BidaskClub Downgrades Okta (OKTA) to Hold

Okta (NASDAQ:OKTA) was downgraded by research analysts at BidaskClub from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

OKTA has been the subject of a number of other reports. Zacks Investment Research downgraded Okta from a “buy” rating to a “hold” rating in a report on Wednesday, August 9th. Canaccord Genuity reaffirmed a “hold” rating and issued a $27.00 price target on shares of Okta in a report on Wednesday, August 30th. KeyCorp reaffirmed a “buy” rating and issued a $35.00 price target on shares of Okta in a report on Friday, September 8th. William Blair assumed coverage on Okta in a report on Wednesday, October 4th. They issued an “outperform” rating for the company. Finally, SunTrust Banks assumed coverage on Okta in a report on Friday, October 27th. They issued a “buy” rating and a $36.00 price target for the company. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $32.71.

Okta (OKTA) opened at $28.46 on Tuesday. Okta has a 52-week low of $21.52 and a 52-week high of $33.64.

Okta (NASDAQ:OKTA) last announced its quarterly earnings data 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 firm had revenue of $61.00 million during the quarter, compared to analyst estimates of $55.90 million. Okta’s quarterly revenue was up 63.1% compared to the same quarter last year. analysts predict that Okta will post -0.96 EPS for the current year.

In other news, CEO Todd Mckinnon sold 75,000 shares of the stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $28.72, for a total value of $2,154,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Jonathan T. Runyan sold 300,000 shares of the 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 disclosure for this sale can be found here. Insiders sold 1,366,929 shares of company stock valued at $38,816,391 over the last ninety days.

Hedge funds have recently bought and sold shares of the company. Quantbot Technologies LP acquired a new stake in shares of Okta in the second quarter valued at approximately $101,000. SG Americas Securities LLC acquired a new stake in shares of Okta in the third quarter valued at approximately $128,000. Invictus RG acquired a new stake in shares of Okta in the third quarter valued at approximately $211,000. Paulson & CO. Inc. acquired a new stake in shares of Okta in the second quarter valued at approximately $171,000. Finally, CI Investments Inc. acquired a new stake in shares of Okta in the second quarter valued at approximately $171,000. 14.33% of the stock is owned by institutional investors and hedge funds.

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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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