Okta (OKTA) Reaches New 12-Month High at $97.24

Okta Inc (NASDAQ:OKTA) shares reached a new 52-week high on Monday . The company traded as high as $97.24 and last traded at $95.33, with a volume of 1040758 shares changing hands. The stock had previously closed at $95.24.

A number of research firms recently weighed in on OKTA. Needham & Company LLC reissued a “buy” rating and set a $105.00 price target (up from $96.00) on shares of Okta in a research report on Thursday, April 4th. SunTrust Banks lowered shares of Okta from a “buy” rating to a “hold” rating and raised their price target for the company from $74.00 to $90.00 in a research report on Monday, March 4th. They noted that the move was a valuation call. Canaccord Genuity raised their price target on shares of Okta from $85.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. They noted that the move was a valuation call. Monness Crespi & Hardt raised their price target on shares of Okta from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. Finally, Morgan Stanley began coverage on shares of Okta in a research report on Monday, February 4th. They set an “equal weight” rating and a $85.00 price target on the stock. Seven analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $82.11.

The firm has a market capitalization of $10.74 billion, a PE ratio of -91.48 and a beta of 1.16.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Thursday, March 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.03. Okta had a negative net margin of 31.43% and a negative return on equity of 44.56%. The business had revenue of $115.47 million during the quarter, compared to the consensus estimate of $107.94 million. On average, research analysts anticipate that Okta Inc will post -1.38 earnings per share for the current year.

In related news, COO Jacques Frederic Kerrest sold 329,553 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $81.81, for a total transaction of $26,960,730.93. Following the completion of the sale, the chief operating officer now owns 11,213 shares in the company, valued at $917,335.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Charles Race sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $92.94, for a total transaction of $2,788,200.00. Following the sale, the insider now owns 38,590 shares of the company’s stock, valued at approximately $3,586,554.60. The disclosure for this sale can be found here. Insiders have sold 743,447 shares of company stock valued at $60,334,079 in the last 90 days. 20.59% of the stock is currently owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Ffcm LLC bought a new stake in Okta during the fourth quarter valued at approximately $36,000. Intercontinental Wealth Advisors LLC bought a new stake in Okta during the fourth quarter valued at approximately $55,000. Winslow Evans & Crocker Inc. bought a new stake in Okta during the fourth quarter valued at approximately $56,000. Penserra Capital Management LLC bought a new stake in Okta during the fourth quarter valued at approximately $81,000. Finally, Capital Investment Advisory Services LLC bought a new stake in Okta during the fourth quarter valued at approximately $99,000. Institutional investors own 65.77% of the company’s stock.

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Okta Company Profile (NASDAQ:OKTA)

Okta, Inc provides identity solutions 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; 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; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.

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