Canaccord Genuity Reiterates Hold Rating for Okta, Inc. (OKTA)
Okta, Inc. (NASDAQ:OKTA)‘s stock had its “hold” rating reissued by research analysts at Canaccord Genuity in a research report issued on Wednesday. They presently have a $27.00 price objective on the stock. Canaccord Genuity’s price target indicates a potential upside of 0.07% from the company’s current price.
The analysts wrote, “We attended Okta’s annual customer conference, Oktane, along with almost 2,000 registered attendees and a couple dozen financial types at the analyst breakout session. We came away more convinced that this firm could become something very special over the next decade. While valuation dissuades us from rating Okta BUY at this point, we would likely change our mind if OKTA corrects to the low-$20 range perhaps in response to a market correction or lockup expiration.””
Several other research analysts have also weighed in on OKTA. Zacks Investment Research lowered shares of Okta from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. Pacific Crest began coverage on shares of Okta in a research note on Tuesday, May 2nd. They set an “overweight” rating and a $32.00 price objective on the stock. JMP Securities began coverage on shares of Okta in a research note on Tuesday, May 2nd. They issued a “market perform” rating on the stock. J P Morgan Chase & Co began coverage on shares of Okta in a research note on Tuesday, May 2nd. They issued an “overweight” rating and a $33.00 price target on the stock. Finally, Goldman Sachs Group Inc began coverage on shares of Okta in a research note on Tuesday, May 2nd. They issued a “neutral” rating on the stock. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $29.50.
Shares of Okta (NASDAQ OKTA) opened at 26.99 on Wednesday. The firm’s market capitalization is $2.57 billion. The company’s 50-day moving average is $23.96 and its 200 day moving average is $24.09. Okta has a 1-year low of $21.52 and a 1-year high of $28.25.
Okta (NASDAQ:OKTA) last released its quarterly earnings data on Wednesday, June 7th. The company reported ($0.50) earnings per share for the quarter, topping the consensus estimate of ($0.61) by $0.11. The firm had revenue of $53 million for the quarter, compared to the consensus estimate of $48.23 million. Okta’s revenue for the quarter was up 66.7% on a year-over-year basis. On average, analysts expect that Okta will post ($1.13) EPS for the current fiscal year.
Several hedge funds have recently made changes to their positions in OKTA. Hillman Co. acquired a new stake in shares of Okta during the second quarter worth approximately $6,975,000. Allen Operations LLC acquired a new stake in shares of Okta during the second quarter worth approximately $1,656,000. Peregrine Capital Management LLC acquired a new stake in shares of Okta during the second quarter worth approximately $6,909,000. Essex Investment Management Co. LLC acquired a new stake in shares of Okta during the second quarter worth approximately $2,321,000. Finally, Glynn Capital Management LLC acquired a new stake in shares of Okta during the second quarter worth approximately $45,855,000.
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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