Okta (NASDAQ:OKTA) Stock Price Up 6.8% – Still a Buy?

Shares of Okta, Inc. (NASDAQ:OKTA) traded up 6.8% on Tuesday . The stock 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 daily volume of 3,619,685 shares. The stock had previously closed at $139.53.

More Okta News

Here are the key news stories impacting Okta this week:

• Positive Sentiment: Cybersecurity names, including Okta, are benefiting from rising demand as AI infrastructure spending and growing global cyber threats keep enterprise security budgets elevated. Cybersecurity Space is Buzzing on Recent Catalysts: 3 Top Picks
• Positive Sentiment: Okta is also getting a lift from broader strength in cybersecurity stocks after IBM’s warning about softer software and mainframe spending reignited investor focus on cyber defense demand. Dell, HP Enterprise, and Okta are among the group seeing gains after IBM warning
• Positive Sentiment: Okta was highlighted as a top cybersecurity pick in an industry update, reinforcing the view that the company remains well-positioned for long-term growth. Top Cybersecurity Stocks to Buy Now as AI Changes Tech Defense
• Positive Sentiment: Master Concept received an Okta Catalyst Award, which may point to deeper ecosystem partnerships in AI and identity security. Master Concept Receives Okta Catalyst Award, Deepening Partnership in AI and Identity Security
• Neutral Sentiment: Analysts and market commentary note that Okta has had a very strong multi-year move, but valuation now looks more fully priced after a 114% three-year run, which could limit upside if growth slows. Okta Stock May Be Fully Priced Following Its 114% Run
• Neutral Sentiment: Okta also benefited from a broader tech and cybersecurity rally tied to inflation data, AI trade momentum, and security concerns, while a separate report noted the stock surged to a new high on analyst optimism. IBM Heads for Worst Day Ever — But Why Are Cybersecurity Stocks Up?
• Negative Sentiment: Despite the recent strength, one market recap says Okta traded lower in the latest session, reflecting some profit-taking after the rally. Okta Stock Sinks As Market Gains: Here’s Why

Analysts Set New Price Targets

OKTA has been the subject of several research reports. Seaport Research Partners cut Okta to a “neutral” rating in a research note on Thursday, April 16th. Truist Financial upped their price target on Okta from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, May 29th. Mizuho lowered Okta from an “outperform” rating to a “neutral” rating and lifted their price objective for the stock from $110.00 to $125.00 in a research report on Tuesday, June 2nd. Piper Sandler boosted their price objective on Okta from $82.00 to $105.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Finally, Wells Fargo & Company upped their target price on shares of Okta from $85.00 to $100.00 and gave the company an “equal weight” rating in a research report on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $118.97.

Okta Stock Performance

The company has a 50-day moving average price of $115.57 and a 200-day moving average price of $93.26. The firm has a market capitalization of $26.22 billion, a P/E ratio of 109.32, a price-to-earnings-growth ratio of 5.56 and a beta of 0.77.

Okta (NASDAQ:OKTA) last released 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. 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 the consensus estimate of $751.84 million. During the same quarter in the prior year, the company posted $0.86 earnings per share. The firm’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 analysts predict that Okta, Inc. will post 1.75 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Brett Tighe sold 65,000 shares of Okta stock in a transaction that occurred on 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 transaction, the chief financial officer owned 119,680 shares of the company’s stock, valued at $14,032,480. This trade represents a 35.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 business’s 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 transaction, the insider owned 19,618 shares of the company’s stock, valued at approximately $2,238,413.80. This represents a 16.86% decrease in their position. The SEC filing for this sale provides additional information. 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 ninety days. Company insiders own 4.61% of the company’s stock.

Hedge Funds Weigh In On Okta

Institutional investors and hedge funds have recently made changes to their positions in the company. Elevation Wealth Partners LLC lifted its holdings in 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 acquiring an additional 264 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Okta by 279.5% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 296 shares of the company’s stock worth $40,000 after acquiring an additional 218 shares in the last quarter. SHP Wealth Management bought a new stake in shares of Okta in the fourth quarter worth about $27,000. Torren Management LLC acquired a new stake in shares of Okta during the fourth quarter worth about $32,000. Finally, Spire Wealth Management raised its position in shares of Okta by 30.8% during 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. Institutional investors and hedge funds own 86.64% of the company’s stock.

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.