Evercore ISI Group Upgrades Okta

Fintel reports that on August 31, 2023, Evercore ISI Group upgraded their outlook for Okta Inc – (NASDAQ:OKTA) from Underperform to In-Line.

Analyst Price Forecast Suggests 30.08% 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 30.08% from its latest reported closing price of 73.57.

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

The projected annual revenue for Okta Inc – is 2,209MM, an increase of 12.65%. The projected annual non-GAAP EPS is 0.26.

What is the Fund Sentiment?

There are 1093 funds or institutions reporting positions in Okta Inc -. This is a decrease of 49 owner(s) or 4.29% in the last quarter. Average portfolio weight of all funds dedicated to OKTA is 0.33%, a decrease of 17.01%. Total shares owned by institutions increased in the last three months by 2.45% to 140,584K shares. The put/call ratio of OKTA is 0.52, indicating a bullish outlook.

What are Other Shareholders Doing?

Sands Capital Management holds 5,736K shares representing 3.53% ownership of the company. In it’s prior filing, the firm reported owning 5,810K shares, representing a decrease of 1.29%. The firm decreased its portfolio allocation in OKTA by 25.17% 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 21.54% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 4,830K shares representing 2.97% ownership of the company. In it’s prior filing, the firm reported owning 4,727K shares, representing an increase of 2.12%. The firm decreased its portfolio allocation in OKTA by 24.20% 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 3,569K shares representing 2.20% ownership of the company. In it’s prior filing, the firm reported owning 3,568K shares, representing an increase of 0.04%. The firm decreased its portfolio allocation in OKTA by 22.77% 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