Okta, Inc. (OKTA) Now Covered by Oppenheimer Holdings, Inc.

Stock analysts at Oppenheimer Holdings, Inc. assumed coverage on shares of Okta, Inc. (NASDAQ:OKTA) in a note issued to investors on Tuesday. The brokerage set an “outperform” rating and a $32.00 price target on the stock. Oppenheimer Holdings, Inc.’s price objective indicates a potential upside of 12.01% from the company’s current price. Oppenheimer Holdings also issued estimates for Okta’s Q3 2018 earnings at ($0.24) EPS, Q4 2018 earnings at ($0.20) EPS, FY2018 earnings at ($0.96) EPS, Q1 2019 earnings at ($0.21) EPS, Q2 2019 earnings at ($0.21) EPS, Q3 2019 earnings at ($0.19) EPS, Q4 2019 earnings at ($0.17) EPS, FY2019 earnings at ($0.78) EPS and FY2020 earnings at ($0.51) EPS.

Other equities analysts have also recently issued research reports about the stock. Zacks Investment Research raised shares of Okta from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a research note on Wednesday, September 20th. KeyCorp reissued a “buy” rating and issued a $35.00 price target on shares of Okta in a research note on Friday, September 8th. Canaccord Genuity boosted their price target on shares of Okta from $27.00 to $28.00 and gave the stock a “hold” rating in a research note on Friday, September 8th. William Blair initiated coverage on shares of Okta in a research note on Wednesday, October 4th. They issued an “outperform” rating for the company. Finally, Pacific Crest reissued an “outperform” rating and issued a $32.00 price target on shares of Okta in a research note on Monday, June 12th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $32.17.

Okta (NASDAQ:OKTA) opened at 28.57 on Tuesday. The company’s market cap is $2.73 billion. Okta has a 52 week low of $21.52 and a 52 week high of $33.64. The company has a 50-day moving average of $27.88 and a 200 day moving average of $25.06.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Thursday, September 7th. The company reported ($0.29) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.26) by ($0.03). The business had revenue of $61.00 million for the quarter, compared to analyst estimates of $55.90 million. Okta’s revenue was up 63.1% on a year-over-year basis. On average, equities analysts forecast that Okta will post ($0.96) EPS for the current fiscal year.

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In other news, General Counsel Jonathan T. Runyan sold 300,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 4th. The shares were sold at an average price of $27.03, for a total value of $8,109,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Glynn Capital Management LLC bought a new stake in shares of Okta in the 2nd quarter worth approximately $45,855,000. FMR LLC bought a new stake in shares of Okta in the 2nd quarter worth approximately $23,135,000. Gilder Gagnon Howe & Co. LLC bought a new stake in shares of Okta in the 2nd quarter worth approximately $23,054,000. JPMorgan Chase & Co. bought a new stake in shares of Okta in the 2nd quarter worth approximately $21,855,000. Finally, Vanguard Group Inc. bought a new stake in shares of Okta in the 2nd quarter worth approximately $21,749,000. Hedge funds and other institutional investors own 13.00% of the company’s stock.

About Okta

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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