Okta (NASDAQ:OKTA) Stock Price Up 7.2% – Should You Buy?

Shares of Okta, Inc. (NASDAQ:OKTA) rose 7.2% during trading on Wednesday. The company traded as high as $206.78 and last traded at $207.9010. Approximately 1,289,951 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 3,582,025 shares. The stock had previously closed at $194.02.

Analysts Set New Price Targets

OKTA has been the topic of several research analyst reports. The Goldman Sachs Group increased their price target on shares of Okta from $126.00 to $203.00 and gave the stock a “buy” rating in a research report on Friday, August 28th. Citigroup boosted their price objective on shares of Okta from $205.00 to $215.00 and gave the company a “neutral” rating in a research report on Thursday, October 15th. Barclays raised their target price on Okta from $180.00 to $215.00 and gave the company an “overweight” rating in a research note on Thursday, September 24th. Mizuho boosted their price target on Okta from $165.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, September 24th. Finally, Guggenheim upped their price objective on Okta from $188.00 to $227.00 and gave the company a “buy” rating in a report on Thursday, September 24th. One analyst has rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat.com, Okta has an average rating of “Moderate Buy” and an average price target of $202.38.

Okta Stock Performance

The company has a market capitalization of $36.57 billion, a PE ratio of 126.12, a P/E/G ratio of 5.91 and a beta of 0.73. The stock has a 50 day moving average price of $182.00 and a two-hundred day moving average price of $135.98.

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

Insider Activity

In other news, CEO Todd McKinnon sold 48,822 shares of Okta stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $193.48, for a total value of $9,446,080.56. Following the completion of the sale, the chief executive officer directly owned 44,029 shares of the company’s stock, valued at approximately $8,518,730.92. This trade represents a 52.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Kelleher sold 6,395 shares of the stock in a transaction on Friday, September 18th. The shares were sold at an average price of $183.58, for a total value of $1,173,994.10. Following the completion of the transaction, the insider directly owned 18,668 shares in the company, valued at approximately $3,427,071.44. This trade represents a 25.52% 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 have sold 137,766 shares of company stock valued at $23,927,112 over the last three months. 4.61% of the stock is owned by insiders.

Hedge Funds Weigh In On Okta

Institutional investors and hedge funds have recently made changes to their positions in the company. Burkett Financial Services LLC bought a new position in shares of Okta during the third quarter worth approximately $26,000. SHP Wealth Management acquired a new position in shares of Okta in the fourth quarter valued at approximately $27,000. Washington Trust Advisors Inc. lifted its holdings in shares of Okta by 64.2% during the second quarter. Washington Trust Advisors Inc. now owns 197 shares of the company’s stock worth $27,000 after purchasing an additional 77 shares during the period. Polaris Financial Partners bought a new stake in shares of Okta in the 3rd quarter valued at about $36,000. Finally, MassMutual Private Wealth & Trust FSB lifted its position in shares of Okta by 279.5% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 296 shares of the company’s stock worth $40,000 after purchasing an additional 218 shares during the period. Institutional investors and hedge funds own 86.64% of the company’s stock.

Okta Company Profile

Okta, Inc provides cloud-based identity and access management solutions for organizations worldwide. Its platform helps businesses securely connect employees, contractors, customers and partners with the applications, systems and services they need to use.

The company’s offerings include single sign-on, multifactor authentication, identity governance, lifecycle management, directory services and privileged access management. Okta also provides customer identity solutions through Auth0, its developer-focused identity platform, which supports authentication and authorization for applications and digital experiences.

Okta serves enterprises, government agencies, small and medium-sized businesses, developers and other organizations across North America, Europe, Asia-Pacific and additional international markets.