Brokerages Set Okta, Inc. (NASDAQ:OKTA) PT at $120.42

Shares of Okta, Inc. (NASDAQ:OKTA) have been assigned an average rating of “Moderate Buy” from the forty-four research firms that are presently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, twenty-eight have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $121.8056.

OKTA has been the subject of a number of research analyst reports. BTIG Research upped their price objective on shares of Okta from $119.00 to $136.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th. Piper Sandler upped their price target on shares of Okta from $82.00 to $105.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Oppenheimer raised their price target on shares of Okta from $110.00 to $125.00 and gave the company an “outperform” rating in a research note on Friday, May 29th. The Goldman Sachs Group initiated coverage on Okta in a report on Monday, July 6th. They issued a “buy” rating on the stock. Finally, Evercore assumed coverage on Okta in a research report on Monday, July 6th. They set an “outperform” rating for the company.

Okta Trading Down 0.6%

Shares of NASDAQ:OKTA opened at $148.41 on Friday. Okta has a 12-month low of $62.66 and a 12-month high of $157.00. The business has a 50 day moving average of $119.55 and a two-hundred day moving average of $94.54. The company has a market capitalization of $25.80 billion, a PE ratio of 107.54, a PEG ratio of 5.37 and a beta of 0.77.

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

Insider Activity

In related news, CEO Todd Mckinnon sold 68,936 shares of the company’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $146.62, for a total transaction of $10,107,396.32. Following the completion of the sale, the chief executive officer owned 38,484 shares of the company’s stock, valued at approximately $5,642,524.08. This represents a 64.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Shellye L. Archambeau sold 2,500 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $85.00, for a total transaction of $212,500.00. Following the completion of the sale, the director 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 174,224 shares of company stock valued at $22,534,353 in the last ninety days. 4.61% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Okta

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in Okta during the fourth quarter worth about $175,193,000. Allspring Global Investments Holdings LLC boosted its holdings in Okta by 71.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,553,091 shares of the company’s stock valued at $281,209,000 after purchasing an additional 1,485,963 shares during the last quarter. First Trust Advisors LP grew its stake in shares of Okta by 28.2% in the 4th quarter. First Trust Advisors LP now owns 6,030,090 shares of the company’s stock valued at $521,422,000 after buying an additional 1,326,051 shares during the period. Alyeska Investment Group L.P. grew its stake in shares of Okta by 276.9% in the 3rd quarter. Alyeska Investment Group L.P. now owns 1,403,499 shares of the company’s stock valued at $128,701,000 after buying an additional 1,031,083 shares during the period. Finally, Swedbank AB increased its holdings in shares of Okta by 124.3% during the 4th quarter. Swedbank AB now owns 1,819,081 shares of the company’s stock worth $157,296,000 after buying an additional 1,007,915 shares during the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

Okta Company Profile

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.