Mizuho Cuts Okta (NASDAQ:OKTA) Price Target to $100.00

Okta (NASDAQ:OKTA) had its price objective decreased by investment analysts at Mizuho from $110.00 to $100.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Mizuho’s target price indicates a potential upside of 14.60% from the company’s previous close.

A number of other brokerages also recently issued reports on OKTA. Guggenheim reissued a “buy” rating and issued a $138.00 price target on shares of Okta in a report on Wednesday, December 3rd. Scotiabank reduced their price target on Okta from $105.00 to $85.00 and set a “sector perform” rating on the stock in a research report on Wednesday, December 3rd. Citigroup reaffirmed a “neutral” rating on shares of Okta in a research report on Monday, January 12th. Deutsche Bank Aktiengesellschaft dropped their price target on Okta from $110.00 to $85.00 and set a “hold” rating on the stock in a research report on Wednesday, December 3rd. Finally, Jefferies Financial Group upgraded Okta from a “hold” rating to a “buy” rating and boosted their price target for the stock from $90.00 to $125.00 in a research note on Tuesday, December 16th. Twenty-five equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Okta has a consensus rating of “Moderate Buy” and an average target price of $112.85.

Okta Trading Up 2.8%

NASDAQ:OKTA opened at $87.26 on Tuesday. Okta has a 12 month low of $75.05 and a 12 month high of $127.57. The firm’s 50 day moving average is $88.86 and its 200 day moving average is $88.97. The stock has a market capitalization of $15.47 billion, a PE ratio of 80.06, a price-to-earnings-growth ratio of 3.48 and a beta of 0.77.

Okta (NASDAQ:OKTA) last issued its earnings results on Tuesday, December 2nd. The company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.06. Okta had a return on equity of 3.77% and a net margin of 6.87%.The firm had revenue of $742.00 million for the quarter, compared to analyst estimates of $730.23 million. During the same period in the previous year, the company posted $0.67 earnings per share. The business’s revenue was up 11.6% on a year-over-year basis. Okta has set its FY 2026 guidance at 3.430-3.440 EPS and its Q4 2026 guidance at 0.840-0.850 EPS. Research analysts predict that Okta will post 0.42 earnings per share for the current year.

Okta announced that its Board of Directors has initiated a share repurchase program on Monday, January 5th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 6.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, CFO Brett Tighe sold 10,000 shares of the stock in a transaction that occurred on Tuesday, January 13th. The stock was sold at an average price of $95.07, for a total value of $950,700.00. Following the transaction, the chief financial officer owned 134,385 shares of the company’s stock, valued at $12,775,981.95. This represents a 6.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Eric Robert Kelleher sold 2,409 shares of the firm’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $84.40, for a total transaction of $203,319.60. Following the transaction, the insider directly owned 11,266 shares in the company, valued at $950,850.40. This trade represents a 17.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 37,245 shares of company stock worth $3,385,624 over the last 90 days. Insiders own 5.68% of the company’s stock.

Hedge Funds Weigh In On Okta

Several hedge funds have recently modified their holdings of OKTA. Steward Partners Investment Advisory LLC increased its holdings in shares of Okta by 5.3% in the second quarter. Steward Partners Investment Advisory LLC now owns 2,238 shares of the company’s stock valued at $224,000 after purchasing an additional 113 shares during the period. Spire Wealth Management lifted its holdings in Okta by 30.8% during the fourth quarter. Spire Wealth Management now owns 505 shares of the company’s stock valued at $44,000 after purchasing an additional 119 shares in the last quarter. Simon Quick Advisors LLC increased its stake in Okta by 2.5% during the 2nd quarter. Simon Quick Advisors LLC now owns 5,110 shares of the company’s stock worth $511,000 after buying an additional 126 shares in the last quarter. Allworth Financial LP boosted its stake in Okta by 6.4% during the 3rd quarter. Allworth Financial LP now owns 2,251 shares of the company’s stock worth $206,000 after purchasing an additional 135 shares during the last quarter. Finally, Choreo LLC raised its holdings in Okta by 2.0% in the 3rd quarter. Choreo LLC now owns 7,239 shares of the company’s stock valued at $664,000 after acquiring an additional 140 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.