Okta, Inc. Expected to Post FY2018 Earnings of ($0.86) Per Share (OKTA)
Okta, Inc. (NASDAQ:OKTA) – KeyCorp raised their FY2018 earnings per share estimates for Okta in a report issued on Wednesday. KeyCorp analyst R. Owens now anticipates that the company will earn ($0.86) per share for the year, up from their previous forecast of ($0.95). KeyCorp currently has a “Buy” rating and a $35.00 price objective on the stock. KeyCorp also issued estimates for Okta’s Q4 2018 earnings at ($0.17) EPS, Q2 2019 earnings at ($0.22) EPS, Q3 2019 earnings at ($0.18) EPS, Q4 2019 earnings at ($0.17) EPS and FY2019 earnings at ($0.79) EPS.
Several other analysts have also commented on OKTA. Canaccord Genuity restated a “hold” rating and issued a $27.00 price objective on shares of Okta in a report on Wednesday, August 30th. Zacks Investment Research lowered shares of Okta from a “hold” rating to a “sell” rating in a report on Friday, September 1st. William Blair began coverage on shares of Okta in a report on Wednesday, October 4th. They set an “outperform” rating for the company. Oppenheimer began coverage on shares of Okta in a report on Tuesday, October 10th. They set an “outperform” rating and a $32.00 target price for the company. Finally, SunTrust Banks began coverage on shares of Okta in a report on Friday, October 27th. They issued a “buy” rating and a $36.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $33.00.
Several hedge funds have recently modified their holdings of OKTA. Schwab Charles Investment Management Inc. bought a new stake in shares of Okta during the 2nd quarter valued at $418,000. Rhumbline Advisers bought a new stake in shares of Okta during the 2nd quarter valued at $290,000. Glynn Capital Management LLC bought a new stake in shares of Okta during the 2nd quarter valued at $45,855,000. Bank of New York Mellon Corp bought a new stake in shares of Okta during the 2nd quarter valued at $777,000. Finally, Victory Capital Management Inc. bought a new stake in shares of Okta during the 2nd quarter valued at $1,203,000. 14.33% of the stock is owned by hedge funds and other institutional investors.
In other Okta news, CEO Todd Mckinnon sold 57,236 shares of Okta stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $28.77, for a total value of $1,646,679.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jacques Frederic Kerrest sold 6,612 shares of Okta stock in a transaction that occurred on Friday, November 24th. The stock was sold at an average price of $30.34, for a total transaction of $200,608.08. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,366,929 shares of company stock valued at $38,816,391.
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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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