Okta (NASDAQ:OKTA) Stock Keeps Buy Rating at BTIG Research

Okta (NASDAQ:OKTA)‘s stock had its “buy” rating reissued by stock analysts at BTIG Research in a research note issued to investors on Thursday, September 24th, Benzinga reports. They presently have a $219.00 price objective on the stock. BTIG Research’s target price would suggest a potential upside of 4.14% from the stock’s previous close.

OKTA has been the topic of a number of other reports. Wells Fargo & Company raised their target price on shares of Okta from $200.00 to $230.00 and gave the company an “overweight” rating in a research note on Thursday, September 24th. KeyCorp raised their target price on shares of Okta from $180.00 to $190.00 and gave the company an “overweight” rating in a research note on Thursday, August 27th. Raymond James Financial raised their target price on shares of Okta from $115.00 to $185.00 and gave the company an “outperform” rating in a research note on Thursday, August 27th. Royal Bank Of Canada raised their target price on shares of Okta from $195.00 to $230.00 and gave the company an “outperform” rating in a research note on Thursday, September 24th. Finally, TD Cowen raised their target price on shares of Okta from $175.00 to $200.00 and gave the company a “hold” rating in a research note on Thursday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $200.72.

Okta Trading Up 0.6%

Shares of OKTA stock traded up $1.19 during trading hours on Thursday, reaching $210.30. The stock had a trading volume of 493,153 shares, compared to its average volume of 3,605,557. The stock’s fifty day simple moving average is $162.41 and its 200 day simple moving average is $122.72. Okta has a 12 month low of $62.66 and a 12 month high of $213.00. The firm has a market capitalization of $36.76 billion, a PE ratio of 126.55, a PEG ratio of 6.37 and a beta of 0.79.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Wednesday, August 26th. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.09. Okta had a net margin of 9.63% and a return on equity of 4.50%. The company had revenue of $805.00 million during the quarter, compared to analyst estimates of $793.00 million. During the same period last year, the business earned $0.91 earnings per share. Okta’s revenue 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 anticipate that Okta will post 1.92 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Todd McKinnon sold 68,936 shares of Okta stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $146.62, for a total value of $10,107,396.32. Following the transaction, the chief executive officer directly owned 38,484 shares of the company’s stock, valued at $5,642,524.08. The trade was a 64.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 on Wednesday, September 2nd. The stock was sold at an average price of $162.44, for a total transaction of $6,700,812.44. Following the completion of the transaction, the chief financial officer directly owned 7,693 shares in the company, valued at approximately $1,249,650.92. The trade was a 84.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 206,702 shares of company stock valued at $34,034,508 over the last three months. 4.61% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in OKTA. Washington Trust Advisors Inc. boosted its holdings in Okta by 64.2% in the second quarter. Washington Trust Advisors Inc. now owns 197 shares of the company’s stock valued at $27,000 after acquiring an additional 77 shares in the last quarter. CX Institutional boosted its holdings in Okta by 5.1% in the second quarter. CX Institutional now owns 2,633 shares of the company’s stock valued at $359,000 after acquiring an additional 127 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Okta by 10.7% in the first quarter. EverSource Wealth Advisors LLC now owns 1,333 shares of the company’s stock valued at $105,000 after acquiring an additional 129 shares in the last quarter. SteelPeak Wealth LLC boosted its holdings in Okta by 2.8% in the first quarter. SteelPeak Wealth LLC now owns 5,166 shares of the company’s stock valued at $407,000 after acquiring an additional 140 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. boosted its holdings in Okta by 1.8% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 9,241 shares of the company’s stock valued at $1,261,000 after acquiring an additional 167 shares in the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Okta Company Profile

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.