Okta (NASDAQ:OKTA) Shares Up 6.8% – Here’s What Happened

Okta, Inc. (NASDAQ:OKTA) shot up 6.8% during mid-day trading on Tuesday . The company traded as high as $149.21 and last traded at $149.0260. Approximately 431,553 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 3,619,685 shares. The stock had previously closed at $139.53.

Analysts Set New Price Targets

Several equities research analysts have recently commented on OKTA shares. Zacks Research downgraded Okta from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 26th. Canaccord Genuity Group raised their target price on shares of Okta from $95.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, May 29th. JPMorgan Chase & Co. lifted their target price on shares of Okta from $103.00 to $114.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. Wolfe Research began coverage on shares of Okta in a report on Thursday, April 16th. They set an “outperform” rating on the stock. Finally, Arete Research set a $127.00 price objective on shares of Okta and gave the stock a “buy” rating in a research note on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $118.97.

Okta Stock Performance

The company has a market cap of $26.71 billion, a PE ratio of 111.37, a PEG ratio of 4.99 and a beta of 0.77. The company has a 50 day simple moving average of $112.57 and a two-hundred day simple moving average of $92.36.

Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Thursday, May 28th. The company reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.06. The firm had revenue of $765.00 million for the quarter, compared to the consensus estimate of $751.84 million. Okta had a net margin of 8.24% and a return on equity of 4.15%. The firm’s revenue was up 11.2% on a year-over-year basis. During the same period in the previous 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. As a group, analysts expect that Okta, Inc. will post 1.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Okta

In related news, Director David Schellhase purchased 3,712 shares of the company’s stock in a transaction dated Thursday, April 16th. The shares were acquired at an average cost of $72.04 per share, with a total value of $267,412.48. Following the completion of the purchase, the director owned 3,712 shares of the company’s stock, valued at $267,412.48. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Larissa Schwartz sold 24,971 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $134.13, for a total value of $3,349,360.23. Following the sale, the insider owned 23,477 shares of the company’s stock, valued at approximately $3,148,970.01. This represents a 51.54% 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 a total of 174,224 shares of company stock worth $22,534,353 over the last 90 days. 4.61% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Okta

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Elevation Wealth Partners LLC grew its stake in shares of Okta by 825.0% in the 4th quarter. Elevation Wealth Partners LLC now owns 296 shares of the company’s stock valued at $26,000 after buying an additional 264 shares in the last quarter. SHP Wealth Management acquired a new position in Okta in the fourth quarter worth approximately $27,000. Torren Management LLC bought a new position in Okta during the fourth quarter valued at approximately $32,000. MassMutual Private Wealth & Trust FSB raised its position in Okta by 279.5% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 296 shares of the company’s stock valued at $40,000 after acquiring an additional 218 shares in the last quarter. Finally, Spire Wealth Management lifted its stake in Okta by 30.8% in the fourth quarter. Spire Wealth Management now owns 505 shares of the company’s stock valued at $44,000 after acquiring an additional 119 shares during the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

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.