Okta (NASDAQ:OKTA – Get a Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note released Thursday to investors, Zacks.com reports.
According to Zacks, “Okta, Inc. is an identity provider for the enterprise. The Company’s product consists of Okta and Okta information technology products for developers. Okta’s IT products include single sign-on, mobility management, adaptive multi-factor authentication, lifecycle management, and universal directory. Okta for Developers includes full authentication, user management, API access management, and developer tools. Okta, Inc. is based in SAN FRANCISCO, USA. “
Other stock analysts have also recently released research reports on the stock. KeyCorp lowered its price target on Okta shares from $225.00 to $190.00 and set an “overweight” rating on the stock in a Tuesday, April 5 research note. Guggenheim lowered its price target on Okta shares from $265.00 to $240.00 and placed a “buy” rating on the stock in a Friday, March 4 research note. Mizuho lowered its price target on Okta shares from $225.00 to $165.00 and placed a “buy” rating on the stock in a Wednesday, May 18 research note. Oppenheimer cut his price target on Okta shares from $210.00 to $170.00 and set an “outperform” rating for the company in a Friday, June 3 report. Finally, DA Davidson raised its price target on Okta shares from $125.00 to $140.00 and gave the stock a “buy” rating in a Friday, June 3 report. One financial analyst assigned a sell rating to the stock, seven assigned a hold rating and twenty-one assigned a buy rating to the company’s stock. According to MarketBeat.com, Okta currently has a consensus rating of “Buy” and an average target price of $178.96.
Okta stock opened at $102.19 on Thursday. The stock has a market capitalization of $16.01 billion, a price-earnings ratio of -15.99 and a beta of 1.18. The company has a current ratio of 2.45, a quick ratio of 2.45 and a debt ratio of 0.40. The company’s 50-day moving average price is $114.83 and its two-hundred-day moving average price is $166.08. Okta has a 52-week low of $77.01 and a 52-week high of $276.30.
Okta (NASDAQ:OKTA – Get Rating) last released its results on Thursday, June 2. The company reported ($0.27) EPS for the quarter, beating the consensus estimate of ($0.34) by $0.07. The company posted revenue of $414.94 million for the quarter, compared to $388.77 million expected by analysts. Okta had a negative net margin of 67.06% and a negative return on equity of 13.13%. Okta’s quarterly revenue increased 65.3% year over year. In the same quarter last year, the company achieved EPS of ($0.59). Research analysts expect Okta to post earnings per share of -5.38 for the current fiscal year.
Separately, General Counsel Jonathan T. Runyan sold 2,010 shares of the company in a trade on Wednesday, March 16. The stock was sold at an average price of $152.92, for a total value of $307,369.20. The sale was disclosed in a document filed with the SEC, accessible via this link. Additionally, Chief Financial Officer Brett Tighe sold 2,858 shares of Okta in a trade on 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. In the past ninety days, insiders have sold 19,537 shares of the company valued at $2,984,147. 7.60% of the shares are held by insiders of the company.
A number of hedge funds have recently changed their positions in the stock. Natixis Advisors LP acquired a new equity stake in Okta during the fourth quarter worth approximately $2,440,000. Frontier Capital Management Co. LLC increased its stake in Okta by 3.7% during the 4th 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. raised its position in Okta by 6.2% in 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 by 27.9% in the fourth quarter. Glynn Capital Management LLC now owns 335,282 shares of the company worth $75,160,000 after purchasing an additional 73,093 shares last quarter. Finally, Viridian Ria LLC purchased a new equity stake in Okta during the fourth quarter at a value of $2,439,000. 76.18% of the shares are held by hedge funds and other institutional investors.
Okta Company Profile (Get an assessment)
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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