Wells Fargo & Company raises Okta (NASDAQ:OKTA) price target to $145.00


Okta (NASDAQ:OKTA – Get a Rating) had its target price raised by Wells Fargo & Company from $130.00 to $145.00 in a research report released Friday to clients and investors, Stock Target Advisor reports. The company currently has an “overweight” rating on the stock. Wells Fargo & Company’s price target suggests a potential upside of 41.39% from the company’s previous close.

Several other brokerages have also recently released reports on OKTA. Guggenheim cut its price target on Okta from $265.00 to $240.00 and set a “buy” rating for the company in a Friday, March 4 report. Zacks Investment Research downgraded Okta shares from a “buy” rating to a “hold” rating in a Tuesday, May 17 research note. Morgan Stanley cut its price target on Okta shares to $150.00 and gave the stock an “na” rating in a Wednesday, May 18, report. Raymond James downgraded Okta shares from an “outperforming” rating to a “market performing” rating in a Wednesday, March 23 research report. Finally, Royal Bank of Canada lowered its target price on Okta shares from $260.00 to $145.00 in a research report on Tuesday. Eight analysts gave the stock a hold rating and twenty-one gave the stock a buy rating. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $178.96.

OKTA traded $8.87 during Friday’s trading, hitting $102.55. 157,012 shares of the company were traded, against an average volume of 3,264,224. Okta has a fifty-two week low of $77.01 and a fifty-two week high of $276.30. The stock has a market capitalization of $16.07 billion, a P/E ratio of -18.21 and a beta of 1.18. The company’s 50-day moving average is $118.87 and its two-hundred-day moving average is $170.55. The company has a quick ratio of 2.45, a current ratio of 2.45 and a leverage ratio of 0.31.

Okta (NASDAQ:OKTA – Get Rating) last released its results on Thursday, June 2. The company reported ($0.27) earnings per share for the quarter, beating analyst consensus estimates of ($0.34) by $0.07. The company posted revenue of $414.94 million for the quarter, versus analyst estimates of $388.77 million. Okta had a negative net margin of 65.25% and a negative return on equity of 13.61%. The company’s revenue increased by 65.3% compared to the same quarter last year. In the same quarter of the previous year, the company recorded EPS of ($0.59). On average, sell-side analysts expect Okta to post -5.37 earnings per share for the current year.

In other Okta news, CAO Christopher K. Kramer sold 1,035 shares of the company in a trade dated Wednesday, March 16. The stock was sold at an average price of $152.92, for a total value of $158,272.20. The transaction was disclosed in a legal filing with the SEC, accessible via this hyperlink. Additionally, Chief Financial Officer Brett Tighe sold 2,858 shares of Okta in a trade dated Wednesday, March 16. The shares were sold at an average price of $152.92, for a total value of $437,045.36. The disclosure of this sale can be found here. Insiders sold a total of 19,537 shares of the company worth $2,984,147 during the last quarter. Company insiders hold 7.60% of the company’s stock.

A number of hedge funds have recently changed their holdings of OKTA. Natixis Advisors LP bought a new position in shares of Okta in the 4th quarter for a value of approximately $2,440,000. Frontier Capital Management Co. LLC increased its stake in Okta shares by 3.7% during the fourth quarter. Frontier Capital Management Co. LLC now owns 370,859 shares of the company valued at $83,135,000 after purchasing an additional 13,309 shares last quarter. Advisor Group Holdings Inc. increased its holdings of Okta shares by 6.2% during the fourth quarter. Advisor Group Holdings Inc. now owns 54,677 shares of the company valued at $12,250,000 after buying 3,195 additional shares in the last quarter. Glynn Capital Management LLC increased its stake in Okta shares by 27.9% in the 4th quarter. Glynn Capital Management LLC now owns 335,282 shares of the company worth $75,160,000 after purchasing an additional 73,093 shares in the last quarter. Finally, Viridian Ria LLC bought a new position in Okta during Q4 worth approximately $2,439,000. Institutional investors hold 76.18% of the company’s shares.

Okta Company Profile (Get a rating)

Okta, Inc provides identity solutions for enterprises, small and medium businesses, universities, non-profit organizations and government agencies in the United States and around the world. The company offers Okta Identity Cloud, a platform that offers a suite of products and services, such as Universal Directory, a cloud-based system of record for storing and securing user, application, and device profiles. devices of an organization; Single Sign-On that allows users to access cloud or on-premises applications from various devices; Adaptive multi-factor authentication provides a layer of security for cloud, mobile, web apps, and data; Lifecycle management which allows IT organizations or developers to manage a user’s identity throughout its lifecycle; API Access Management which allows organizations to secure APIs; Access Gateway which allows organizations to extend Okta Identity Cloud from the cloud to their existing on-premises applications; and Advanced Server Access to secure cloud infrastructure.

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