Monness Crespi & Hardt Initiates Coverage on Okta (OKTA)
Monness Crespi & Hardt initiated coverage on shares of Okta (NASDAQ:OKTA) in a report issued on Tuesday morning, Marketbeat.com reports. The firm issued a buy rating and a $59.00 target price on the stock.
Several other equities research analysts have also recently weighed in on the stock. KeyCorp increased their price objective on shares of Okta from $43.00 to $50.00 and gave the stock an overweight rating in a research report on Monday, March 19th. They noted that the move was a valuation call. BidaskClub upgraded shares of Okta from a buy rating to a strong-buy rating in a research report on Thursday, February 22nd. Canaccord Genuity upgraded shares of Okta from a hold rating to a buy rating and increased their price objective for the stock from $36.00 to $50.00 in a research report on Monday, April 23rd. Oppenheimer increased their price objective on shares of Okta from $34.00 to $40.00 and gave the stock an outperform rating in a research report on Wednesday, February 21st. Finally, Needham & Company LLC started coverage on shares of Okta in a research report on Wednesday, February 14th. They set a buy rating and a $38.00 price objective for the company. One investment analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $48.69.
OKTA opened at $56.21 on Tuesday. Okta has a twelve month low of $21.52 and a twelve month high of $56.92. The firm has a market cap of $5.62 billion and a PE ratio of -41.03.
In related news, CFO William E. Losch sold 20,400 shares of the stock in a transaction on Monday, March 12th. The shares were sold at an average price of $39.60, for a total transaction of $807,840.00. Following the transaction, the chief financial officer now directly owns 20,400 shares of the company’s stock, valued at $807,840. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Jonathan T. Runyan sold 2,500 shares of the stock in a transaction on Wednesday, March 28th. The stock was sold at an average price of $38.41, for a total transaction of $96,025.00. Following the transaction, the general counsel now directly owns 2,500 shares in the company, valued at $96,025. The disclosure for this sale can be found here. Over the last three months, insiders have sold 254,571 shares of company stock worth $10,469,942. 20.59% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Allianz Asset Management GmbH boosted its stake in Okta by 56.3% during the first quarter. Allianz Asset Management GmbH now owns 1,413,160 shares of the company’s stock worth $56,314,000 after acquiring an additional 508,755 shares in the last quarter. Royal Bank of Canada lifted its stake in shares of Okta by 194.8% in the first quarter. Royal Bank of Canada now owns 5,080 shares of the company’s stock valued at $202,000 after buying an additional 3,357 shares in the last quarter. Alkeon Capital Management LLC lifted its stake in shares of Okta by 7,191.6% in the first quarter. Alkeon Capital Management LLC now owns 1,822,900 shares of the company’s stock valued at $72,643,000 after buying an additional 1,797,900 shares in the last quarter. Legal & General Group Plc lifted its stake in shares of Okta by 4,701.8% in the first quarter. Legal & General Group Plc now owns 231,061 shares of the company’s stock valued at $9,208,000 after buying an additional 226,249 shares in the last quarter. Finally, Millennium Management LLC lifted its stake in shares of Okta by 28.1% in the first quarter. Millennium Management LLC now owns 559,096 shares of the company’s stock valued at $22,280,000 after buying an additional 122,603 shares in the last quarter. 54.81% of the stock is currently owned by institutional investors and hedge funds.
Okta Company Profile
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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