Okta (OKTA) Lifted to “Buy” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Okta (NASDAQ:OKTA) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning. The brokerage currently has $63.00 target price on the stock.

According to Zacks, “Okta, Inc. is a provider of identity for the enterprise. The Company’s product consists of Okta information technology Products and Okta for Developers. Okta IT Products include Single Sign-On, Mobility Management, Adaptive Multi-Factor Authentication, Lifecycle Management and Universal Directory. Okta for Developers include Complete Authentication, User Management, Application Programming Interface Access Management and Developer Tools. Okta, Inc. is based in SAN FRANCISCO, United States. “

Several other analysts also recently issued reports on the stock. Robert W. Baird began coverage on shares of Okta in a research report on Wednesday, October 17th. They issued a neutral rating and a $65.00 price objective for the company. Canaccord Genuity reaffirmed a buy rating and issued a $75.00 price objective on shares of Okta in a research report on Wednesday, October 10th. William Blair reaffirmed an outperform rating on shares of Okta in a research report on Wednesday, October 10th. BidaskClub downgraded shares of Okta from a strong-buy rating to a buy rating in a research report on Thursday, September 20th. Finally, SunTrust Banks increased their price objective on shares of Okta to $72.00 and gave the company a buy rating in a research report on Friday, September 7th. Two research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $68.50.

NASDAQ:OKTA traded down $2.21 during trading hours on Wednesday, hitting $59.28. The stock had a trading volume of 1,657,286 shares, compared to its average volume of 1,849,439. The company has a quick ratio of 2.90, a current ratio of 2.90 and a debt-to-equity ratio of 1.08. Okta has a 1-year low of $24.93 and a 1-year high of $75.49. The company has a market capitalization of $6.83 billion, a price-to-earnings ratio of -43.27 and a beta of 0.97.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Thursday, September 6th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.36) by $0.21. Okta had a negative net margin of 38.13% and a negative return on equity of 56.91%. The company had revenue of $94.59 million during the quarter, compared to the consensus estimate of $85.00 million. During the same quarter last year, the company earned ($0.16) earnings per share. Okta’s revenue for the quarter was up 57.0% on a year-over-year basis. On average, equities analysts anticipate that Okta will post -1.12 earnings per share for the current year.

In other news, Director Benjamin A. Horowitz sold 270,465 shares of the stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $72.66, for a total transaction of $19,651,986.90. Following the completion of the transaction, the director now directly owns 11,765 shares in the company, valued at approximately $854,844.90. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Todd Mckinnon sold 225,000 shares of the stock in a transaction that occurred on Tuesday, August 14th. The shares were sold at an average price of $55.22, for a total value of $12,424,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 630,319 shares of company stock valued at $40,437,266. Company insiders own 20.59% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board purchased a new position in shares of Okta during the 3rd quarter valued at approximately $11,870,000. Trexquant Investment LP purchased a new position in shares of Okta during the 3rd quarter valued at approximately $1,856,000. FMR LLC lifted its stake in Okta by 2.7% during the third quarter. FMR LLC now owns 7,269,457 shares of the company’s stock worth $511,478,000 after purchasing an additional 191,432 shares during the last quarter. FIL Ltd bought a new position in Okta during the third quarter worth $75,914,000. Finally, Bank of New York Mellon Corp lifted its stake in Okta by 6.9% during the third quarter. Bank of New York Mellon Corp now owns 333,710 shares of the company’s stock worth $23,481,000 after purchasing an additional 21,614 shares during the last quarter. Institutional investors own 59.84% of the company’s stock.

About Okta

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.

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