Okta, Inc. (OKTA) PT Raised to $28.00 at Canaccord Genuity

Okta, Inc. (NASDAQ:OKTA) had its price target upped by equities researchers at Canaccord Genuity from $27.00 to $28.00 in a research report issued to clients and investors on Friday. The firm currently has a “hold” rating on the stock. Canaccord Genuity’s price target would suggest a potential downside of 7.59% from the stock’s current price.

A number of other research firms have also commented on OKTA. Zacks Investment Research lowered Okta from a “hold” rating to a “sell” rating in a research report on Friday, September 1st. KeyCorp reiterated a “buy” rating and issued a $35.00 price target on shares of Okta in a research report on Friday. Finally, Pacific Crest reiterated an “outperform” rating and issued a $32.00 price target on shares of Okta in a research report on Monday, June 12th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $30.80.

Okta (NASDAQ OKTA) traded up 11.73% during trading on Friday, reaching $30.30. The company’s stock had a trading volume of 1,682,349 shares. Okta has a 52-week low of $10.09 and a 52-week high of $30.56. The firm has a 50 day moving average price of $24.51 and a 200-day moving average price of $24.26. The stock’s market cap is $2.84 billion.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Thursday, September 7th. The company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by $0.03. The business had revenue of $61 million during the quarter, compared to analysts’ expectations of $55.90 million. The business’s revenue for the quarter was up 63.1% on a year-over-year basis. On average, analysts expect that Okta will post ($1.13) earnings per share for the current year.

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Large investors have recently made changes to their positions in the company. Quantbot Technologies LP acquired a new position in shares of Okta in the 2nd quarter valued at about $101,000. CI Investments Inc. acquired a new position in shares of Okta in the 2nd quarter valued at about $171,000. American Century Companies Inc. acquired a new position in shares of Okta in the 2nd quarter valued at about $201,000. Pacad Investment Ltd. acquired a new position in shares of Okta in the 2nd quarter valued at about $207,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Okta in the 2nd quarter valued at about $219,000. 15.07% of the stock is currently owned by institutional investors.

Okta Company Profile

Okta, Inc is a United States-based independent provider of identity for the enterprise. The Company’s Okta Identity Cloud connects and protects employees. It also connects enterprises to their partners, suppliers and customers. The Company offers products, such as Okta information technology (IT) Products and Okta for Developers.

Analyst Recommendations for Okta (NASDAQ:OKTA)

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