Zacks Investment Research lowered shares of Okta, Inc. (NASDAQ:OKTA) from a buy rating to a hold rating in a research note published on Thursday 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. “

Other analysts have also recently issued reports about the company. SunTrust Banks, Inc. initiated coverage on Okta in a research note on Friday, October 27th. They issued a buy rating and a $36.00 price objective on the stock. KeyCorp reiterated a buy rating and issued a $35.00 price objective on shares of Okta in a research note on Friday, September 8th. Canaccord Genuity increased their price objective on Okta from $27.00 to $28.00 and gave the company a hold rating in a research note on Friday, September 8th. Oppenheimer Holdings, Inc. initiated coverage on Okta in a research note on Tuesday, October 10th. They issued an outperform rating and a $32.00 price objective on the stock. Finally, William Blair initiated coverage on Okta in a research note on Wednesday, October 4th. They issued an outperform rating on the stock. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Okta presently has a consensus rating of Buy and an average target price of $32.71.

Shares of Okta (NASDAQ:OKTA) traded up $0.19 during midday trading on Thursday, hitting $29.19. The stock had a trading volume of 338,800 shares, compared to its average volume of 571,060. Okta has a twelve month low of $21.52 and a twelve month high of $33.64.

Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Thursday, September 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.03). The firm had revenue of $61.00 million during the quarter, compared to analyst estimates of $55.90 million. The business’s revenue was up 63.1% compared to the same quarter last year. analysts anticipate that Okta will post -0.96 EPS for the current year.

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In other Okta news, CFO William E. Losch sold 12,200 shares of the firm’s stock in a transaction on Wednesday, October 11th. The stock was sold at an average price of $28.63, for a total value of $349,286.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Jonathan T. Runyan sold 300,000 shares of the firm’s stock in a transaction on Wednesday, October 4th. The shares were sold at an average price of $27.03, for a total value of $8,109,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 936,019 shares of company stock worth $26,152,862.

Institutional investors have recently bought and sold shares of the business. Quantbot Technologies LP acquired a new stake in Okta in the second quarter valued at $101,000. SG Americas Securities LLC acquired a new stake in Okta in the third quarter valued at $128,000. CI Investments Inc. acquired a new stake in Okta in the second quarter valued at $171,000. Paulson & CO. Inc. acquired a new stake in Okta in the second quarter valued at $171,000. Finally, American Century Companies Inc. purchased a new position in shares of Okta during the second quarter worth about $201,000. Institutional investors own 12.92% 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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Analyst Recommendations for Okta (NASDAQ:OKTA)

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