Okta (NASDAQ:OKTA) Announces Earnings Results

Okta (NASDAQ:OKTA) released its quarterly earnings results on Thursday. The company reported $999.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $998.15, Zacks reports. Okta had a return on equity of 4.18% and a net margin of 8.05%.

Okta Stock Up 5.7%

Shares of OKTA traded up $5.10 during midday trading on Thursday, hitting $94.60. The company had a trading volume of 6,035,021 shares, compared to its average volume of 3,396,862. The company’s 50 day moving average price is $78.68 and its 200 day moving average price is $82.62. The stock has a market cap of $16.73 billion, a price-to-earnings ratio of 72.22, a PEG ratio of 3.65 and a beta of 0.59. Okta has a 52 week low of $62.66 and a 52 week high of $107.84.

Insider Buying and Selling

In related news, Director David Schellhase bought 3,712 shares of the company’s stock in a transaction dated Thursday, April 16th. The stock was bought at an average price of $72.04 per share, with a total value of $267,412.48. Following the transaction, the director owned 3,712 shares of the company’s stock, valued at approximately $267,412.48. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Robert Kelleher sold 2,409 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $80.00, for a total value of $192,720.00. Following the sale, the insider directly owned 15,470 shares in the company, valued at approximately $1,237,600. This represents a 13.47% 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 three months, insiders have sold 70,884 shares of company stock worth $5,625,648. 4.61% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Okta

A number of institutional investors have recently modified their holdings of OKTA. EFG International AG bought a new stake in shares of Okta during the 4th quarter valued at about $61,000. CIBC Private Wealth Group LLC grew its position in shares of Okta by 378.3% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 727 shares of the company’s stock valued at $67,000 after buying an additional 575 shares during the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of Okta during the 4th quarter valued at about $71,000. Johnson Financial Group Inc. bought a new stake in shares of Okta during the 3rd quarter valued at about $83,000. Finally, State of Wyoming bought a new stake in shares of Okta during the 2nd quarter valued at about $84,000. Institutional investors own 86.64% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. lifted their price target on shares of Okta from $103.00 to $114.00 and gave the stock an “overweight” rating in a research note on Thursday. UBS Group set a $85.00 price target on shares of Okta in a research note on Thursday, April 16th. Stifel Nicolaus dropped their price target on shares of Okta from $121.00 to $92.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th. Morgan Stanley dropped their price target on shares of Okta from $110.00 to $101.00 and set an “overweight” rating on the stock in a research note on Thursday, March 5th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on shares of Okta from $85.00 to $80.00 and set a “hold” rating on the stock in a research note on Thursday, March 5th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $102.44.

Key Headlines Impacting Okta

Here are the key news stories impacting Okta this week:

• Positive Sentiment: Arete Research upgraded Okta from Sell to Buy and set a $127 price target, citing expectations for a modest beat-and-raise quarter. Arete Upgrades Okta, Inc. (OKTA) Rating to Buy
• Positive Sentiment: Multiple recent analyst notes have turned constructive, with price-target hikes from firms including Cantor Fitzgerald, BTIG, KeyBanc, and others, reinforcing optimism around Okta’s execution and workforce identity demand.
• Positive Sentiment: Pre-earnings trading appears to be boosting the stock as investors look for strong results and guidance, supported by themes like AI-driven security demand, rising remaining performance obligations, and partner growth. Earnings To Watch: Okta (OKTA) Reports Q1 Results Tomorrow

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.