Needham & Company LLC Increases Okta (NASDAQ:OKTA) Price Target to $154.00

Okta (NASDAQ:OKTA) had its target price hoisted by Needham & Company LLC to $154.00 in a research report released on Wednesday morning, The Fly reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also recently commented on the company. Monness Crespi & Hardt lifted their target price on Anaplan from $50.00 to $62.00 and gave the stock a buy rating in a research note on Tuesday, May 28th. Zacks Investment Research upgraded First Industrial Realty Trust from a hold rating to a buy rating and set a $39.00 price objective on the stock in a research note on Wednesday, June 5th. BidaskClub cut Walgreens Boots Alliance from a sell rating to a strong sell rating in a research note on Monday, June 24th. Oppenheimer boosted their price objective on Okta from $115.00 to $130.00 and gave the company an outperform rating in a research note on Thursday, June 13th. Finally, Mizuho assumed coverage on Fortinet in a research note on Tuesday, March 26th. They issued a neutral rating and a $90.00 price objective on the stock. Eight equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $101.22.

OKTA opened at $136.19 on Wednesday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.61. The stock has a market cap of $15.83 billion, a P/E ratio of -132.22 and a beta of 1.01. The business’s fifty day moving average price is $127.50. Okta has a 1 year low of $41.88 and a 1 year high of $140.18.

Okta (NASDAQ:OKTA) last released its earnings results on Thursday, May 30th. The company reported ($0.39) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.40) by $0.01. The company had revenue of $125.20 million for the quarter, compared to analysts’ expectations of $116.83 million. Okta had a negative return on equity of 53.36% and a negative net margin of 34.37%. The business’s revenue for the quarter was up 49.8% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.09) EPS. As a group, sell-side analysts forecast that Okta will post -1.35 EPS for the current fiscal year.

In other Okta news, insider Charles Race sold 30,000 shares of Okta stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $104.95, for a total transaction of $3,148,500.00. Following the completion of the transaction, the insider now owns 38,590 shares of the company’s stock, valued at approximately $4,050,020.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO William E. Losch sold 20,000 shares of Okta stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $136.79, for a total value of $2,735,800.00. Following the transaction, the chief financial officer now directly owns 30,366 shares of the company’s stock, valued at approximately $4,153,765.14. The disclosure for this sale can be found here. Insiders have sold a total of 348,388 shares of company stock valued at $42,845,814 in the last ninety days. Insiders own 14.69% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. Focused Wealth Management Inc purchased a new position in shares of Okta during the second quarter worth about $30,000. Bessemer Group Inc. grew its holdings in shares of Okta by 431,666.7% during the second quarter. Bessemer Group Inc. now owns 259,060 shares of the company’s stock worth $31,997,000 after purchasing an additional 259,000 shares in the last quarter. Commonwealth Equity Services LLC grew its holdings in shares of Okta by 1.8% during the second quarter. Commonwealth Equity Services LLC now owns 37,253 shares of the company’s stock worth $4,601,000 after purchasing an additional 652 shares in the last quarter. Machina Capital S.A.S. purchased a new position in shares of Okta during the second quarter worth about $133,000. Finally, Meridian Wealth Management LLC grew its holdings in shares of Okta by 68.8% during the second quarter. Meridian Wealth Management LLC now owns 981 shares of the company’s stock worth $121,000 after purchasing an additional 400 shares in the last quarter. 77.89% of the stock is owned by institutional investors and hedge funds.

About 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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