William Blair began coverage on shares of Okta, Inc. (NASDAQ:OKTA) in a research note released on Wednesday, October 4th, MarketBeat.com reports. The brokerage issued an outperform rating on the stock. William Blair also issued estimates for Okta’s Q3 2018 earnings at ($0.25) EPS, Q4 2018 earnings at ($0.21) EPS, FY2018 earnings at ($0.96) EPS, Q1 2019 earnings at ($0.21) EPS, Q2 2019 earnings at ($0.22) EPS, Q3 2019 earnings at ($0.19) EPS, Q4 2019 earnings at ($0.17) EPS, FY2019 earnings at ($0.78) EPS and FY2020 earnings at ($0.48) EPS.
OKTA has been the subject of several other reports. Canaccord Genuity reaffirmed a hold rating and set a $27.00 price objective on shares of Okta in a research report on Friday, June 9th. KeyCorp reaffirmed a buy rating on shares of Okta in a research report on Friday, September 1st. Zacks Investment Research cut Okta from a buy rating to a hold rating in a research report on Wednesday, August 9th. Finally, Pacific Crest reaffirmed an outperform rating and set a $32.00 price objective on shares of Okta in a research report on Monday, June 12th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average price target of $32.17.
Okta (NASDAQ:OKTA) traded down 0.320% during midday trading on Wednesday, hitting $26.495. The stock had a trading volume of 1,189,919 shares. Okta has a 52 week low of $21.52 and a 52 week high of $33.64. The firm’s market cap is $2.53 billion. The stock has a 50-day moving average of $28.12 and a 200-day moving average of $25.26.
Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Thursday, September 7th. The company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.03). The firm had revenue of $61.00 million during the quarter, compared to the consensus estimate of $55.90 million. The firm’s revenue was up 63.1% compared to the same quarter last year. Analysts forecast that Okta will post ($0.96) EPS for the current fiscal year.
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In related news, General Counsel Jonathan T. Runyan sold 300,000 shares of the company’s stock in a transaction dated Wednesday, October 4th. The stock was sold at an average price of $27.03, for a total transaction of $8,109,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Todd Mckinnon sold 40,158 shares of the company’s stock in a transaction dated Wednesday, October 11th. The stock was sold at an average price of $28.61, for a total value of $1,148,920.38. The disclosure for this sale can be found here. Insiders have sold 613,032 shares of company stock worth $17,062,535 in the last quarter.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in OKTA. Glynn Capital Management LLC bought a new stake in Okta during the second quarter worth about $45,855,000. FMR LLC bought a new stake in Okta during the second quarter worth about $23,135,000. Gilder Gagnon Howe & Co. LLC bought a new stake in Okta during the second quarter worth about $23,054,000. JPMorgan Chase & Co. bought a new stake in Okta in the second quarter valued at approximately $21,855,000. Finally, Vanguard Group Inc. bought a new stake in Okta in the second quarter valued at approximately $21,749,000. Institutional investors and hedge funds own 13.01% of the company’s stock.
Okta Company Profile
Okta, Inc is a United States-based independent provider of identity for the enterprise. The Company’s Okta Identity Cloud connects and protects employees. It also connects enterprises to their partners, suppliers and customers. The Company offers products, such as Okta information technology (IT) Products and Okta for Developers.
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