Westpark Capital Reiterates Buy Rating for Okta (NASDAQ:OKTA)

Okta (NASDAQ:OKTA)‘s stock had its “buy” rating restated by stock analysts at Westpark Capital in a research note issued on Thursday, Benzinga reports. They currently have a $140.00 price objective on the stock. Westpark Capital’s target price suggests a potential upside of 77.82% from the stock’s current price.

A number of other research analysts have also recently commented on the company. Royal Bank of Canada restated an “outperform” rating and issued a $125.00 target price on shares of Okta in a research note on Monday, June 17th. Needham & Company LLC restated a “buy” rating and issued a $130.00 target price on shares of Okta in a research note on Thursday. Wedbush restated an “outperform” rating and issued a $130.00 target price on shares of Okta in a research note on Wednesday, May 29th. Evercore ISI upgraded Okta from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $102.00 to $122.00 in a research note on Thursday, May 30th. Finally, Robert W. Baird lowered their price objective on Okta from $108.00 to $105.00 and set an “outperform” rating for the company in a research note on Thursday. One research analyst has rated the stock with a sell rating, nineteen have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $104.81.

Okta Price Performance

Shares of OKTA stock opened at $78.73 on Thursday. The firm has a market cap of $13.24 billion, a P/E ratio of -47.14 and a beta of 1.03. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.73 and a current ratio of 1.73. The business’s 50 day moving average price is $93.07 and its 200-day moving average price is $95.38. Okta has a fifty-two week low of $65.04 and a fifty-two week high of $114.50.

Okta (NASDAQ:OKTA) last released its earnings results on Wednesday, May 29th. The company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.27. The company had revenue of $617.00 million during the quarter, compared to analysts’ expectations of $604.33 million. Okta had a negative return on equity of 3.81% and a negative net margin of 11.69%. On average, equities research analysts anticipate that Okta will post -0.28 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Jacques Frederic Kerrest sold 1,552 shares of Okta stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $86.99, for a total value of $135,008.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Okta news, insider Larissa Schwartz sold 2,792 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $99.40, for a total transaction of $277,524.80. Following the completion of the sale, the insider now owns 29,809 shares of the company’s stock, valued at $2,963,014.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jacques Frederic Kerrest sold 1,552 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $86.99, for a total value of $135,008.48. The disclosure for this sale can be found here. Insiders sold 365,051 shares of company stock valued at $34,411,773 over the last 90 days. Company insiders own 7.00% of the company’s stock.

Institutional Trading of Okta

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Okta by 0.8% during the first quarter. Vanguard Group Inc. now owns 15,848,525 shares of the company’s stock valued at $1,658,073,000 after purchasing an additional 128,906 shares during the period. Sands Capital Management LLC grew its holdings in Okta by 42.3% during the fourth quarter. Sands Capital Management LLC now owns 8,358,414 shares of the company’s stock valued at $756,687,000 after purchasing an additional 2,486,456 shares during the period. First Trust Advisors LP boosted its stake in shares of Okta by 28.1% in the fourth quarter. First Trust Advisors LP now owns 4,085,430 shares of the company’s stock worth $369,854,000 after acquiring an additional 897,216 shares during the period. Marshall Wace LLP boosted its stake in shares of Okta by 117.4% in the second quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after acquiring an additional 1,227,890 shares during the period. Finally, Eminence Capital LP boosted its stake in shares of Okta by 18.1% in the second quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock worth $186,225,000 after acquiring an additional 305,381 shares during the period. 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.