Okta (NASDAQ:OKTA) Hits New 12-Month High – Here’s Why

Shares of Okta, Inc. (NASDAQ:OKTA) hit a new 52-week high on Thursday. The stock traded as high as $213.00 and last traded at $209.1070, with a volume of 513260 shares traded. The stock had previously closed at $209.11.

Wall Street Analysts Forecast Growth

OKTA has been the topic of several research reports. Guggenheim raised their price target on Okta from $188.00 to $227.00 and gave the company a “buy” rating in a research note on Thursday, September 24th. Cantor Fitzgerald increased their target price on shares of Okta from $170.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, August 27th. UBS Group raised their target price on shares of Okta from $150.00 to $200.00 and gave the company a “buy” rating in a research report on Thursday, August 27th. Citigroup restated a “market outperform” rating on shares of Okta in a report on Thursday, September 24th. Finally, Wall Street Zen downgraded shares of Okta from a “buy” rating to a “hold” rating in a research note on Saturday, September 26th. One equities research 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 company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $200.72.

Okta Price Performance

The company has a market cap of $36.89 billion, a PE ratio of 127.19, a PEG ratio of 6.37 and a beta of 0.79. The stock’s 50-day moving average is $162.41 and its 200 day moving average is $122.72.

Okta (NASDAQ:OKTA) last issued 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. The firm had revenue of $805.00 million during the quarter, compared to analyst estimates of $793.00 million. Okta had a return on equity of 4.50% and a net margin of 9.63%.The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.91 EPS. 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, analysts expect that Okta, Inc. will post 1.92 EPS for the current year.

Insider Buying and Selling at Okta

In other Okta news, CFO Brett Tighe sold 41,251 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $162.44, for a total value of $6,700,812.44. Following the completion of the sale, the chief financial officer owned 7,693 shares of the company’s stock, valued at approximately $1,249,650.92. This trade represents a 84.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Kelleher sold 6,395 shares of the business’s stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $183.58, for a total value of $1,173,994.10. Following the sale, the insider owned 18,668 shares in the company, valued at $3,427,071.44. The trade was a 25.52% decrease in their position. 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 ninety days, insiders sold 206,702 shares of company stock worth $34,034,508. 4.61% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Washington Trust Advisors Inc. lifted its stake in shares of Okta by 64.2% during the second quarter. Washington Trust Advisors Inc. now owns 197 shares of the company’s stock worth $27,000 after buying an additional 77 shares during the period. MassMutual Private Wealth & Trust FSB raised its stake in Okta by 279.5% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 296 shares of the company’s stock worth $40,000 after acquiring an additional 218 shares during the last quarter. SHP Wealth Management purchased a new position in Okta in the 4th quarter worth $27,000. Assetmark Inc. lifted its position in Okta by 81.1% during the 1st quarter. Assetmark Inc. now owns 719 shares of the company’s stock worth $57,000 after acquiring an additional 322 shares during the period. Finally, SJS Investment Consulting Inc. grew its stake in Okta by 1,265.5% during the 1st quarter. SJS Investment Consulting Inc. now owns 751 shares of the company’s stock valued at $59,000 after purchasing an additional 696 shares during the last quarter. Hedge funds and other 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.