Zacks Investment Research downgraded shares of Okta, Inc. (NASDAQ:OKTA) from a buy rating to a hold rating in a report published on Tuesday morning.

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. “

Several other research firms have also issued reports on OKTA. Pacific Crest restated an outperform rating and issued a $32.00 price target on shares of Okta in a research report on Monday, June 12th. Canaccord Genuity restated a hold rating and issued a $27.00 price target on shares of Okta in a research report on Friday, June 9th. Finally, KeyCorp restated a buy rating and issued a $35.00 price target on shares of Okta in a research report on Friday, September 8th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus price target of $32.20.

Shares of Okta (NASDAQ:OKTA) opened at 29.20 on Tuesday. The company has a 50 day moving average price of $25.75 and a 200-day moving average price of $24.57. Okta has a 12-month low of $21.52 and a 12-month high of $33.64. The firm’s market cap is $2.79 billion.

Okta (NASDAQ:OKTA) last announced its earnings results on Thursday, September 7th. The company reported ($0.29) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.26) by ($0.03). The company had revenue of $61.00 million during the quarter, compared to analysts’ expectations of $55.90 million. The company’s revenue was up 63.1% on a year-over-year basis. Analysts expect that Okta will post ($0.96) EPS for the current year.

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A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Quantbot Technologies LP purchased a new position in Okta during the 2nd quarter worth approximately $101,000. CI Investments Inc. purchased a new position in Okta during the 2nd quarter worth approximately $171,000. Paulson & CO. Inc. purchased a new position in Okta during the 2nd quarter worth approximately $171,000. American Century Companies Inc. purchased a new position in Okta during the 2nd quarter worth approximately $201,000. Finally, Pacad Investment Ltd. purchased a new position in Okta during the 2nd quarter worth approximately $207,000. Hedge funds and other institutional investors own 15.07% of the company’s stock.

About Okta

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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