Zacks Investment Research Downgrades Okta, Inc. (OKTA) to Hold

Zacks Investment Research cut shares of Okta, Inc. (NASDAQ:OKTA) from a buy rating to a hold rating in a research report released on Wednesday, August 9th.

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 research analysts have also issued reports on the stock. Pacific Crest reiterated an outperform rating and issued a $32.00 target price on shares of Okta in a research note on Monday, June 12th. Canaccord Genuity reiterated a hold rating and issued a $27.00 target price on shares of Okta in a research note on Friday, June 9th. JMP Securities assumed coverage on shares of Okta in a research note on Tuesday, May 2nd. They issued a market perform rating on the stock. J P Morgan Chase & Co assumed coverage on shares of Okta in a research note on Tuesday, May 2nd. They issued an overweight rating and a $33.00 target price on the stock. Finally, Goldman Sachs Group, Inc. (The) started coverage on shares of Okta in a research note on Tuesday, May 2nd. They issued a neutral rating on the stock. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $29.50.

Shares of Okta (NASDAQ:OKTA) traded up 2.52% during mid-day trading on Wednesday, hitting $24.86. 146,489 shares of the stock traded hands. Okta has a 52 week low of $10.09 and a 52 week high of $28.25. The company’s market cap is $2.37 billion. The stock has a 50-day moving average of $22.63 and a 200-day moving average of $23.96.

Okta (NASDAQ:OKTA) last posted its earnings results on Wednesday, June 7th. The company reported ($0.50) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.61) by $0.11. The firm had revenue of $53 million during the quarter, compared to analyst estimates of $48.23 million. The company’s revenue was up 66.7% on a year-over-year basis. Analysts anticipate that Okta will post ($1.13) EPS for the current year.

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A number of hedge funds have recently bought and sold shares of the company. Peregrine Capital Management LLC bought a new stake in Okta during the second quarter valued at about $6,909,000. Spark Investment Management LLC bought a new stake in Okta during the second quarter valued at about $3,841,000. Essex Investment Management Co. LLC bought a new stake in Okta during the second quarter valued at about $2,321,000. Hillman Co. bought a new stake in Okta during the second quarter valued at about $6,975,000. Finally, Gilder Gagnon Howe & Co. LLC bought a new stake in Okta during the second quarter valued at about $23,054,000. Institutional investors own 31.23% of the company’s stock.

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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