Okta (NASDAQ:OKTA) Now Covered by Cowen

Cowen started coverage on shares of Okta (NASDAQ:OKTA) in a research note released on Wednesday morning, BenzingaRatingsTable reports. The brokerage issued an outperform rating and a $150.00 target price on the stock.

OKTA has been the topic of several other reports. JPMorgan Chase & Co. raised their target price on shares of Okta from $88.00 to $127.00 and gave the stock an overweight rating in a report on Friday, May 31st. Monness Crespi & Hardt cut shares of Okta from a buy rating to a neutral rating in a report on Tuesday, May 28th. Piper Jaffray Companies raised their target price on shares of Okta from $89.00 to $120.00 and gave the stock an overweight rating in a report on Friday, May 31st. Morgan Stanley raised their target price on shares of Okta from $85.00 to $107.00 and gave the stock an equal weight rating in a report on Friday, May 31st. Finally, Deutsche Bank raised their target price on shares of Okta from $124.00 to $152.00 and gave the stock a buy rating in a report on Friday, June 21st. Ten equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Okta has an average rating of Buy and a consensus target price of $107.35.

Okta stock opened at $132.46 on Wednesday. The stock has a market cap of $15.28 billion, a P/E ratio of -128.60 and a beta of 1.01. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.61. Okta has a twelve month low of $41.88 and a twelve month high of $141.85. The company’s 50-day moving average price is $133.26 and its two-hundred day moving average price is $107.91.

Okta (NASDAQ:OKTA) last announced its earnings results on Thursday, May 30th. The company reported ($0.39) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.40) by $0.01. Okta had a negative net margin of 34.37% and a negative return on equity of 53.36%. The company had revenue of $125.20 million for the quarter, compared to analysts’ expectations of $116.83 million. During the same period last year, the firm earned ($0.09) earnings per share. The business’s revenue for the quarter was up 49.8% on a year-over-year basis. Equities analysts anticipate that Okta will post -1.35 earnings per share for the current fiscal year.

In related news, CEO Todd Mckinnon sold 1,773 shares of Okta stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $127.85, for a total value of $226,678.05. Following the transaction, the chief executive officer now directly owns 14,224 shares of the company’s stock, valued at $1,818,538.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Benjamin A. Horowitz sold 48,897 shares of Okta stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $127.12, for a total transaction of $6,215,786.64. Following the completion of the transaction, the director now directly owns 15,735 shares in the company, valued at $2,000,233.20. The disclosure for this sale can be found here. Insiders sold 693,604 shares of company stock worth $91,155,096 over the last three months. 14.69% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in OKTA. Independent Advisor Alliance boosted its position in Okta by 2.5% in the first quarter. Independent Advisor Alliance now owns 4,123 shares of the company’s stock valued at $341,000 after buying an additional 100 shares in the last quarter. Lindbrook Capital LLC boosted its position in Okta by 76.9% in the second quarter. Lindbrook Capital LLC now owns 230 shares of the company’s stock valued at $28,000 after buying an additional 100 shares in the last quarter. Stephens Inc. AR boosted its position in Okta by 5.1% in the second quarter. Stephens Inc. AR now owns 2,581 shares of the company’s stock valued at $319,000 after buying an additional 126 shares in the last quarter. Valeo Financial Advisors LLC boosted its position in Okta by 122.4% in the second quarter. Valeo Financial Advisors LLC now owns 238 shares of the company’s stock valued at $29,000 after buying an additional 131 shares in the last quarter. Finally, Piedmont Investment Advisors Inc. boosted its position in Okta by 2.3% in the first quarter. Piedmont Investment Advisors Inc. now owns 6,373 shares of the company’s stock valued at $527,000 after buying an additional 146 shares in the last quarter. 69.56% of the stock is currently owned by institutional investors and hedge funds.

About 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 cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.

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