Okta (NASDAQ:OKTA) Sets New 52-Week High – Here’s Why

Okta, Inc. (NASDAQ:OKTA)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $142.94 and last traded at $141.4850, with a volume of 2269909 shares changing hands. The stock had previously closed at $136.45.

Wall Street Analyst Weigh In

OKTA has been the topic of a number of recent analyst reports. Canaccord Genuity Group lifted their price objective on Okta from $95.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, May 29th. HSBC upgraded Okta to a “buy” rating in a research note on Thursday, April 16th. Stifel Nicolaus dropped their price target on Okta from $121.00 to $92.00 and set a “buy” rating on the stock in a research report on Thursday, March 5th. Deutsche Bank Aktiengesellschaft cut their price target on Okta from $85.00 to $80.00 and set a “hold” rating for the company in a report on Thursday, March 5th. Finally, Citigroup reissued an “outperform” rating on shares of Okta in a research report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Okta has an average rating of “Moderate Buy” and an average price target of $116.83.

Okta Trading Up 3.6%

The stock has a fifty day moving average price of $100.41 and a 200-day moving average price of $88.94. The firm has a market capitalization of $24.56 billion, a price-to-earnings ratio of 102.65, a PEG ratio of 4.72 and a beta of 0.80.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Thursday, May 28th. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.06. The firm had revenue of $765.00 million during the quarter, compared to analyst estimates of $751.84 million. Okta had a return on equity of 4.15% and a net margin of 8.24%.The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.86 earnings per share. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. On average, equities analysts expect that Okta, Inc. will post 1.75 EPS for the current year.

Insider Activity

In other Okta news, Director David Schellhase purchased 3,712 shares of the firm’s stock in a transaction that occurred on Thursday, April 16th. The shares were acquired at an average cost of $72.04 per share, for a total transaction of $267,412.48. Following the transaction, the director directly owned 3,712 shares in the company, valued at approximately $267,412.48. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, 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 on Thursday, June 18th. The shares were sold at an average price of $114.10, for a total value of $453,775.70. Following the sale, the insider directly owned 19,618 shares of the company’s stock, valued at $2,238,413.80. This represents a 16.86% 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 sold 111,665 shares of company stock valued at $12,935,522. Corporate insiders own 4.61% of the company’s stock.

Institutional Trading of Okta

Several large investors have recently made changes to their positions in the business. Elevation Wealth Partners LLC raised its holdings in shares of Okta by 825.0% in the fourth quarter. Elevation Wealth Partners LLC now owns 296 shares of the company’s stock valued at $26,000 after buying an additional 264 shares during the last quarter. SHP Wealth Management bought a new stake in Okta during the 4th quarter worth about $27,000. Torren Management LLC bought a new stake in Okta during the 4th quarter worth about $32,000. Aster Capital Management DIFC Ltd acquired a new stake in Okta in the 3rd quarter valued at about $34,000. Finally, Spire Wealth Management increased its position in Okta by 30.8% in the 4th quarter. Spire Wealth Management now owns 505 shares of the company’s stock valued at $44,000 after acquiring an additional 119 shares in the last quarter. 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.