DA Davidson upgraded shares of Okta (NASDAQ:OKTA) from a neutral rating to a buy rating in a report released on Monday, The Fly reports.

Several other research analysts have also recently weighed in on the company. SunTrust Banks upgraded Okta from a hold rating to a buy rating and boosted their price target for the stock from $130.00 to $134.00 in a research note on Wednesday, October 2nd. ValuEngine lowered Okta from a hold rating to a sell rating in a report on Wednesday, October 2nd. Robert W. Baird set a $135.00 price objective on Okta and gave the stock a hold rating in a report on Friday, September 13th. Zacks Investment Research lowered Okta from a buy rating to a hold rating in a report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. lifted their price objective on Okta from $127.00 to $168.00 and gave the stock an overweight rating in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and twelve have issued a buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $128.95.

NASDAQ:OKTA traded up $4.93 during trading hours on Monday, reaching $126.08. 3,611,168 shares of the company traded hands, compared to its average volume of 2,267,117. The business’s 50-day moving average price is $110.06 and its two-hundred day moving average price is $118.77. The stock has a market capitalization of $13.72 billion, a P/E ratio of -122.41 and a beta of 1.01. Okta has a 1 year low of $41.88 and a 1 year high of $141.85. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.57.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Wednesday, August 28th. The company reported ($0.32) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.32). Okta had a negative return on equity of 53.93% and a negative net margin of 31.90%. The firm had revenue of $140.48 million during the quarter, compared to analysts’ expectations of $131.19 million. During the same quarter in the previous year, the business earned ($0.15) earnings per share. The company’s revenue was up 48.5% on a year-over-year basis. As a group, equities analysts anticipate that Okta will post -1.42 EPS for the current year.

In other news, insider Charles Race sold 50,000 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $107.34, for a total value of $5,367,000.00. Following the completion of the transaction, the insider now owns 59,753 shares of the company’s stock, valued at $6,413,887.02. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO William E. Losch sold 21,108 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $102.73, for a total value of $2,168,424.84. Following the completion of the transaction, the chief financial officer now directly owns 12,572 shares of the company’s stock, valued at approximately $1,291,521.56. The disclosure for this sale can be found here. Insiders have sold 237,129 shares of company stock valued at $26,497,893 in the last three months. 14.69% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cetera Investment Advisers boosted its stake in shares of Okta by 59.5% in the third quarter. Cetera Investment Advisers now owns 3,829 shares of the company’s stock worth $378,000 after acquiring an additional 1,428 shares during the period. First Allied Advisory Services Inc. bought a new position in shares of Okta in the third quarter worth about $392,000. Miracle Mile Advisors LLC bought a new position in shares of Okta in the third quarter worth about $7,835,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Okta in the third quarter worth about $112,000. Finally, AE Wealth Management LLC boosted its stake in shares of Okta by 7.7% in the third quarter. AE Wealth Management LLC now owns 9,558 shares of the company’s stock worth $941,000 after acquiring an additional 685 shares during the period. 69.88% of the stock is owned by hedge funds and other institutional investors.

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 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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