Okta, Inc. (NASDAQ:OKTA) Receives $103.25 Consensus Target Price from Brokerages

Okta, Inc. (NASDAQ:OKTA) has earned an average rating of “Moderate Buy” from the thirty-nine research firms that are currently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, eleven have given a hold recommendation and twenty-six have given a buy recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $103.25.

OKTA has been the subject of a number of research reports. Weiss Ratings reissued a “hold (c-)” rating on shares of Okta in a research report on Thursday, January 22nd. Stephens reduced their target price on shares of Okta from $120.00 to $95.00 and set an “overweight” rating for the company in a research report on Thursday, March 5th. Piper Sandler reduced their target price on shares of Okta from $100.00 to $82.00 and set a “neutral” rating for the company in a research report on Thursday, March 5th. Truist Financial reduced their target price on shares of Okta from $115.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, March 5th. Finally, Sanford C. Bernstein restated an “outperform” rating and set a $134.00 price target on shares of Okta in a research note on Friday, March 6th.

Okta Price Performance

OKTA opened at $65.47 on Thursday. Okta has a fifty-two week low of $62.66 and a fifty-two week high of $127.57. The firm has a market capitalization of $11.58 billion, a PE ratio of 49.98, a P/E/G ratio of 2.46 and a beta of 0.76. The company’s 50-day moving average is $78.53 and its 200 day moving average is $84.70.

Okta (NASDAQ:OKTA) last posted its earnings results on Wednesday, March 4th. The company reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.05. Okta had a net margin of 8.05% and a return on equity of 4.18%. The company had revenue of $761.00 million for the quarter, compared to analyst estimates of $749.87 million. During the same quarter in the prior year, the business posted $0.78 EPS. The firm’s revenue was up 11.6% compared to the same quarter last year. Okta has set its FY 2027 guidance at 3.740-3.820 EPS and its Q1 2027 guidance at 0.840-0.860 EPS. As a group, analysts expect that Okta will post 0.42 EPS for the current year.

Okta announced that its board has initiated a stock buyback program on Monday, January 5th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 6.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, CEO Todd Mckinnon sold 11,263 shares of the firm’s stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $81.01, for a total transaction of $912,415.63. Following the sale, the chief executive officer owned 97,083 shares in the company, valued at approximately $7,864,693.83. This trade represents a 10.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Larissa Schwartz sold 6,377 shares of the firm’s stock in a transaction on Tuesday, April 7th. The shares were sold at an average price of $79.75, for a total transaction of $508,565.75. Following the sale, the insider owned 54,825 shares in the company, valued at approximately $4,372,293.75. This trade represents a 10.42% 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. Over the last 90 days, insiders have sold 63,843 shares of company stock valued at $5,071,889. 5.68% of the stock is owned by company insiders.

Hedge Funds Weigh In On Okta

Several institutional investors and hedge funds have recently made changes to their positions in OKTA. Promus Capital LLC bought a new stake in Okta in the 2nd quarter worth $27,000. Root Financial Partners LLC bought a new stake in Okta in the 3rd quarter worth $26,000. Elevation Wealth Partners LLC grew its holdings in Okta by 825.0% in the 4th quarter. Elevation Wealth Partners LLC now owns 296 shares of the company’s stock worth $26,000 after acquiring an additional 264 shares during the last quarter. SHP Wealth Management bought a new stake in Okta in the 4th quarter worth $27,000. Finally, Torren Management LLC bought a new stake in Okta in the 4th quarter worth $32,000. Institutional investors own 86.64% of the company’s stock.

About Okta

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.