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OKTA

Okta

$128.33

1.81 (1.43%)

16:13
09/03/19
09/03
16:13
09/03/19
16:13

Okta announces offering of $1B of convertible senior notes

Okta announced its intention to offer, subject to market conditions and other factors, $1.0B aggregate principal amount of convertible senior notes due 2025 in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. Okta intends to use a portion of the net proceeds from the offering to pay the cost of the capped call transactions. Okta intends to use the remainder of the net proceeds from the offering for general corporate purposes, including to finance the cash portion of the consideration Okta delivers in connection with any exchange transactions for its existing 0.25% convertible senior notes due 2023.

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OKTA Okta
$128.33

1.81 (1.43%)

08/29/19
ADAM
08/29/19
NO CHANGE
Target $145
ADAM
Buy
Okta price target raised to $145 from $125 at Canaccord
Canaccord analyst Richard Davis raised his price target on Okta to $145 from $125 following exceptional Q2 results. The analyst cited its solid execution and secular story and he believes investors should maintain their positions for future gains. the company has its Okta showcase event in October which should shed light on product momentum and additional platform enhancements. Davis reiterated his Buy rating on Okta shares.
08/29/19
MSCO
08/29/19
NO CHANGE
Target $117
MSCO
Equal Weight
Okta price target raised to $117 from $107 at Morgan Stanley
Morgan Stanley analyst Melissa Franchi raised her price target for Okta to $117 from $107 saying the company sustained its strong enterprise momentum in Q2. Contrary to growing macro concerns across security and broader IT spending, Okta reported "solid" 52% year-over-year growth in current remaining performance obligations bookings, Franchi tells investors in a research note. The analyst, however, sees a balanced risk/reward at current valuation levels and keeps an Equal Weight rating on Okta shares.
08/29/19
JPMS
08/29/19
NO CHANGE
Target $168
JPMS
Overweight
Okta price target raised to $168 from $127 at JPMorgan
JPMorgan analyst Sterling Auty raised his price target for Okta to $168 from $127 following the company's Q2 results saying its "impressive growth continues." Customer deal sizes grew on the back of larger initial deployments and customers taking down a greater portion of the product portfolio, Auty tells investors in a research note. Further, he believes the shift to the cloud by companies across industries will provide the backdrop for additional growth. The analyst keeps an Overweight rating on Okta shares.
08/29/19
DADA
08/29/19
NO CHANGE
Target $131
DADA
Neutral
Okta price target raised to $131 from $114 at DA Davidson
DA Davidson analyst Rishi Jaluria raised his price target on Okta to $131 after its "strong" Q2 driven by the success of the company's newer products and the momentum with its large deals. The analyst is also positive on Okta's reported subscription revenue and billings growth, but keeps his rating on the stock at Neutral, stating that while its business is "firing on all cylinders", its valuation is "too rich".

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TELL

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NEXT

NextDecade

$6.30

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LINX

Linx S.A.

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General Mills

$55.03

0.48 (0.88%)

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ROAD

Construction Partners

$14.39

-0.42 (-2.84%)

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NVST

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$0.00

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INVH

Invitation Homes

$28.49

0.31 (1.10%)

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AMC

AMC Entertainment

$11.46

-0.46 (-3.86%)

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BA

Boeing

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NLNK

NewLink Genetics

$1.90

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YUMA

Yuma Energy

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ARAY

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