Piper Jaffray Companies started coverage on shares of Okta (NASDAQ:OKTA) in a report issued on Friday, The Fly reports. The firm set an “overweight” rating on the stock.
Several other equities research analysts have also recently weighed in on OKTA. BidaskClub cut Okta from a “strong-buy” rating to a “buy” rating in a research note on Thursday, September 20th. Robert W. Baird reaffirmed a “hold” rating and issued a $65.00 price target on shares of Okta in a research note on Thursday, December 6th. Guggenheim assumed coverage on Okta in a research note on Monday, December 10th. They issued a “buy” rating and a $79.00 price target on the stock. DA Davidson assumed coverage on Okta in a research note on Tuesday, December 18th. They issued a “neutral” rating and a $62.00 price target on the stock. Finally, Zacks Investment Research cut Okta from a “buy” rating to a “hold” rating in a research note on Thursday, November 8th. Three research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $69.00.
OKTA opened at $68.84 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 2.69 and a current ratio of 2.69. Okta has a 52-week low of $26.20 and a 52-week high of $75.49. The company has a market cap of $7.60 billion, a PE ratio of -50.25 and a beta of 0.81.
In other news, Director Michael R. Kourey sold 17,500 shares of the company’s stock in a transaction on Monday, December 17th. The stock was sold at an average price of $62.24, for a total transaction of $1,089,200.00. Following the transaction, the director now directly owns 11,765 shares of the company’s stock, valued at $732,253.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO William E. Losch sold 20,000 shares of the company’s stock in a transaction on Monday, December 17th. The shares were sold at an average price of $62.07, for a total value of $1,241,400.00. Following the transaction, the chief financial officer now directly owns 20,000 shares in the company, valued at $1,241,400. The disclosure for this sale can be found here. Insiders sold 1,077,695 shares of company stock worth $69,685,714 over the last three months. Corporate insiders own 20.59% of the company’s stock.
Large investors have recently made changes to their positions in the company. Stratos Wealth Partners LTD. bought a new position in shares of Okta during the third quarter valued at $147,000. Benjamin F. Edwards & Company Inc. lifted its holdings in Okta by 75.4% in the third 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 period. SG Americas Securities LLC bought a new position in Okta in the second quarter valued at about $139,000. Ibex Investors LLC bought a new position in Okta in the third quarter valued at about $216,000. Finally, First American Bank bought a new position in Okta in the third quarter valued at about $218,000. 61.58% of the stock is currently owned by hedge funds and other institutional investors.
Okta Company Profile
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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