Okta, Inc. (NASDAQ:OKTA) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Okta, Inc. (NASDAQ:OKTA) have been given a consensus recommendation of “Moderate Buy” by the forty-three research firms that are currently covering the company, Marketbeat reports. Ten equities research analysts have rated the stock with a hold rating, thirty-two have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $172.9211.

Several brokerages recently weighed in on OKTA. New Street Research set a $200.00 price objective on shares of Okta in a report on Thursday, August 27th. BMO Capital Markets lifted their target price on shares of Okta from $168.00 to $187.00 and gave the stock an “outperform” rating in a report on Thursday, August 27th. UBS Group lifted their target price on shares of Okta from $150.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday, August 27th. Royal Bank Of Canada upped their target price on shares of Okta from $166.00 to $195.00 and gave the company an “outperform” rating in a research report on Thursday, August 27th. Finally, Berenberg Bank increased their price target on Okta from $120.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, May 29th.

Insider Buying and Selling

In other Okta news, CEO Todd McKinnon sold 68,936 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $146.62, for a total transaction of $10,107,396.32. Following the transaction, the chief executive officer owned 38,484 shares in the company, valued at approximately $5,642,524.08. This trade represents a 64.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Larissa Schwartz sold 2,463 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $120.00, for a total value of $295,560.00. Following the transaction, the insider owned 25,241 shares of the company’s stock, valued at $3,028,920. The trade was a 8.89% 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. Over the last ninety days, insiders have sold 155,376 shares of company stock worth $23,734,135. Company insiders own 4.61% of the company’s stock.

Institutional Trading of Okta

Institutional investors and hedge funds have recently modified their holdings of the stock. SHP Wealth Management bought a new position in Okta during the fourth quarter worth about $27,000. Washington Trust Advisors Inc. increased its holdings in shares of Okta by 64.2% in the second quarter. Washington Trust Advisors Inc. now owns 197 shares of the company’s stock worth $27,000 after acquiring an additional 77 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its position in shares of Okta by 279.5% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 296 shares of the company’s stock worth $40,000 after purchasing an additional 218 shares during the period. Assetmark Inc. lifted its holdings in shares of Okta by 81.1% during the 1st quarter. Assetmark Inc. now owns 719 shares of the company’s stock valued at $57,000 after purchasing an additional 322 shares in the last quarter. Finally, SJS Investment Consulting Inc. grew its position in shares of Okta by 1,265.5% in 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 period. 86.64% of the stock is owned by institutional investors.

Okta Stock Down 0.9%

Okta stock opened at $171.11 on Friday. The business’s 50-day simple moving average is $148.93 and its 200 day simple moving average is $111.06. The stock has a market cap of $29.91 billion, a price-to-earnings ratio of 103.08, a P/E/G ratio of 5.37 and a beta of 0.79. Okta has a 12-month low of $62.66 and a 12-month high of $179.44.

Okta (NASDAQ:OKTA) last released its earnings results on Wednesday, August 26th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.09. The company had revenue of $805.00 million for the quarter, compared to the consensus estimate of $793.00 million. Okta had a net margin of 9.63% and a return on equity of 4.50%. The company’s revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company 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. As a group, sell-side analysts expect that Okta will post 1.92 EPS for the current year.

Okta Company Profile

Okta, Inc provides cloud-based identity and access management solutions for organizations. Its platform helps businesses securely connect employees, customers, partners and applications while managing authentication, authorization and user access across cloud, on-premises and mobile environments.

The company’s offerings include single sign-on, multifactor authentication, adaptive access controls, lifecycle management, identity governance and privileged access capabilities. Through its Customer Identity Cloud, powered by Auth0, Okta also provides tools for developers and businesses to embed authentication and authorization features into applications and digital services.

Founded in 2009 by Todd McKinnon and Frederic Kerrest, Okta completed its initial public offering in 2017.