Okta (NASDAQ:OKTA) Now Covered by Cowen

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Cowen started coverage on shares of Okta (NASDAQ:OKTA) in a research note released on Wednesday morning, BenzingaRatingsTable reports. The firm issued an outperform rating and a $150.00 target price on the stock.

A number of other research firms also recently issued reports on OKTA. Monness Crespi & Hardt downgraded shares of Okta from a buy rating to a neutral rating in a report on Tuesday, May 28th. Zacks Investment Research raised shares of Okta from a sell rating to a hold rating in a report on Wednesday, June 5th. Morgan Stanley raised their price objective on shares of Okta from $85.00 to $107.00 and gave the stock an equal weight rating in a report on Friday, May 31st. ValuEngine downgraded shares of Okta from a buy rating to a hold rating in a report on Thursday, August 1st. Finally, Deutsche Bank raised their price objective on shares of Okta from $124.00 to $152.00 and gave the stock a buy rating in a report on Friday, June 21st. Ten research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $107.35.

Shares of OKTA stock opened at $132.46 on Wednesday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $15.28 billion, a PE ratio of -128.60 and a beta of 1.01. The company has a 50 day moving average price of $133.26 and a 200-day moving average price of $107.91. Okta has a 52 week low of $41.88 and a 52 week high of $141.85.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Thursday, May 30th. The company reported ($0.39) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.01. The company had revenue of $125.20 million for the quarter, compared to the consensus estimate of $116.83 million. Okta had a negative net margin of 34.37% and a negative return on equity of 53.36%. The firm’s revenue was up 49.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.09) earnings per share. Analysts anticipate that Okta will post -1.35 earnings per share for the current year.

In other Okta news, CEO Todd Mckinnon sold 1,773 shares of Okta stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $127.85, for a total transaction of $226,678.05. Following the transaction, the chief executive officer now owns 14,224 shares of the company’s stock, valued at $1,818,538.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jacques Frederic Kerrest sold 1,784 shares of Okta stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $131.52, for a total transaction of $234,631.68. Following the transaction, the insider now directly owns 1,664 shares in the company, valued at approximately $218,849.28. The disclosure for this sale can be found here. Insiders have sold 693,604 shares of company stock worth $91,155,096 in the last ninety days. Insiders own 14.69% of the company’s stock.

A number of large investors have recently modified their holdings of the business. Dimensional Fund Advisors LP increased its holdings in Okta by 20.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 158,917 shares of the company’s stock worth $10,137,000 after purchasing an additional 27,395 shares in the last quarter. Geode Capital Management LLC increased its holdings in Okta by 11.9% during the 4th quarter. Geode Capital Management LLC now owns 828,545 shares of the company’s stock worth $52,860,000 after purchasing an additional 87,926 shares in the last quarter. Wedbush Securities Inc. bought a new position in Okta during the 1st quarter worth about $333,000. Mercer Global Advisors Inc. ADV bought a new position in Okta during the 1st quarter worth about $447,000. Finally, Oppenheimer & Co. Inc. increased its holdings in Okta by 20.6% during the 1st quarter. Oppenheimer & Co. Inc. now owns 14,458 shares of the company’s stock worth $1,196,000 after purchasing an additional 2,468 shares in the last quarter. 69.56% of the stock is currently owned by institutional investors and hedge funds.

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 cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.

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Analyst Recommendations for Okta (NASDAQ:OKTA)

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