Goldman Sachs Upgrades Okta

Fintel reports that on August 14, 2023, Goldman Sachs upgraded their outlook for Okta Inc – (NASDAQ:OKTA) from Sell to Buy.

Analyst Price Forecast Suggests 32.43% Upside

As of August 2, 2023, the average one-year price target for Okta Inc – is 95.70. The forecasts range from a low of 64.64 to a high of $131.25. The average price target represents an increase of 32.43% from its latest reported closing price of 72.26.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Okta Inc – is 2,209MM, an increase of 18.89%. The projected annual non-GAAP EPS is 0.26.

What is the Fund Sentiment?

There are 1121 funds or institutions reporting positions in Okta Inc -. This is a decrease of 7 owner(s) or 0.62% in the last quarter. Average portfolio weight of all funds dedicated to OKTA is 0.37%, a decrease of 3.25%. Total shares owned by institutions increased in the last three months by 3.03% to 143,867K shares. The put/call ratio of OKTA is 0.45, indicating a bullish outlook.

What are Other Shareholders Doing?

Sands Capital Management holds 5,810K shares representing 3.58% ownership of the company. In it’s prior filing, the firm reported owning 6,314K shares, representing a decrease of 8.68%. The firm increased its portfolio allocation in OKTA by 1.28% over the last quarter.

Wellington Management Group Llp holds 5,123K shares representing 3.16% ownership of the company. In it’s prior filing, the firm reported owning 5,011K shares, representing an increase of 2.19%. The firm decreased its portfolio allocation in OKTA by 88.93% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 4,727K shares representing 2.91% ownership of the company. In it’s prior filing, the firm reported owning 4,380K shares, representing an increase of 7.35%. The firm increased its portfolio allocation in OKTA by 25.78% over the last quarter.

Champlain Investment Partners holds 4,159K shares representing 2.56% ownership of the company. In it’s prior filing, the firm reported owning 2,935K shares, representing an increase of 29.44%. The firm increased its portfolio allocation in OKTA by 11.45% over the last quarter.

VIMSX – Vanguard Mid-Cap Index Fund Investor Shares holds 3,568K shares representing 2.20% ownership of the company. In it’s prior filing, the firm reported owning 3,355K shares, representing an increase of 5.98%. The firm increased its portfolio allocation in OKTA by 29.93% over the last quarter.

Okta Background Information
(This description is provided by the company.)

Okta is the leading independent identity provider. The Okta Identity Cloud enables organizations to securely connect the right people to the right technologies at the right time. With more than 7,000 pre-built integrations to applications and infrastructure providers, Okta provides simple and secure access to people and organizations everywhere, giving them the confidence to reach their full potential. More than 10,000 organizations, including JetBlue, Nordstrom, Siemens, Slack, T-Mobile, Takeda, Teach for America, and Twilio, trust Okta to help protect the identities of their workforces and customers.

This article originally appeared on Fintel