company’s stock valued at $27,000 after buying an additional 157 shares during the last quarter. Rossby Financial LCC purchased a new stake in Okta in the first quarter valued at approximately $31,000. Finally, TD Private Client Wealth LLC increased its holdings in Okta by 3,507.7% in the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company’s stock worth $37,000 after buying an additional 456 shares during the period. 86.64% of the stock is 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.