Brokerages Set Okta, Inc. (NASDAQ:OKTA) Target Price at $123.06

Okta, Inc. (NASDAQ:OKTA) has received a consensus rating of “Moderate Buy” from the forty-four research firms that are currently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, twelve have issued a hold recommendation, twenty-nine have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $125.5135.

Several research firms have recently weighed in on OKTA. DA Davidson boosted their price objective on shares of Okta from $110.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday, May 29th. BMO Capital Markets lifted their price target on Okta from $95.00 to $120.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. HC Wainwright started coverage on Okta in a report on Monday, July 6th. They set a “buy” rating for the company. Jefferies Financial Group raised Okta from a “buy” rating to a “buy” rating in a research report on Monday, July 6th. Finally, Evercore assumed coverage on Okta in a research note on Monday, July 6th. They issued an “outperform” rating on the stock.

Insider Buying and Selling at Okta

In other Okta news, CFO Brett Tighe sold 65,000 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $117.25, for a total transaction of $7,621,250.00. Following the completion of the sale, the chief financial officer owned 119,680 shares of the company’s stock, valued at $14,032,480. This trade represents a 35.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Robert Kelleher sold 3,977 shares of the company’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $114.10, for a total transaction of $453,775.70. Following the completion of the transaction, the insider owned 19,618 shares in the company, valued at approximately $2,238,413.80. This represents a 16.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 167,847 shares of company stock worth $22,039,842 in the last three months. 4.61% of the stock is owned by insiders.

Institutional Trading of Okta

A number of hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new position in Okta in the 4th quarter valued at about $175,193,000. Allspring Global Investments Holdings LLC raised its holdings in Okta by 71.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,553,091 shares of the company’s stock valued at $281,209,000 after acquiring an additional 1,485,963 shares during the period. First Trust Advisors LP lifted its position in Okta by 28.2% during the fourth quarter. First Trust Advisors LP now owns 6,030,090 shares of the company’s stock worth $521,422,000 after acquiring an additional 1,326,051 shares during the last quarter. Alyeska Investment Group L.P. lifted its position in Okta by 276.9% during the third quarter. Alyeska Investment Group L.P. now owns 1,403,499 shares of the company’s stock worth $128,701,000 after acquiring an additional 1,031,083 shares during the last quarter. Finally, Swedbank AB boosted its holdings in shares of Okta by 124.3% during the fourth quarter. Swedbank AB now owns 1,819,081 shares of the company’s stock worth $157,296,000 after acquiring an additional 1,007,915 shares during the period. Institutional investors and hedge funds own 86.64% of the company’s stock.

Okta Trading Down 4.9%

NASDAQ:OKTA opened at $147.43 on Wednesday. The stock has a market capitalization of $25.62 billion, a PE ratio of 106.83, a P/E/G ratio of 5.57 and a beta of 0.77. Okta has a 1-year low of $62.66 and a 1-year high of $157.00. The firm has a fifty day simple moving average of $136.05 and a 200 day simple moving average of $101.57.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results 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 for the quarter, compared to analyst estimates of $751.84 million. Okta had a net margin of 8.24% and a return on equity of 4.15%. The company’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period in the prior year, the firm 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 predict that Okta will post 1.75 earnings per share for the current fiscal year.

Okta Company Profile

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.