JPMorgan Chase & Co. Raises Okta (NASDAQ:OKTA) Price Target to $165.00

Okta (NASDAQ:OKTA) had its target price boosted by analysts at JPMorgan Chase & Co. from $120.00 to $165.00 in a report released on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 21.10% from the stock’s previous close.

OKTA has been the subject of several other reports. Sanford C. Bernstein downgraded Okta from an “outperform” rating to a “hold” rating in a report on Monday, July 6th. HSBC downgraded shares of Okta from a “buy” rating to a “hold” rating in a research report on Monday, July 6th. Mizuho boosted their price target on shares of Okta from $125.00 to $145.00 and gave the company a “neutral” rating in a report on Wednesday. Cantor Fitzgerald reiterated a “buy” rating on shares of Okta in a research note on Thursday. Finally, Scotiabank raised shares of Okta from a “sector perform” rating to a “sector outperform” rating and lifted their price objective for the company from $135.00 to $165.00 in a report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Okta has an average rating of “Moderate Buy” and a consensus target price of $140.54.

Okta Trading Up 1.6%

Shares of NASDAQ OKTA traded up $2.09 during trading hours on Friday, reaching $136.25. The stock had a trading volume of 752,911 shares, compared to its average volume of 3,460,286. Okta has a 52-week low of $62.66 and a 52-week high of $157.00. The firm has a market cap of $23.68 billion, a price-to-earnings ratio of 98.73, a P/E/G ratio of 5.08 and a beta of 0.77. The business’s fifty day moving average price is $137.92 and its two-hundred day moving average price is $103.12.

Okta (NASDAQ:OKTA) last issued its earnings results on Thursday, May 28th. The company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.06. Okta had a return on equity of 4.15% and a net margin of 8.24%.The business had revenue of $765.00 million during the quarter, compared to analyst estimates of $751.84 million. During the same period in the previous year, the company posted $0.86 EPS. Okta’s revenue was up 11.2% on a year-over-year basis. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. Equities research analysts anticipate that Okta will post 1.75 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Todd Mckinnon sold 68,936 shares of the business’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $146.62, for a total transaction of $10,107,396.32. Following the completion of the transaction, the chief executive officer owned 38,484 shares in the company, valued at $5,642,524.08. The trade was a 64.17% decrease in their position. The transaction was disclosed in a legal 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 stock in a transaction that occurred 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 sale, the insider directly owned 19,618 shares of the company’s stock, valued at $2,238,413.80. The trade was a 16.86% decrease in their position. 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. In the last ninety days, insiders sold 165,347 shares of company stock valued at $21,827,342. Corporate insiders own 4.61% of the company’s stock.

Hedge Funds Weigh In On Okta

A number of large investors have recently made changes to their positions in the business. Requisite Capital Management LLC purchased a new stake in shares of Okta during the 2nd quarter valued at $234,000. Aubrey Capital Management Ltd purchased a new position in Okta during the 2nd quarter worth $2,388,000. Ancora Advisors LLC grew its stake in Okta by 266.9% during the 2nd quarter. Ancora Advisors LLC now owns 2,682 shares of the company’s stock worth $366,000 after buying an additional 1,951 shares during the last quarter. Greenleaf Trust acquired a new position in Okta during the 2nd quarter valued at about $291,000. Finally, Livforsakringsbolaget Skandia Omsesidigt purchased a new stake in Okta in the second quarter valued at about $177,000. 86.64% of the stock is owned by institutional investors and hedge funds.

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.