Canaccord Genuity Boosts Okta, Inc. (OKTA) Price Target to $28.00

Okta, Inc. (NASDAQ:OKTA) had its price target increased by Canaccord Genuity from $27.00 to $28.00 in a research report report published on Friday, September 8th. Canaccord Genuity currently has a hold rating on the stock.

A number of other equities analysts have also recently issued reports on the company. Zacks Investment Research upgraded Okta from a hold rating to a buy rating and set a $26.00 price target on the stock in a report on Wednesday, July 5th. Pacific Crest restated an outperform rating and set a $32.00 price target on shares of Okta in a report on Monday, June 12th. Finally, KeyCorp restated a buy rating and set a $35.00 price target on shares of Okta in a report on Friday, September 8th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Okta currently has an average rating of Buy and a consensus price target of $32.20.

Okta (OKTA) traded down 1.21% on Friday, reaching $28.62. 626,584 shares of the company traded hands. The firm has a 50 day moving average of $25.33 and a 200-day moving average of $24.49. The stock’s market capitalization is $2.74 billion. Okta has a one year low of $10.09 and a one year high of $33.64.

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. On average, analysts anticipate that Okta will post ($0.96) EPS for the current year.

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Several institutional investors and hedge funds have recently modified their holdings of OKTA. Glynn Capital Management LLC bought a new position in shares of Okta in the 2nd quarter worth $45,855,000. FMR LLC bought a new position in shares of Okta in the 2nd quarter worth $23,135,000. Gilder Gagnon Howe & Co. LLC bought a new position in shares of Okta in the 2nd quarter worth $23,054,000. JPMorgan Chase & Co. bought a new position in shares of Okta in the 2nd quarter worth $21,855,000. Finally, Vanguard Group Inc. bought a new position in shares of Okta in the 2nd quarter worth $21,749,000. Institutional investors own 15.07% of the company’s stock.

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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