Goldman Sachs Group Increases Okta (NASDAQ:OKTA) Price Target to $144.00

Okta (NASDAQ:OKTA) had its price target hoisted by investment analysts at Goldman Sachs Group from $141.00 to $144.00 in a research report issued on Friday, The Fly reports. The brokerage presently has a “positive” rating on the stock. Goldman Sachs Group’s price objective would indicate a potential upside of 21.71% from the stock’s current price.

Several other research firms also recently commented on OKTA. BidaskClub upgraded shares of Okta from a “hold” rating to a “buy” rating in a report on Thursday, November 21st. Morgan Stanley increased their price objective on shares of Okta from $107.00 to $117.00 and gave the company an “equal weight” rating in a research report on Thursday, August 29th. They noted that the move was a valuation call. Citigroup assumed coverage on shares of Okta in a report on Monday, October 14th. They set a “buy” rating and a $150.00 target price for the company. Robert W. Baird reaffirmed a “hold” rating and set a $135.00 target price on shares of Okta in a report on Friday. Finally, DA Davidson raised shares of Okta from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $131.00 to $135.00 in a report on Monday, November 18th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $133.72.

Shares of NASDAQ OKTA opened at $118.31 on Friday. Okta has a 12 month low of $52.05 and a 12 month high of $141.85. The stock has a 50 day moving average of $115.21 and a 200-day moving average of $120.64. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $13.91 billion, a P/E ratio of -114.86 and a beta of 1.07.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Thursday, December 5th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.05. Okta had a negative return on equity of 61.17% and a negative net margin of 35.43%. The business had revenue of $153.04 million during the quarter, compared to the consensus estimate of $143.88 million. During the same quarter last year, the firm posted ($0.04) EPS. The company’s quarterly revenue was up 45.0% on a year-over-year basis. Analysts predict that Okta will post -1.42 EPS for the current fiscal year.

In other news, insider Charles Race sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $107.34, for a total transaction of $5,367,000.00. Following the transaction, the insider now directly owns 59,753 shares of the company’s stock, valued at $6,413,887.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO William E. Losch sold 21,108 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $102.73, for a total transaction of $2,168,424.84. Following the transaction, the chief financial officer now directly owns 12,572 shares in the company, valued at $1,291,521.56. The disclosure for this sale can be found here. In the last three months, insiders sold 366,789 shares of company stock valued at $42,945,628. 14.69% of the stock is currently owned by company insiders.

Hedge funds have recently modified their holdings of the stock. Elkfork Partners LLC increased its stake in Okta by 262.5% during the 2nd quarter. Elkfork Partners LLC now owns 4,872 shares of the company’s stock worth $602,000 after acquiring an additional 3,528 shares during the period. Korea Investment CORP bought a new stake in shares of Okta during the 2nd quarter valued at $14,525,000. DekaBank Deutsche Girozentrale bought a new stake in shares of Okta during the 2nd quarter valued at $2,000,000. Asahi Life Asset Management CO. LTD. bought a new stake in shares of Okta during the 2nd quarter valued at $338,000. Finally, Great West Life Assurance Co. Can grew its holdings in shares of Okta by 21.9% during the 3rd quarter. Great West Life Assurance Co. Can now owns 92,481 shares of the company’s stock worth $9,105,000 after purchasing an additional 16,596 shares in the last quarter. Institutional investors and hedge funds own 73.02% of the company’s stock.

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 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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