Okta’s (OKTA) “Hold” Rating Reaffirmed at Robert W. Baird
Robert W. Baird reaffirmed their hold rating on shares of Okta (NASDAQ:OKTA) in a research report sent to investors on Friday morning, AnalystRatings.com reports. They currently have a $135.00 price objective on the stock.
OKTA has been the subject of several other reports. Piper Jaffray Companies initiated coverage on shares of Okta in a report on Friday, November 8th. They issued an overweight rating and a $135.00 target price for the company. Guggenheim upped their price target on shares of Okta from $125.00 to $152.00 and gave the company a buy rating in a research report on Thursday, August 29th. DA Davidson upgraded shares of Okta from a neutral rating to a buy rating and upped their price target for the company from $131.00 to $135.00 in a research report on Monday, November 18th. SunTrust Banks raised shares of Okta from a hold rating to a buy rating and boosted their target price for the company from $130.00 to $134.00 in a research note on Wednesday, October 2nd. Finally, Citigroup started coverage on Okta in a report on Monday, October 14th. They issued a buy rating and a $150.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the stock. Okta has an average rating of Hold and a consensus price target of $133.72.
Shares of Okta stock traded down $0.85 on Friday, reaching $118.31. 3,525,725 shares of the company were exchanged, compared to its average volume of 2,239,469. Okta has a fifty-two week low of $52.05 and a fifty-two week high of $141.85. The firm has a market capitalization of $13.81 billion, a price-to-earnings ratio of -114.86 and a beta of 1.07. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.57. The stock has a fifty day moving average price of $115.21 and a 200-day moving average price of $120.64.
In related news, CEO Todd Mckinnon sold 1,773 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $102.57, for a total value of $181,856.61. Following the completion of the sale, the chief executive officer now owns 3,531 shares of the company’s stock, valued at approximately $362,174.67. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, General Counsel Jonathan T. Runyan sold 707 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $102.57, for a total value of $72,516.99. Following the completion of the transaction, the general counsel now owns 1,406 shares in the company, valued at approximately $144,213.42. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 366,789 shares of company stock worth $42,945,628. Insiders own 14.69% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of OKTA. Metropolitan Life Insurance Co NY lifted its position in shares of Okta by 17.3% in the third quarter. Metropolitan Life Insurance Co NY now owns 7,523 shares of the company’s stock worth $741,000 after buying an additional 1,111 shares during the last quarter. Man Group plc boosted its stake in shares of Okta by 123.3% during the 3rd quarter. Man Group plc now owns 39,067 shares of the company’s stock worth $3,846,000 after acquiring an additional 21,574 shares in the last quarter. Night Owl Capital Management LLC increased its holdings in shares of Okta by 4.7% during the 3rd quarter. Night Owl Capital Management LLC now owns 105,725 shares of the company’s stock valued at $10,410,000 after acquiring an additional 4,764 shares during the last quarter. Voloridge Investment Management LLC increased its holdings in shares of Okta by 74.1% during the 3rd quarter. Voloridge Investment Management LLC now owns 172,825 shares of the company’s stock valued at $17,016,000 after acquiring an additional 73,546 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC bought a new position in shares of Okta in the 3rd quarter valued at approximately $15,563,000. 73.02% of the stock is currently owned by hedge funds and other institutional investors.
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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