Research analysts at SunTrust Banks, Inc. started coverage on shares of Okta, Inc. (NASDAQ:OKTA) in a research note issued to investors on Friday. The firm set a “buy” rating and a $36.00 price target on the stock. SunTrust Banks, Inc.’s price objective indicates a potential upside of 28.94% from the stock’s current price.
A number of other equities research analysts have also weighed in on OKTA. KeyCorp reaffirmed a “buy” rating on shares of Okta in a report on Friday, September 1st. Zacks Investment Research raised Okta from a “hold” rating to a “buy” rating and set a $33.00 price objective on the stock in a report on Wednesday, September 20th. Canaccord Genuity lifted their price objective on Okta from $27.00 to $28.00 and gave the company a “hold” rating in a report on Friday, September 8th. Oppenheimer Holdings, Inc. assumed coverage on Okta in a report on Tuesday, October 10th. They issued an “outperform” rating and a $32.00 price objective on the stock. Finally, William Blair assumed coverage on Okta in a report on Wednesday, October 4th. They issued an “outperform” rating on the stock. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $32.71.
Shares of Okta (NASDAQ OKTA) traded up 1.20% during trading on Friday, hitting $27.92. The stock had a trading volume of 1,187,281 shares. The stock’s market cap is $537.80 million. The stock’s 50-day moving average is $28.42 and its 200-day moving average is $25.46. Okta has a 12-month low of $21.52 and a 12-month high of $33.64.
Okta (NASDAQ:OKTA) last released its quarterly earnings results 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 company had revenue of $61.00 million during the quarter, compared to analysts’ expectations of $55.90 million. The business’s revenue for the quarter was up 63.1% on a year-over-year basis. On average, equities research analysts expect that Okta will post ($0.96) EPS for the current year.
In other news, CEO Todd Mckinnon sold 49,545 shares of Okta stock in a transaction that occurred on Thursday, October 12th. The shares were sold at an average price of $28.59, for a total transaction of $1,416,491.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO William E. Losch sold 12,200 shares of Okta stock in a transaction that occurred on Wednesday, October 11th. The shares were sold at an average price of $28.63, for a total transaction of $349,286.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 773,558 shares of company stock valued at $21,442,993.
Hedge funds have recently bought and sold shares of the company. Quantbot Technologies LP acquired a new stake in shares of Okta during the 2nd quarter valued at approximately $101,000. CI Investments Inc. acquired a new position in shares of Okta during the 2nd quarter worth approximately $171,000. Paulson & CO. Inc. acquired a new position in shares of Okta during the 2nd quarter worth approximately $171,000. American Century Companies Inc. acquired a new position in shares of Okta during the 2nd quarter worth approximately $201,000. Finally, Pacad Investment Ltd. acquired a new position in shares of Okta during the 2nd quarter worth approximately $207,000. Institutional investors own 12.99% 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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