Shares of Okta Inc (NASDAQ:OKTA) traded up 1.1% during trading on Wednesday . The stock traded as high as $93.50 and last traded at $93.67. 46,834 shares were traded during mid-day trading, a decline of 98% from the average session volume of 2,062,974 shares. The stock had previously closed at $92.65.

A number of analysts have recently weighed in on OKTA shares. Canaccord Genuity upped their target price on shares of Okta from $85.00 to $95.00 and gave the company a “buy” rating in a research note on Wednesday, April 3rd. They noted that the move was a valuation call. Zacks Investment Research lowered shares of Okta from a “buy” rating to a “hold” rating in a report on Thursday, March 14th. Monness Crespi & Hardt upped their target price on shares of Okta from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $105.00 target price (up previously from $96.00) on shares of Okta in a report on Thursday, April 4th. Finally, JMP Securities reaffirmed a “hold” rating on shares of Okta in a report on Monday, March 11th. Seven research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $82.11.

The stock has a market cap of $10.40 billion, a PE ratio of -90.10 and a beta of 1.17.

Okta (NASDAQ:OKTA) last released its earnings results on Thursday, March 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.03. Okta had a negative net margin of 31.43% and a negative return on equity of 44.56%. The company had revenue of $115.47 million for the quarter, compared to the consensus estimate of $107.94 million. Analysts forecast that Okta Inc will post -1.38 earnings per share for the current fiscal year.

In related news, Director Benjamin A. Horowitz sold 35,669 shares of the stock in a transaction that occurred on Friday, February 15th. The shares were sold at an average price of $84.64, for a total value of $3,019,024.16. Following the sale, the director now directly owns 11,765 shares in the company, valued at approximately $995,789.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jacques Frederic Kerrest sold 1,784 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $83.58, for a total transaction of $149,106.72. Following the completion of the sale, the chief operating officer now owns 1,664 shares in the company, valued at $139,077.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 811,689 shares of company stock worth $64,595,725. Corporate insiders own 20.59% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. acquired a new stake in Okta during the 4th quarter worth approximately $22,091,000. MUFG Securities EMEA plc bought a new position in shares of Okta during the 4th quarter worth approximately $7,669,000. Brown Advisory Inc. grew its stake in shares of Okta by 1.1% during the 4th quarter. Brown Advisory Inc. now owns 64,967 shares of the company’s stock worth $4,146,000 after acquiring an additional 697 shares in the last quarter. Gemmer Asset Management LLC grew its stake in shares of Okta by 13.4% during the 4th quarter. Gemmer Asset Management LLC now owns 84,807 shares of the company’s stock worth $5,411,000 after acquiring an additional 10,000 shares in the last quarter. Finally, LPL Financial LLC grew its stake in shares of Okta by 32.7% during the 3rd quarter. LPL Financial LLC now owns 27,036 shares of the company’s stock worth $1,902,000 after acquiring an additional 6,665 shares in the last quarter. Hedge funds and other institutional investors own 65.77% of the company’s stock.

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Okta Company Profile (NASDAQ:OKTA)

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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