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

Shares of Okta, Inc. (NASDAQ:OKTA) have earned a consensus rating of “Moderate Buy” from the forty-one brokerages that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, eleven have issued a hold recommendation, twenty-eight have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $116.8286.

A number of equities analysts have weighed in on the company. Scotiabank boosted their price target on Okta from $105.00 to $135.00 and gave the stock a “sector perform” rating in a research report on Monday. Stephens lowered their price target on Okta from $120.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, March 5th. Deutsche Bank Aktiengesellschaft dropped their price target on Okta from $85.00 to $80.00 and set a “hold” rating on the stock in a research note on Thursday, March 5th. Piper Sandler increased their price target on Okta from $82.00 to $105.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Finally, Wolfe Research began coverage on Okta in a research note on Thursday, April 16th. They issued an “outperform” rating on the stock.

Insider Activity at Okta

In other news, CFO Brett Tighe sold 65,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were 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 in the company, valued at approximately $14,032,480. This trade represents a 35.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed 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 firm’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $114.10, for a total transaction of $453,775.70. Following the sale, the insider owned 19,618 shares of the company’s stock, valued at $2,238,413.80. This trade 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 have sold a total of 114,074 shares of company stock worth $13,128,242 in the last quarter. 4.61% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Okta

A number of hedge funds have recently bought and sold shares of OKTA. Elevation Wealth Partners LLC increased its holdings in shares of Okta by 825.0% during the fourth quarter. Elevation Wealth Partners LLC now owns 296 shares of the company’s stock worth $26,000 after purchasing an additional 264 shares during the period. SHP Wealth Management bought a new position in shares of Okta during the fourth quarter worth approximately $27,000. Torren Management LLC bought a new position in shares of Okta during the fourth quarter worth approximately $32,000. Aster Capital Management DIFC Ltd bought a new position in shares of Okta in the third quarter worth $34,000. Finally, Spire Wealth Management increased its position in shares of Okta by 30.8% in the fourth quarter. Spire Wealth Management now owns 505 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares during the period. 86.64% of the stock is owned by institutional investors.

Okta Trading Up 5.7%

Okta stock opened at $131.31 on Tuesday. The company has a market cap of $22.82 billion, a P/E ratio of 95.15, a price-to-earnings-growth ratio of 4.47 and a beta of 0.80. Okta has a 1-year low of $62.66 and a 1-year high of $142.35. The company has a fifty day simple moving average of $99.13 and a 200 day simple moving average of $88.61.

Okta (NASDAQ:OKTA) last released 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. The business had revenue of $765.00 million during 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 for the quarter was up 11.2% compared to the same quarter last year. During the same quarter last year, the firm earned $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 research analysts forecast that Okta will post 1.75 EPS for the current 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.