Okta (OKTA) Downgraded by BidaskClub
Okta (NASDAQ:OKTA) was downgraded by stock analysts at BidaskClub from a “buy” rating to a “hold” rating in a report issued on Tuesday.
OKTA has been the subject of several other reports. KeyCorp reiterated a “buy” rating on shares of Okta in a research report on Friday, September 1st. Zacks Investment Research cut shares of Okta from a “buy” rating to a “hold” rating in a research report on Wednesday, August 9th. Oppenheimer began coverage on shares of Okta in a research report on Tuesday, October 10th. They set an “outperform” rating and a $32.00 price objective for the company. Canaccord Genuity increased their price objective on shares of Okta from $27.00 to $28.00 and gave the stock a “hold” rating in a research report on Friday, September 8th. Finally, SunTrust Banks assumed coverage on shares of Okta in a report on Friday, October 27th. They issued a “buy” rating and a $36.00 price target for the company. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Okta currently has a consensus rating of “Buy” and a consensus target price of $32.71.
Shares of Okta (NASDAQ OKTA) opened at $28.31 on Tuesday. Okta has a 12-month low of $21.52 and a 12-month high of $33.64.
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 Thomson Reuters’ consensus estimate of ($0.26) by ($0.03). The firm had revenue of $61.00 million for 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. equities research analysts anticipate that Okta will post -0.96 earnings per share for the current year.
In other Okta news, COO Jacques Frederic Kerrest sold 6,612 shares of the firm’s stock in a transaction on Friday, November 24th. The shares were sold at an average price of $30.34, for a total value of $200,608.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO William E. Losch sold 12,200 shares of the firm’s stock in a transaction on Wednesday, October 11th. The stock was sold at an average price of $28.63, for a total transaction of $349,286.00. The disclosure for this sale can be found here. Insiders sold 1,231,569 shares of company stock valued at $34,925,178 over the last 90 days.
A number of large investors have recently bought and sold shares of OKTA. Glynn Capital Management LLC acquired a new position in shares of Okta during the second quarter valued at about $45,855,000. FMR LLC acquired a new position in shares of Okta during the second quarter valued at about $23,135,000. Gilder Gagnon Howe & Co. LLC acquired a new position in shares of Okta during the second quarter valued at about $23,054,000. JPMorgan Chase & Co. acquired a new position in shares of Okta during the second quarter valued at about $21,855,000. Finally, Vanguard Group Inc. acquired a new position in shares of Okta during the second quarter valued at about $21,749,000. Institutional investors and hedge funds own 14.33% of the company’s stock.
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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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