Zacks Investment Research Upgrades Okta, Inc. (OKTA) to “Buy”
Okta, Inc. (NASDAQ:OKTA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The brokerage currently has a $33.00 price target on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 15.30% from the stock’s previous close.
According to Zacks, “Okta, Inc. is a provider of identity for the enterprise. The Company’s product consists of Okta information technology Products and Okta for Developers. Okta IT Products include Single Sign-On, Mobility Management, Adaptive Multi-Factor Authentication, Lifecycle Management and Universal Directory. Okta for Developers include Complete Authentication, User Management, Application Programming Interface Access Management and Developer Tools. Okta, Inc. is based in SAN FRANCISCO, United States. “
A number of other analysts have also recently weighed in on the company. Canaccord Genuity increased their price target on Okta from $27.00 to $28.00 and gave the stock a “hold” rating in a research report on Friday, September 8th. KeyCorp reiterated a “buy” rating and set a $35.00 price target on shares of Okta in a research report on Friday, September 8th. Finally, Pacific Crest reiterated an “outperform” rating and set a $32.00 price target on shares of Okta in a research report on Monday, June 12th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Okta currently has a consensus rating of “Buy” and a consensus price target of $32.20.
Okta (OKTA) traded down 1.21% on Thursday, hitting $28.62. The stock had a trading volume of 626,584 shares. The company’s 50 day moving average price is $25.33 and its 200-day moving average price is $24.49. The company’s market cap is $2.74 billion. Okta has a 12-month low of $21.52 and a 12-month high of $33.64.
Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Thursday, September 7th. The company reported ($0.29) earnings per share for the quarter, missing analysts’ consensus estimates 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. The business’s revenue was up 63.1% compared to the same quarter last year. Equities research analysts anticipate that Okta will post ($0.96) EPS for the current year.
A number of institutional investors and hedge funds have recently bought and sold shares of OKTA. Quantbot Technologies LP acquired a new stake in Okta in the 2nd quarter valued at approximately $101,000. CI Investments Inc. acquired a new stake in Okta in the 2nd quarter valued at approximately $171,000. American Century Companies Inc. acquired a new stake in Okta in the 2nd quarter valued at approximately $201,000. Pacad Investment Ltd. acquired a new stake in Okta in the 2nd quarter valued at approximately $207,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Okta in the 2nd quarter valued at approximately $219,000. Hedge funds and other institutional investors own 15.07% of the company’s stock.
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.
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