Okta (NASDAQ:OKTA) Coverage Initiated by Analysts at Daiwa Capital Markets

Daiwa Capital Markets began coverage on shares of Okta (NASDAQ:OKTA) in a research report released on Thursday, Price Targets.com reports. The brokerage issued a buy rating and a $282.00 price target on the stock.

Several other analysts also recently weighed in on the company. BTIG Research upgraded Okta from a neutral rating to a buy rating and set a $280.00 target price for the company in a research note on Friday, April 9th. Mizuho decreased their price target on Okta from $305.00 to $255.00 and set a neutral rating for the company in a research note on Thursday, March 4th. DA Davidson lifted their price target on Okta from $280.00 to $300.00 and gave the stock a buy rating in a research note on Thursday, March 4th. Raymond James began coverage on Okta in a research note on Wednesday, April 21st. They issued an outperform rating and a $300.00 price target for the company. Finally, KeyCorp lifted their price target on Okta from $280.00 to $316.00 and gave the stock an overweight rating in a research note on Friday, April 23rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the stock. Okta currently has an average rating of Buy and a consensus target price of $271.86.

NASDAQ:OKTA opened at $244.98 on Thursday. The firm has a 50-day moving average of $240.15. The company has a quick ratio of 3.76, a current ratio of 3.76 and a debt-to-equity ratio of 2.57. Okta has a 12 month low of $185.05 and a 12 month high of $294.00. The stock has a market capitalization of $32.48 billion, a price-to-earnings ratio of -99.99 and a beta of 0.97.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Tuesday, May 25th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.10. The company had revenue of $251.01 million for the quarter, compared to analyst estimates of $238.56 million. Okta had a negative return on equity of 30.90% and a negative net margin of 35.18%. On average, research analysts predict that Okta will post -2.88 EPS for the current fiscal year.

In related news, CEO Todd Mckinnon sold 13,817 shares of the business’s stock in a transaction that occurred on Thursday, May 20th. The stock was sold at an average price of $232.65, for a total transaction of $3,214,525.05. Following the sale, the chief executive officer now owns 15,225 shares of the company’s stock, valued at $3,542,096.25. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Christopher K. Kramer sold 3,333 shares of the business’s stock in a transaction that occurred on Thursday, April 15th. The stock was sold at an average price of $266.11, for a total value of $886,944.63. Following the sale, the chief accounting officer now directly owns 11,806 shares in the company, valued at approximately $3,141,694.66. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 46,582 shares of company stock worth $10,913,092. Corporate insiders own 9.60% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD grew its position in Okta by 175.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,162,118 shares of the company’s stock worth $1,799,176,000 after buying an additional 5,194,998 shares during the last quarter. Capital International Investors grew its position in Okta by 26.9% in the first quarter. Capital International Investors now owns 2,294,049 shares of the company’s stock worth $505,677,000 after buying an additional 485,849 shares during the last quarter. Scge Management L.P. grew its position in Okta by 14.4% in the first quarter. Scge Management L.P. now owns 1,787,000 shares of the company’s stock worth $393,908,000 after buying an additional 224,981 shares during the last quarter. Geode Capital Management LLC grew its position in Okta by 7.5% in the first quarter. Geode Capital Management LLC now owns 1,486,621 shares of the company’s stock worth $327,259,000 after buying an additional 103,349 shares during the last quarter. Finally, Norges Bank acquired a new position in Okta in the fourth quarter worth approximately $267,128,000. Hedge funds and other institutional investors own 76.70% of the company’s stock.

About Okta

Okta, Inc provides identity management platform 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; and 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.

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Analyst Recommendations for Okta (NASDAQ:OKTA)

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