Okta (NASDAQ:OKTA) Coverage Initiated by Analysts at Barclays

Research analysts at Barclays assumed coverage on shares of Okta (NASDAQ:OKTA) in a research note issued to investors on Tuesday,Briefing.com Automated Import reports. The brokerage set an “equal weight” rating and a $81.00 price target on the stock. Barclays‘s price objective would indicate a potential upside of 11.14% from the company’s previous close.

Several other research firms have also recently weighed in on OKTA. Royal Bank of Canada cut their target price on shares of Okta from $125.00 to $101.00 and set an “outperform” rating for the company in a research note on Thursday, October 17th. DA Davidson reduced their price target on shares of Okta from $85.00 to $75.00 and set a “neutral” rating for the company in a report on Thursday, October 17th. Westpark Capital reissued a “buy” rating and issued a $140.00 target price on shares of Okta in a research report on Thursday, August 29th. Jefferies Financial Group decreased their price objective on Okta from $100.00 to $85.00 and set a “hold” rating for the company in a report on Tuesday, September 24th. Finally, Robert W. Baird cut their price target on Okta from $105.00 to $95.00 and set an “outperform” rating for the company in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Okta presently has an average rating of “Hold” and a consensus price target of $98.30.

Okta Price Performance

Shares of Okta stock opened at $72.88 on Tuesday. The company’s fifty day simple moving average is $74.55 and its two-hundred day simple moving average is $85.96. Okta has a 12-month low of $66.69 and a 12-month high of $114.50. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18. The firm has a market cap of $12.38 billion, a PE ratio of -86.76, a price-to-earnings-growth ratio of 18.03 and a beta of 1.02.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.29. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. The company had revenue of $646.00 million during the quarter, compared to the consensus estimate of $632.24 million. As a group, equities analysts expect that Okta will post 0.19 EPS for the current year.

Insider Activity

In other news, insider Larissa Schwartz sold 2,790 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $74.01, for a total value of $206,487.90. Following the transaction, the insider now owns 27,713 shares in the company, valued at approximately $2,051,039.13. This represents a 9.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CRO Jonathan James Addison sold 9,850 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $77.63, for a total transaction of $764,655.50. Following the completion of the sale, the executive now directly owns 14,601 shares of the company’s stock, valued at approximately $1,133,475.63. This trade represents a 40.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 475,789 shares of company stock valued at $35,701,361. 7.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. MML Investors Services LLC lifted its position in Okta by 43.2% during the third quarter. MML Investors Services LLC now owns 33,333 shares of the company’s stock worth $2,478,000 after buying an additional 10,048 shares in the last quarter. Legacy Investment Solutions LLC purchased a new stake in shares of Okta in the 3rd quarter valued at about $32,000. Wahed Invest LLC raised its stake in Okta by 14.8% during the 3rd quarter. Wahed Invest LLC now owns 3,874 shares of the company’s stock valued at $288,000 after acquiring an additional 499 shares during the last quarter. Washington Harbour Partners LP raised its stake in Okta by 19.4% during the 3rd quarter. Washington Harbour Partners LP now owns 35,760 shares of the company’s stock valued at $2,658,000 after acquiring an additional 5,800 shares during the last quarter. Finally, Weiss Asset Management LP purchased a new position in shares of Okta during the 3rd quarter worth approximately $3,486,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Company Profile

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.