KeyCorp Issues Positive Forecast for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA) had its target price hoisted by KeyCorp from $130.00 to $175.00 in a report released on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. KeyCorp’s target price would indicate a potential upside of 17.58% from the company’s current price.

Several other research analysts have also weighed in on the company. HSBC lowered Okta from a “buy” rating to a “hold” rating in a research report on Monday. Jefferies Financial Group raised Okta from a “buy” rating to a “buy” rating in a research report on Monday. Wolfe Research began coverage on Okta in a report on Thursday, April 16th. They issued an “outperform” rating on the stock. Piper Sandler raised their price objective on Okta from $82.00 to $105.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Finally, Morgan Stanley started coverage on Okta in a report on Monday. They set a “neutral” rating for the company. One research analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $118.97.

Okta Stock Performance

Shares of OKTA stock opened at $148.84 on Friday. Okta has a one year low of $62.66 and a one year high of $153.20. The company has a 50 day moving average price of $110.00 and a 200 day moving average price of $91.67. The firm has a market capitalization of $25.87 billion, a price-to-earnings ratio of 107.86, a price-to-earnings-growth ratio of 5.28 and a beta of 0.77.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Thursday, May 28th. The company reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.06. The company had revenue of $765.00 million for the quarter, compared to the consensus estimate of $751.84 million. Okta had a net margin of 8.24% and a return on equity of 4.15%. Okta’s revenue was up 11.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.86 earnings per share. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. As a group, equities analysts forecast that Okta will post 1.75 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Shellye L. Archambeau sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $85.00, for a total transaction of $212,500.00. Following the transaction, the director directly owned 9,192 shares of the company’s stock, valued at approximately $781,320. The trade was a 21.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Larissa Schwartz sold 2,463 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $120.00, for a total value of $295,560.00. Following the completion of the transaction, the insider owned 25,241 shares of the company’s stock, valued at approximately $3,028,920. This represents a 8.89% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 105,288 shares of company stock valued at $12,426,956. 4.61% of the stock is owned by insiders.

Institutional Trading of Okta

Hedge funds have recently made changes to their positions in the company. Elevation Wealth Partners LLC boosted its stake in shares of Okta by 825.0% in the fourth quarter. Elevation Wealth Partners LLC now owns 296 shares of the company’s stock valued at $26,000 after purchasing an additional 264 shares during the period. SHP Wealth Management acquired a new stake in Okta during the 4th quarter valued at $27,000. Torren Management LLC purchased a new stake in Okta during the 4th quarter worth $32,000. MassMutual Private Wealth & Trust FSB increased its stake in Okta by 279.5% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 296 shares of the company’s stock worth $40,000 after buying an additional 218 shares during the period. Finally, Spire Wealth Management increased its stake in Okta by 30.8% during the 4th quarter. Spire Wealth Management now owns 505 shares of the company’s stock worth $44,000 after buying an additional 119 shares during the period. Hedge funds and other institutional investors own 86.64% of the company’s stock.

About Okta

Okta, Inc is a publicly traded provider of identity and access management solutions, headquartered in San Francisco, California. Founded in 2009 by Todd McKinnon and Frederic Kerrest, the company completed its initial public offering in April 2017. Under the leadership of McKinnon as chief executive officer and Kerrest as chief operating officer, Okta has grown into a leading vendor in the cybersecurity space, focusing on secure user authentication, single sign-on and lifecycle management for digital identities.

At the core of Okta’s offering is the Okta Identity Cloud, a suite of cloud-native services that enable organizations to manage user access across web and mobile applications, on-premises systems and APIs.