Zacks Investment Research upgraded shares of Okta, Inc. (NASDAQ:OKTA) from a hold rating to a buy rating in a research note released on Wednesday morning. They currently have $33.00 target price on the stock.

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. “

Several other analysts also recently commented on the stock. Pacific Crest reaffirmed an outperform rating and set a $32.00 price objective on shares of Okta in a research report on Monday, June 12th. Canaccord Genuity reaffirmed a hold rating and set a $27.00 price objective on shares of Okta in a research report on Friday, June 9th. Finally, KeyCorp reaffirmed a buy rating and set a $35.00 price objective on shares of Okta in a research report on Friday, September 8th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $32.20.

Shares of Okta (OKTA) traded down 0.68% on Wednesday, reaching $29.20. 271,870 shares of the company’s stock were exchanged. The stock’s market cap is $2.79 billion. Okta has a 52-week low of $21.52 and a 52-week high of $33.64. The company’s 50 day moving average price is $25.75 and its 200-day moving average price is $24.57.

Okta (NASDAQ:OKTA) last released its 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 business had revenue of $61.00 million for the quarter, compared to analyst estimates of $55.90 million. Okta’s quarterly revenue was up 63.1% on a year-over-year basis. Equities analysts forecast that Okta will post ($0.96) EPS for the current fiscal year.

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Hedge funds have recently made changes to their positions in the company. Quantbot Technologies LP acquired a new stake in shares of Okta during the 2nd quarter worth approximately $101,000. CI Investments Inc. acquired a new stake in shares of Okta during the 2nd quarter worth approximately $171,000. Paulson & CO. Inc. acquired a new stake in shares of Okta during the 2nd quarter worth approximately $171,000. American Century Companies Inc. acquired a new stake in shares of Okta during the 2nd quarter worth approximately $201,000. Finally, Pacad Investment Ltd. acquired a new stake in shares of Okta during the 2nd quarter worth approximately $207,000. 15.07% of the stock is owned by institutional investors.

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.

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Analyst Recommendations for Okta (NASDAQ:OKTA)

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