Okta’s (NASDAQ:OKTA) lock-up period is set to expire on Wednesday, October 4th. Okta had issued 11,000,000 shares in its initial public offering on April 7th. The total size of the offering was $187,000,000 based on an initial share price of $17.00. After the end of Okta’s lock-up period, company insiders and major shareholders will be able to sell their shares of the company.

A number of equities analysts have weighed in on OKTA shares. Canaccord Genuity reissued a “hold” rating and issued a $27.00 target price on shares of Okta in a research report on Friday, June 9th. Pacific Crest reissued an “outperform” rating and issued a $32.00 target price on shares of Okta in a research report on Monday, June 12th. Zacks Investment Research raised Okta from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a research report on Wednesday, July 5th. Finally, KeyCorp reissued a “buy” rating on shares of Okta in a research report on Friday, September 1st. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $32.20.

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Okta (NASDAQ:OKTA) traded down 2.69% during midday trading on Friday, hitting $28.21. 654,032 shares of the stock traded hands. The company has a 50-day moving average of $25.75 and a 200-day moving average of $24.57. Okta has a 12 month low of $21.52 and a 12 month high of $33.64. The stock’s market cap is $2.70 billion.

Okta (NASDAQ:OKTA) last released its earnings results on Thursday, September 7th. The company reported ($0.29) EPS for the quarter, missing the Zacks’ 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. Okta’s quarterly revenue was up 63.1% on a year-over-year basis. On average, equities research analysts anticipate that Okta will post ($0.96) earnings per share for the current year.

Several institutional investors have recently added to or reduced their stakes in the stock. Glynn Capital Management LLC acquired a new stake in shares of Okta during the second quarter worth about $45,855,000. FMR LLC purchased a new position in Okta during the second quarter valued at approximately $23,135,000. Gilder Gagnon Howe & Co. LLC purchased a new position in Okta during the second quarter valued at approximately $23,054,000. JPMorgan Chase & Co. purchased a new position in Okta during the second quarter valued at approximately $21,855,000. Finally, Vanguard Group Inc. purchased a new position in Okta during the second quarter valued at approximately $21,749,000. 15.03% of the stock is owned by hedge funds and other institutional investors.

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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