Okta (NASDAQ:OKTA) Stock Rating Lowered by Wall Street Zen

Okta (NASDAQ:OKTA) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday, Wall Street Zen reports.

OKTA has been the topic of a number of other research reports. Weiss Ratings downgraded shares of Okta from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, October 2nd. BTIG Research reissued a “buy” rating and set a $219.00 price objective on shares of Okta in a report on Thursday, September 24th. Canaccord Genuity Group boosted their price objective on shares of Okta from $115.00 to $175.00 and gave the company a “buy” rating in a report on Thursday, August 27th. Royal Bank Of Canada increased their price objective on shares of Okta from $195.00 to $230.00 and gave the company an “outperform” rating in a research report on Thursday, September 24th. Finally, JPMorgan Chase & Co. raised their target price on shares of Okta from $165.00 to $190.00 and gave the stock an “overweight” rating in a report on Thursday, August 27th. One investment analyst has rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, Okta presently has a consensus rating of “Moderate Buy” and an average price target of $201.10.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $226.53 on Monday. The company has a market cap of $39.60 billion, a P/E ratio of 136.46, a PEG ratio of 7.06 and a beta of 0.73. Okta has a 1 year low of $62.66 and a 1 year high of $235.00. The stock’s fifty day moving average price is $176.97 and its 200-day moving average price is $131.71.

Okta (NASDAQ:OKTA) last released 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. Okta had a return on equity of 4.50% and a net margin of 9.63%. The company had revenue of $805.00 million for the quarter, compared to analysts’ expectations of $793.00 million. During the same period last year, the firm posted $0.91 earnings per share. Okta’s revenue was up 10.6% compared to the same quarter last year. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. On average, sell-side analysts anticipate that Okta will post 1.92 earnings per share for the current year.

Insider Buying and Selling

In other Okta news, insider Eric Kelleher sold 6,395 shares of the company’s stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $183.58, for a total transaction of $1,173,994.10. Following the completion of the sale, the insider directly owned 18,668 shares of the company’s stock, valued at approximately $3,427,071.44. This represents a 25.52% decrease in their ownership of the stock. The sale was disclosed in a 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, CFO Brett Tighe sold 41,251 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $162.44, for a total transaction of $6,700,812.44. Following the completion of the transaction, the chief financial officer owned 7,693 shares in the company, valued at $1,249,650.92. The trade was a 84.28% 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. Over the last quarter, insiders have sold 137,766 shares of company stock valued at $23,927,112. 4.61% of the stock is owned by insiders.

Institutional Investors Weigh In On Okta

A number of hedge funds have recently modified their holdings of OKTA. Allspring Global Investments Holdings LLC increased its holdings 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 worth $281,209,000 after purchasing an additional 1,485,963 shares during the last quarter. Pictet Asset Management Holding SA lifted its position in shares of Okta by 28.4% in the first quarter. Pictet Asset Management Holding SA now owns 2,490,681 shares of the company’s stock worth $195,844,000 after buying an additional 550,328 shares in the last quarter. Swedbank AB lifted its position in shares of Okta by 21.9% in the first quarter. Swedbank AB now owns 2,216,588 shares of the company’s stock worth $174,468,000 after buying an additional 397,507 shares in the last quarter. Bank of America Corp DE boosted its stake in Okta by 0.4% during the first quarter. Bank of America Corp DE now owns 1,496,896 shares of the company’s stock valued at $117,821,000 after buying an additional 6,533 shares during the last quarter. Finally, Senvest Management LLC boosted its stake in Okta by 54.5% during the first quarter. Senvest Management LLC now owns 830,515 shares of the company’s stock valued at $65,370,000 after buying an additional 292,900 shares during the last quarter. Institutional investors own 86.64% of the company’s stock.

Okta Company Profile

Okta, Inc is an identity and access management company that helps organizations secure and manage access to applications, systems, devices and digital services. Its platform is designed to support employees, contractors, partners, customers and other users across cloud-based and on-premises environments.

Okta’s products include single sign-on, multifactor authentication, lifecycle management, identity governance, privileged access and identity threat protection. Through its Workforce Identity Cloud and Customer Identity Cloud, the company provides tools for workforce access management and for integrating authentication and authorization capabilities into customer-facing applications.