Monness Crespi & Hardt Initiates Coverage on Okta (NASDAQ:OKTA)

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Monness Crespi & Hardt started coverage on shares of Okta (NASDAQ:OKTA) in a note issued to investors on Tuesday, May 29th, MarketBeat reports. The brokerage set a “buy” rating and a $59.00 price target on the stock. Monness Crespi & Hardt’s price objective suggests a potential upside of 14.52% from the company’s previous close.

A number of other brokerages also recently weighed in on OKTA. Deutsche Bank increased their price target on shares of Okta from $46.00 to $56.00 and gave the company a “buy” rating in a research report on Thursday, May 24th. William Blair reiterated an “outperform” rating on shares of Okta in a research report on Thursday, May 24th. Canaccord Genuity increased their price target on shares of Okta from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Thursday, May 24th. Deutsche Bank raised their target price on shares of Okta from $46.00 to $56.00 and gave the stock a “buy” rating in a report on Thursday, May 24th. Finally, Oppenheimer raised their target price on shares of Okta from $43.00 to $51.00 and gave the stock an “outperform” rating in a report on Thursday, May 24th. Two research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $53.58.

Shares of NASDAQ OKTA traded down $1.70 during mid-day trading on Tuesday, hitting $51.52. The company’s stock had a trading volume of 150,318 shares, compared to its average volume of 3,517,351. The firm has a market capitalization of $5.72 billion, a PE ratio of -37.11 and a beta of -1.01. The company has a current ratio of 3.13, a quick ratio of 3.14 and a debt-to-equity ratio of 1.04. Okta has a one year low of $21.52 and a one year high of $61.00.

Okta (NASDAQ:OKTA) last issued its earnings results on Wednesday, June 6th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.07. The company had revenue of $83.62 million for the quarter, compared to analyst estimates of $78.81 million. Okta had a negative net margin of 38.34% and a negative return on equity of 59.95%. The company’s revenue for the quarter was up 59.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.50) EPS. equities research analysts anticipate that Okta will post -1.21 earnings per share for the current fiscal year.

In related news, CFO William E. Losch sold 15,000 shares of the firm’s stock in a transaction on Monday, April 16th. The shares were sold at an average price of $40.56, for a total value of $608,400.00. Following the completion of the transaction, the chief financial officer now directly owns 15,000 shares of the company’s stock, valued at $608,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Jacques Frederic Kerrest sold 339,797 shares of the firm’s stock in a transaction on Wednesday, June 13th. The shares were sold at an average price of $52.94, for a total transaction of $17,988,853.18. The disclosure for this sale can be found here. Insiders sold 573,968 shares of company stock worth $27,955,755 over the last quarter. 20.59% of the stock is owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in OKTA. Wells Fargo & Company MN grew its stake in shares of Okta by 32.3% in the third quarter. Wells Fargo & Company MN now owns 14,013 shares of the company’s stock valued at $395,000 after buying an additional 3,421 shares in the last quarter. California State Teachers Retirement System grew its stake in shares of Okta by 11.2% in the third quarter. California State Teachers Retirement System now owns 21,900 shares of the company’s stock valued at $618,000 after buying an additional 2,200 shares in the last quarter. Bank of Montreal Can bought a new position in shares of Okta in the fourth quarter valued at $323,000. Schwab Charles Investment Management Inc. grew its stake in shares of Okta by 60.5% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 38,357 shares of the company’s stock valued at $983,000 after buying an additional 14,457 shares in the last quarter. Finally, Hillman Co. bought a new position in shares of Okta in the fourth quarter valued at $9,043,000. 55.09% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Okta (NASDAQ:OKTA)

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