Okta (NASDAQ:OKTA) Upgraded at Citizens Jmp

Citizens Jmp upgraded shares of Okta (NASDAQ:OKTA) from a market perform rating to an outperform rating in a research report sent to investors on Wednesday, MarketBeat.com reports. They currently have $170.00 price objective on the stock.

OKTA has been the topic of several other research reports. Citigroup reaffirmed an “outperform” rating on shares of Okta in a research note on Friday, May 29th. Wells Fargo & Company increased their price objective on Okta from $100.00 to $150.00 and gave the stock an “equal weight” rating in a research note on Monday, July 20th. Scotiabank raised Okta from a “sector perform” rating to a “sector outperform” rating and lifted their price objective for the company from $135.00 to $165.00 in a report on Monday, July 6th. Raymond James Financial downgraded shares of Okta from a “buy” rating to a “strong sell” rating in a research note on Monday, July 6th. Finally, Capital One Financial set a $171.00 target price on shares of Okta and gave the company an “overweight” rating in a research note on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $125.51.

Okta Stock Down 4.9%

NASDAQ OKTA opened at $147.43 on Wednesday. Okta has a twelve month low of $62.66 and a twelve month high of $157.00. The stock has a market cap of $25.62 billion, a P/E ratio of 106.83, a PEG ratio of 5.57 and a beta of 0.77. The company’s 50-day simple moving average is $136.05 and its 200 day simple moving average is $101.57.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Thursday, May 28th. The company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.06. Okta had a net margin of 8.24% and a return on equity of 4.15%. The firm had revenue of $765.00 million during the quarter, compared to analysts’ expectations of $751.84 million. During the same quarter last year, the company earned $0.86 earnings per share. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. Research analysts anticipate that Okta will post 1.75 earnings per share for the current year.

Insider Transactions at Okta

In other Okta news, insider Larissa Schwartz sold 24,971 shares of Okta 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 completion of the transaction, the insider owned 23,477 shares in the company, valued at approximately $3,148,970.01. The trade was a 51.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 on Thursday, June 18th. The stock was sold at an average price of $114.10, for a total value of $453,775.70. Following the completion of the transaction, the insider directly owned 19,618 shares in the company, valued at approximately $2,238,413.80. This represents a 16.86% decrease in their position. 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. In the last quarter, insiders have sold 167,847 shares of company stock worth $22,039,842. 4.61% of the stock is owned by company insiders.

Institutional Investors Weigh In On Okta

Hedge funds have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC bought a new position in shares of Okta in the first quarter worth about $225,000. NewEdge Advisors LLC grew its stake in shares of Okta by 853.4% during the first quarter. NewEdge Advisors LLC now owns 5,530 shares of the company’s stock valued at $582,000 after purchasing an additional 4,950 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in shares of Okta in the second quarter valued at approximately $244,000. Invesco Ltd. increased its holdings in shares of Okta by 34.1% in the second quarter. Invesco Ltd. now owns 430,844 shares of the company’s stock valued at $43,071,000 after purchasing an additional 109,614 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in Okta by 122.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,621 shares of the company’s stock worth $162,000 after purchasing an additional 893 shares during the last quarter. Institutional investors 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.