Okta (OKTA) Rating Reiterated by Robert W. Baird
Okta (NASDAQ:OKTA)‘s stock had its “hold” rating reaffirmed by equities research analysts at Robert W. Baird in a note issued to investors on Thursday. They currently have a $65.00 target price on the stock. Robert W. Baird’s price target would suggest a potential upside of 4.20% from the company’s current price.
The analysts wrote, “We maintain our Neutral rating and $65 price target on Okta after reporting very strong FQ3 results. We believe a first mover advantage, strong competitive positioning, and a growing awareness of the importance of identity in driving agility and security for cloud is and will continue to support a robust growth opportunity for Okta. However, trading at the high-end of secular SaaS peers, we believe the opportunity is captured in current valuation.””
Other equities research analysts have also issued research reports about the company. Canaccord Genuity reissued a “buy” rating and issued a $75.00 price objective on shares of Okta in a report on Wednesday, October 10th. BidaskClub lowered Okta from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 20th. SunTrust Banks lifted their price objective on Okta to $72.00 and gave the stock a “buy” rating in a report on Friday, September 7th. Deutsche Bank lifted their price objective on Okta to $75.00 and gave the stock a “buy” rating in a report on Friday, September 7th. Finally, Needham & Company LLC lifted their price objective on Okta from $58.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, September 7th. Two analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $68.80.
Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Wednesday, December 5th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.24. Okta had a negative return on equity of 49.38% and a negative net margin of 33.02%. The company had revenue of $105.58 million during the quarter, compared to analyst estimates of $96.81 million. Sell-side analysts expect that Okta will post -1.12 earnings per share for the current year.
In other Okta news, CFO William E. Losch sold 15,000 shares of the firm’s stock in a transaction dated Monday, September 24th. The stock was sold at an average price of $68.67, for a total value of $1,030,050.00. Following the completion of the transaction, the chief financial officer now owns 15,000 shares in the company, valued at approximately $1,030,050. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO William E. Losch sold 20,000 shares of the firm’s stock in a transaction dated Monday, October 22nd. The stock was sold at an average price of $56.92, for a total value of $1,138,400.00. Following the completion of the transaction, the chief financial officer now owns 20,000 shares of the company’s stock, valued at approximately $1,138,400. The disclosure for this sale can be found here. In the last 90 days, insiders sold 324,142 shares of company stock valued at $23,127,125. 20.59% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of OKTA. SG Americas Securities LLC bought a new position in Okta in the 2nd quarter worth about $139,000. Stratos Wealth Partners LTD. bought a new stake in shares of Okta during the 3rd quarter valued at about $147,000. Public Employees Retirement Association of Colorado bought a new stake in shares of Okta during the 2nd quarter valued at about $160,000. Flagship Harbor Advisors LLC bought a new stake in shares of Okta during the 2nd quarter valued at about $174,000. Finally, Benjamin F. Edwards & Company Inc. boosted its position in shares of Okta by 75.4% during the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 2,675 shares of the company’s stock valued at $188,000 after acquiring an additional 1,150 shares during the last quarter. Institutional investors and hedge funds own 62.28% of the company’s stock.
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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