KeyCorp Reaffirms “Buy” Rating for Okta, Inc. (OKTA)
Okta, Inc. (NASDAQ:OKTA)‘s stock had its “buy” rating reaffirmed by equities researchers at KeyCorp in a research note issued to investors on Friday. KeyCorp also issued estimates for Okta’s Q4 2018 earnings at ($0.21) EPS, FY2018 earnings at ($1.13) EPS, Q1 2019 earnings at ($0.22) EPS, Q2 2019 earnings at ($0.24) EPS, Q3 2019 earnings at ($0.19) EPS, Q4 2019 earnings at ($0.18) EPS and FY2019 earnings at ($0.83) EPS.
Several other research firms have also issued reports on OKTA. Canaccord Genuity reissued a “hold” rating and set a $27.00 price target on shares of Okta in a research report on Wednesday. Zacks Investment Research lowered Okta from a “hold” rating to a “sell” rating in a research report on Friday. Finally, Pacific Crest reissued an “outperform” rating and set a $32.00 price target on shares of Okta in a research report on Monday, June 12th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $29.50.
Okta (NASDAQ OKTA) opened at 26.99 on Friday. Okta has a 12 month low of $21.52 and a 12 month high of $28.25. The stock’s 50 day moving average is $23.96 and its 200-day moving average is $24.09. The stock’s market capitalization is $2.57 billion.
Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Wednesday, June 7th. The company reported ($0.50) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.61) by $0.11. The firm had revenue of $53 million for the quarter, compared to analyst estimates of $48.23 million. Okta’s quarterly revenue was up 66.7% on a year-over-year basis. On average, equities research analysts expect that Okta will post ($1.13) earnings per share for the current year.
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A number of hedge funds and other institutional investors have recently modified their holdings of OKTA. Lord Abbett & CO. LLC bought a new position in shares of Okta during the second quarter worth approximately $5,553,000. California State Teachers Retirement System bought a new position in shares of Okta during the second quarter worth approximately $449,000. The Manufacturers Life Insurance Company bought a new position in shares of Okta during the second quarter worth approximately $219,000. Cubist Systematic Strategies LLC bought a new position in shares of Okta during the second quarter worth approximately $625,000. Finally, State Street Corp bought a new position in shares of Okta during the second quarter worth approximately $3,444,000.
Okta Company Profile
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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