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

Okta (NASDAQ:OKTA) had its price objective lifted by stock analysts at Citizens Jmp from $170.00 to $180.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. Citizens Jmp’s price objective indicates a potential upside of 9.06% from the stock’s current price.

OKTA has been the topic of a number of other research reports. UBS Group restated a “buy” rating and issued a $200.00 price objective on shares of Okta in a report on Thursday. BMO Capital Markets raised their price target on shares of Okta from $168.00 to $187.00 and gave the stock an “outperform” rating in a research note on Thursday. Mizuho boosted their price target on shares of Okta from $125.00 to $145.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 19th. Jefferies Financial Group set a $200.00 price objective on shares of Okta in a research note on Thursday. Finally, Sanford C. Bernstein reiterated an “outperform” rating and issued a $143.00 price objective on shares of Okta in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, thirty-three have given a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Okta currently has a consensus rating of “Moderate Buy” and an average target price of $163.24.

Okta Stock Performance

Shares of OKTA traded up $30.63 during trading hours on Thursday, hitting $165.05. The stock had a trading volume of 4,135,888 shares, compared to its average volume of 3,468,208. The firm has a market capitalization of $28.69 billion, a price-to-earnings ratio of 119.98, a PEG ratio of 4.70 and a beta of 0.77. The firm has a 50-day moving average price of $139.27 and a 200 day moving average price of $104.50. Okta has a fifty-two week low of $62.66 and a fifty-two week high of $168.50.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Wednesday, August 26th. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $0.96 by $0.09. The company had revenue of $805.00 million for the quarter, compared to analyst estimates of $793.00 million. Okta had a return on equity of 4.15% and a net margin of 8.24%.Okta’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the company earned $0.91 earnings per share. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. As a group, analysts predict that Okta will post 1.75 EPS for the current fiscal year.

Insider Buying and Selling

In other Okta news, CEO Todd Mckinnon sold 68,936 shares of the company’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $146.62, for a total transaction of $10,107,396.32. Following the sale, the chief executive officer owned 38,484 shares in the company, valued at $5,642,524.08. This represents a 64.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 the firm’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $114.10, for a total transaction of $453,775.70. Following the completion of the sale, the insider directly owned 19,618 shares in the company, valued at approximately $2,238,413.80. This trade represents a 16.86% 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. Insiders sold a total of 165,347 shares of company stock worth $21,827,342 over the last ninety days. Insiders own 4.61% of the company’s stock.

Institutional Trading of Okta

Hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System increased its stake in Okta by 13,755.2% in the 2nd quarter. California State Teachers Retirement System now owns 36,276,597 shares of the company’s stock valued at $4,949,942,000 after buying an additional 36,014,770 shares during the period. Norges Bank acquired a new position in shares of Okta during the fourth quarter worth about $175,193,000. Allspring Global Investments Holdings LLC increased its stake in shares of Okta by 71.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 3,553,091 shares of the company’s stock worth $281,209,000 after acquiring an additional 1,485,963 shares during the period. First Trust Advisors LP raised its holdings in Okta by 28.2% during the fourth quarter. First Trust Advisors LP now owns 6,030,090 shares of the company’s stock worth $521,422,000 after purchasing an additional 1,326,051 shares in the last quarter. Finally, Alyeska Investment Group L.P. raised its holdings in Okta by 276.9% during the third quarter. Alyeska Investment Group L.P. now owns 1,403,499 shares of the company’s stock worth $128,701,000 after purchasing an additional 1,031,083 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

Key Headlines Impacting Okta

Here are the key news stories impacting Okta this week:

• Positive Sentiment: Quarterly results exceeded expectations: Okta reported adjusted EPS of $1.05 versus the $0.96 consensus estimate, while revenue rose 10.6% year over year to $805 million, ahead of the $793 million forecast. Okta quarterly earnings report
• Positive Sentiment: Raised outlook: Management lifted fiscal 2027 revenue guidance to approximately $3.216 billion-$3.226 billion, or 10%-11% growth. Third-quarter revenue guidance of $813 million-$817 million and EPS guidance of $0.92-$0.94 also topped Wall Street expectations. Okta lifts full-year outlook
• Positive Sentiment: AI-related demand is strengthening the growth narrative: Okta said AI agents are creating new identity and security requirements, with new products contributing meaningfully to bookings. Investors view AI-agent security as a potentially large new market. Okta CEO discusses AI agent security
• Positive Sentiment: Analyst support increased: KeyCorp raised its target to $190 and assigned an Overweight rating; BTIG raised its target to $187 and reiterated Buy; and Needham and Cantor Fitzgerald raised targets to $200 with Buy or Overweight ratings. These revisions signal greater confidence in Okta’s growth and fundamentals. Needham raises Okta price target
• Neutral Sentiment: Valuation remains a consideration: With Okta trading near $134 and at a high earnings multiple, the stock’s roughly $23 billion market capitalization leaves less room for execution disappointments despite the improved outlook. Okta buy thesis and margin for error

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.