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

Okta, Inc. (NASDAQ:OKTA) hit a new 52-week high during mid-day trading on Wednesday. The stock traded as high as $226.44 and last traded at $218.67, with a volume of 3107129 shares trading hands. The stock had previously closed at $218.29.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Citizens Jmp raised their target price on shares of Okta from $180.00 to $225.00 and gave the stock a “market outperform” rating in a research note on Monday, September 28th. Canaccord Genuity Group upped their price target on Okta from $115.00 to $175.00 and gave the company a “buy” rating in a research report on Thursday, August 27th. Mizuho increased their price target on Okta from $165.00 to $200.00 and gave the company a “neutral” rating in a report on Thursday, September 24th. Bank of America lifted their price objective on Okta from $170.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, September 24th. Finally, KeyCorp set a $240.00 price objective on Okta and gave the stock an “overweight” rating in a research note on Thursday, September 24th. One research analyst has rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $200.72.

Okta Stock Performance

The stock has a market cap of $38.50 billion, a PE ratio of 132.66, a price-to-earnings-growth ratio of 6.78 and a beta of 0.73. The company’s 50-day moving average price is $171.88 and its 200 day moving average price is $128.55.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Wednesday, August 26th. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.09. Okta had a return on equity of 4.50% and a net margin of 9.63%.The company had revenue of $805.00 million during the quarter, compared to analyst estimates of $793.00 million. During the same period in the prior year, the business posted $0.91 earnings per share. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. 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, equities research analysts predict that Okta, Inc. will post 1.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Okta news, insider Eric Kelleher sold 6,395 shares of the stock in a transaction dated Friday, September 18th. The shares were sold at an average price of $183.58, for a total transaction of $1,173,994.10. Following the completion of the transaction, the insider owned 18,668 shares of the company’s stock, valued at $3,427,071.44. This trade represents a 25.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brett Tighe sold 41,251 shares of Okta stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $162.44, for a total transaction of $6,700,812.44. Following the sale, the chief financial officer owned 7,693 shares of the company’s stock, valued at approximately $1,249,650.92. This represents a 84.28% 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. In the last ninety days, insiders sold 137,766 shares of company stock valued at $23,927,112. 4.61% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Okta

Several large investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC increased 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 purchasing an additional 1,485,963 shares during the last quarter. Pictet Asset Management Holding SA lifted its stake in Okta by 28.4% during the first quarter. Pictet Asset Management Holding SA now owns 2,490,681 shares of the company’s stock worth $195,844,000 after purchasing an additional 550,328 shares in the last quarter. Swedbank AB boosted its position in shares of Okta by 21.9% during the first quarter. Swedbank AB now owns 2,216,588 shares of the company’s stock worth $174,468,000 after buying an additional 397,507 shares during the period. Bank of America Corp DE boosted its position in shares of Okta by 0.4% during the first quarter. Bank of America Corp DE now owns 1,496,896 shares of the company’s stock worth $117,821,000 after buying an additional 6,533 shares during the period. Finally, Senvest Management LLC grew its stake in shares of Okta by 54.5% in the first quarter. Senvest Management LLC now owns 830,515 shares of the company’s stock valued at $65,370,000 after buying an additional 292,900 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

About Okta

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.