William Blair Initiates Coverage on Okta, Inc. (OKTA)
William Blair started coverage on shares of Okta, Inc. (NASDAQ:OKTA) in a research report issued to clients and investors on Wednesday. The firm set an “outperform” rating on the stock.
A number of other research analysts also recently weighed in on OKTA. Zacks Investment Research raised shares of Okta from a “hold” rating to a “buy” rating and set a $33.00 target price for the company in a research report on Wednesday, September 20th. KeyCorp reiterated a “buy” rating on shares of Okta in a research note on Friday, September 1st. Canaccord Genuity boosted their price target on shares of Okta from $27.00 to $28.00 and gave the stock a “hold” rating in a research report on Friday, September 8th. Finally, Pacific Crest reissued an “outperform” rating and set a $32.00 price target on shares of Okta in a research report on Monday, June 12th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $32.20.
Okta (NASDAQ:OKTA) traded down 3.46% during trading on Wednesday, reaching $27.04. The company’s stock had a trading volume of 7,341,070 shares. Okta has a 52 week low of $21.52 and a 52 week high of $33.64. The company’s 50 day moving average price is $27.32 and its 200 day moving average price is $24.91. The company’s market cap is $520.84 million.
Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Thursday, September 7th. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.26) by ($0.03). The firm had revenue of $61.00 million for the quarter, compared to the consensus estimate of $55.90 million. The business’s quarterly revenue was up 63.1% compared to the same quarter last year. On average, equities analysts anticipate that Okta will post ($0.96) earnings per share for the current fiscal year.
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Several institutional investors have recently made changes to their positions in the company. Paulson & CO. Inc. acquired a new stake in shares of Okta in the 2nd quarter valued at approximately $171,000. Lord Abbett & CO. LLC bought a new position in shares of Okta in the second quarter valued at $5,553,000. California State Teachers Retirement System bought a new position in shares of Okta in the second quarter valued at $449,000. The Manufacturers Life Insurance Company bought a new position in shares of Okta in the second quarter valued at $219,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Okta in the second quarter valued at $625,000. Institutional investors own 15.03% of the company’s stock.
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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