Zacks Investment Research downgraded shares of Okta (NASDAQ:OKTA) from a hold rating to a sell rating in a research report report published on Thursday morning, Zacks.com reports.

According to Zacks, “Okta, Inc. is a provider of identity for the enterprise. The Company’s product consists of Okta information technology Products and Okta for Developers. Okta IT Products include Single Sign-On, Mobility Management, Adaptive Multi-Factor Authentication, Lifecycle Management and Universal Directory. Okta for Developers include Complete Authentication, User Management, Application Programming Interface Access Management and Developer Tools. Okta, Inc. is based in SAN FRANCISCO, United States. “

A number of other brokerages have also recently commented on OKTA. Cowen upped their price target on shares of Okta from $150.00 to $195.00 and gave the company an outperform rating in a research report on Tuesday, May 26th. Piper Sandler reaffirmed a buy rating and set a $190.00 price target on shares of Okta in a research report on Monday, June 8th. Needham & Company LLC started coverage on shares of Okta in a research report on Friday, May 29th. They set a hold rating on the stock. ValuEngine cut shares of Okta from a buy rating to a hold rating in a research report on Monday, May 4th. Finally, Robert W. Baird upped their price target on shares of Okta from $135.00 to $185.00 and gave the company a neutral rating in a research report on Thursday, May 21st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Okta presently has a consensus rating of Buy and a consensus target price of $184.11.

Shares of Okta stock traded up $1.66 during trading on Thursday, hitting $220.98. The company’s stock had a trading volume of 1,049,793 shares, compared to its average volume of 1,563,090. The company has a debt-to-equity ratio of 2.52, a current ratio of 2.86 and a quick ratio of 2.86. Okta has a 52 week low of $88.66 and a 52 week high of $224.90. The stock has a market cap of $27.54 billion, a price-to-earnings ratio of -123.45 and a beta of 1.07. The stock has a 50-day moving average price of $203.51 and a two-hundred day moving average price of $158.22.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Thursday, May 28th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.10. The company had revenue of $182.86 million for the quarter, compared to analysts’ expectations of $171.57 million. Okta had a negative net margin of 33.34% and a negative return on equity of 44.99%. Okta’s revenue for the quarter was up 46.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.19) earnings per share. On average, equities analysts predict that Okta will post -1.51 EPS for the current fiscal year.

In related news, CEO Todd Mckinnon sold 159,641 shares of the company’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $198.87, for a total value of $31,747,805.67. Following the sale, the chief executive officer now owns 90,323 shares in the company, valued at approximately $17,962,535.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Benjamin A. Horowitz sold 37,882 shares of the company’s stock in a transaction dated Monday, July 20th. The stock was sold at an average price of $207.05, for a total transaction of $7,843,468.10. The disclosure for this sale can be found here. Insiders sold a total of 498,696 shares of company stock worth $98,057,379 in the last 90 days. 12.02% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of the business. Comerica Bank grew its position in Okta by 11.4% in the 2nd quarter. Comerica Bank now owns 12,471 shares of the company’s stock worth $2,629,000 after purchasing an additional 1,279 shares in the last quarter. Royal London Asset Management Ltd. grew its position in Okta by 2.6% in the 2nd quarter. Royal London Asset Management Ltd. now owns 43,118 shares of the company’s stock worth $8,618,000 after purchasing an additional 1,097 shares in the last quarter. Chicago Partners Investment Group LLC bought a new stake in Okta in the 2nd quarter worth about $203,000. Flagship Harbor Advisors LLC grew its position in Okta by 2.6% in the 2nd quarter. Flagship Harbor Advisors LLC now owns 3,250 shares of the company’s stock worth $650,000 after purchasing an additional 82 shares in the last quarter. Finally, Kovack Advisors Inc. grew its position in Okta by 6.3% in the 2nd quarter. Kovack Advisors Inc. now owns 7,259 shares of the company’s stock worth $1,453,000 after purchasing an additional 427 shares in the last quarter. 74.49% of the stock is owned by institutional investors and hedge funds.

About Okta

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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