Okta, Inc. (NASDAQ:OKTA) Given Consensus Rating of “Moderate Buy” by Brokerages

Okta, Inc. (NASDAQ:OKTA) has earned a consensus rating of “Moderate Buy” from the forty-four research firms that are presently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, twenty-nine have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $125.5135.

A number of research analysts recently issued reports on the company. DA Davidson boosted their price objective on Okta from $110.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, May 29th. The Goldman Sachs Group initiated coverage on Okta in a research report on Monday, July 6th. They issued a “buy” rating on the stock. Susquehanna raised their target price on Okta from $80.00 to $110.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Mizuho downgraded shares of Okta from an “outperform” rating to a “neutral” rating and boosted their price target for the company from $110.00 to $125.00 in a report on Tuesday, June 2nd. Finally, Scotiabank upgraded shares of Okta from a “sector perform” rating to a “sector outperform” rating and upped their price target for the stock from $135.00 to $165.00 in a research report on Monday, July 6th.

Okta Price Performance

Shares of Okta stock opened at $147.43 on Wednesday. The business has a 50-day moving average of $136.05 and a 200-day moving average of $101.64. The company has a market capitalization of $25.62 billion, a PE ratio of 106.83, a P/E/G ratio of 5.30 and a beta of 0.77. Okta has a 1-year low of $62.66 and a 1-year high of $157.00.

Okta (NASDAQ:OKTA) last released 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 business had revenue of $765.00 million during 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%. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter last year, the company earned $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. On average, equities analysts expect that Okta will post 1.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Todd Mckinnon sold 68,936 shares of the business’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $146.62, for a total value of $10,107,396.32. Following the sale, the chief executive officer owned 38,484 shares of the company’s stock, valued at approximately $5,642,524.08. The trade was a 64.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Robert Kelleher sold 3,977 shares of Okta stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $114.10, for a total value of $453,775.70. Following the transaction, the insider directly owned 19,618 shares in the company, valued at approximately $2,238,413.80. The trade was a 16.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 165,347 shares of company stock worth $21,827,342. 4.61% of the stock is owned by company insiders.

Institutional Trading of Okta

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

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.