Okta Inc (NASDAQ:OKTA) Director Benjamin A. Horowitz sold 35,669 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $80.66, for a total value of $2,877,061.54. Following the completion of the sale, the director now directly owns 11,765 shares of the company’s stock, valued at approximately $948,964.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.
Shares of Okta stock opened at $81.77 on Thursday. The company has a market cap of $8.97 billion, a price-to-earnings ratio of -79.39 and a beta of 1.20. Okta Inc has a 12-month low of $37.26 and a 12-month high of $87.72.
Okta (NASDAQ:OKTA) last announced its earnings results on Thursday, March 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.03. The firm had revenue of $115.47 million during the quarter, compared to analysts’ expectations of $107.94 million. Okta had a negative return on equity of 44.56% and a negative net margin of 31.43%. On average, equities analysts forecast that Okta Inc will post -1.38 EPS for the current fiscal year.
Several brokerages recently commented on OKTA. SunTrust Banks cut Okta from a “buy” rating to a “hold” rating and boosted their price target for the company from $74.00 to $90.00 in a research note on Monday, March 4th. They noted that the move was a valuation call. Morgan Stanley began coverage on Okta in a research note on Monday, February 4th. They issued an “equal weight” rating and a $85.00 price target for the company. Zacks Investment Research cut Okta from a “hold” rating to a “sell” rating in a research note on Tuesday, February 5th. Needham & Company LLC reaffirmed a “buy” rating and set a $96.00 target price (up previously from $75.00) on shares of Okta in a research report on Friday, March 8th. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $85.00 target price (up previously from $75.00) on shares of Okta in a research report on Friday, March 8th. They noted that the move was a valuation call. Six analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $80.61.
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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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