Okta Inc (NASDAQ:OKTA) has received an average recommendation of “Buy” from the twenty-two analysts that are currently covering the firm, MarketBeat reports. Three analysts have rated the stock with a hold recommendation, eighteen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $70.00.

Several brokerages have recently issued reports on OKTA. Piper Jaffray Companies began coverage on shares of Okta in a research report on Friday. They set an “overweight” rating and a $80.00 price objective for the company. Canaccord Genuity reissued a “buy” rating and set a $75.00 price objective on shares of Okta in a research report on Wednesday, October 10th. Guggenheim began coverage on shares of Okta in a research report on Monday, December 10th. They set a “buy” rating and a $79.00 price objective for the company. Robert W. Baird began coverage on shares of Okta in a research report on Wednesday, October 17th. They set a “neutral” rating and a $65.00 price objective for the company. Finally, DA Davidson began coverage on shares of Okta in a research report on Tuesday, December 18th. They set a “neutral” rating and a $62.00 price objective for the company.

In related news, Director Benjamin A. Horowitz sold 400,000 shares of the firm’s stock in a transaction on Monday, December 10th. The shares were sold at an average price of $64.45, for a total value of $25,780,000.00. Following the completion of the transaction, the director now owns 11,765 shares of the company’s stock, valued at $758,254.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Benjamin A. Horowitz sold 620,195 shares of the firm’s stock in a transaction on Wednesday, December 12th. The shares were sold at an average price of $65.20, for a total transaction of $40,436,714.00. Following the completion of the transaction, the director now directly owns 11,765 shares of the company’s stock, valued at approximately $767,078. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,077,695 shares of company stock valued at $69,685,714. 20.59% of the stock is owned by insiders.

A number of hedge funds have recently made changes to their positions in the business. Cerebellum GP LLC acquired a new stake in Okta in the fourth quarter valued at $266,000. Vanguard Group Inc raised its stake in Okta by 1.8% in the 3rd quarter. Vanguard Group Inc now owns 6,891,351 shares of the company’s stock worth $484,875,000 after purchasing an additional 120,687 shares in the last quarter. Rehmann Capital Advisory Group raised its stake in Okta by 78.4% in the 3rd quarter. Rehmann Capital Advisory Group now owns 7,372 shares of the company’s stock worth $519,000 after purchasing an additional 3,239 shares in the last quarter. Vanguard Group Inc. raised its stake in Okta by 1.8% in the 3rd quarter. Vanguard Group Inc. now owns 6,891,351 shares of the company’s stock worth $484,875,000 after purchasing an additional 120,687 shares in the last quarter. Finally, Morgan Stanley raised its stake in Okta by 49.3% in the 3rd quarter. Morgan Stanley now owns 2,256,056 shares of the company’s stock worth $158,736,000 after purchasing an additional 744,738 shares in the last quarter. Hedge funds and other institutional investors own 61.58% of the company’s stock.

NASDAQ:OKTA traded down $0.66 during trading hours on Friday, hitting $68.18. The stock had a trading volume of 82,521 shares, compared to its average volume of 1,959,821. Okta has a one year low of $26.20 and a one year high of $75.49. The company has a debt-to-equity ratio of 1.09, a quick ratio of 2.69 and a current ratio of 2.69. The company has a market capitalization of $7.60 billion, a PE ratio of -49.93 and a beta of 0.81.

Okta (NASDAQ:OKTA) last issued its earnings results on Wednesday, December 5th. The company reported ($0.04) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.28) by $0.24. Okta had a negative net margin of 33.02% and a negative return on equity of 48.01%. The firm had revenue of $105.58 million during the quarter, compared to the consensus estimate of $96.81 million. On average, sell-side analysts forecast that Okta will post -1.05 earnings per share for the current year.

Okta Company Profile

Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products to manage and secure identities, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access their applications in the cloud or on-premise from various devices with a single entry of their user credentials; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for Web and mobile applications, and data of organization; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; and Mobility Management, which simplifies and automates mobile device administration and provisioning across phones, tablets, and laptops.

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Analyst Recommendations for Okta (NASDAQ:OKTA)

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