Okta, Inc. (OKTA) Research Coverage Started at Oppenheimer Holdings, Inc.

Oppenheimer Holdings, Inc. assumed coverage on shares of Okta, Inc. (NASDAQ:OKTA) in a report issued on Tuesday. The brokerage issued an outperform rating and a $32.00 target price on the stock. Oppenheimer Holdings also issued estimates for Okta’s Q3 2018 earnings at ($0.24) EPS, Q4 2018 earnings at ($0.20) EPS, FY2018 earnings at ($0.96) EPS, Q1 2019 earnings at ($0.21) EPS, Q2 2019 earnings at ($0.21) EPS, Q3 2019 earnings at ($0.19) EPS, Q4 2019 earnings at ($0.17) EPS, FY2019 earnings at ($0.78) EPS and FY2020 earnings at ($0.51) EPS.

Other equities analysts have also issued research reports about the stock. Pacific Crest reissued an outperform rating and issued a $32.00 price target on shares of Okta in a report on Monday, June 12th. Zacks Investment Research lowered shares of Okta from a buy rating to a hold rating in a report on Wednesday, August 9th. KeyCorp reissued a buy rating and issued a $35.00 price target on shares of Okta in a report on Friday, September 8th. Canaccord Genuity reissued a hold rating and issued a $27.00 price target on shares of Okta in a report on Wednesday, August 30th. Finally, William Blair began coverage on shares of Okta in a report on Wednesday, October 4th. They issued an outperform rating for the company. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $32.17.

Okta (NASDAQ:OKTA) last released its earnings results on Thursday, September 7th. The company reported ($0.29) EPS 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 analysts’ expectations of $55.90 million. Okta’s revenue for the quarter was up 63.1% on a year-over-year basis.

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In related news, General Counsel Jonathan T. Runyan sold 300,000 shares of the company’s stock in a transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

A number of hedge funds and other institutional investors have recently made changes to their positions in OKTA. Glynn Capital Management LLC acquired a new position in Okta in the 2nd quarter worth $45,855,000. FMR LLC acquired a new position in Okta in the 2nd quarter worth $23,135,000. Gilder Gagnon Howe & Co. LLC acquired a new position in Okta in the 2nd quarter worth $23,054,000. JPMorgan Chase & Co. acquired a new position in Okta in the 2nd quarter worth $21,855,000. Finally, Vanguard Group Inc. acquired a new position in Okta in the 2nd quarter worth $21,749,000. 13.00% of the stock is owned by hedge funds and other institutional investors.

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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