Okta (NASDAQ:OKTA) Reaches New 12-Month Low – Here’s What Happened

Shares of Okta, Inc. (NASDAQ:OKTA) hit a new 52-week low during mid-day trading on Saturday . The stock traded as low as $73.74 and last traded at $74.29, with a volume of 6059072 shares trading hands. The stock had previously closed at $81.80.

Analyst Ratings Changes

A number of brokerages recently commented on OKTA. Stephens raised shares of Okta from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $97.00 to $120.00 in a research note on Wednesday, January 14th. Cantor Fitzgerald reissued an “overweight” rating on shares of Okta in a research report on Wednesday, December 17th. Citigroup reaffirmed a “neutral” rating on shares of Okta in a research report on Monday, January 12th. Wall Street Zen downgraded shares of Okta from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $120.00 price target on shares of Okta in a research report on Wednesday, December 3rd. Twenty-five investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $112.56.

Okta Stock Down 9.2%

The company has a market capitalization of $13.17 billion, a PE ratio of 68.16, a PEG ratio of 3.28 and a beta of 0.77. The business has a 50 day simple moving average of $88.12 and a 200 day simple moving average of $88.63.

Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Tuesday, December 2nd. The company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.06. The business had revenue of $742.00 million for the quarter, compared to analyst estimates of $730.23 million. Okta had a return on equity of 3.77% and a net margin of 6.87%.The company’s revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.67 earnings per share. Okta has set its FY 2026 guidance at 3.430-3.440 EPS and its Q4 2026 guidance at 0.840-0.850 EPS. Equities analysts expect that Okta, Inc. will post 0.42 EPS for the current fiscal year.

Okta declared that its board has initiated a share buyback program on Monday, January 5th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the company to buy up to 6.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Activity at Okta

In other Okta news, insider Eric Robert Kelleher sold 2,409 shares of Okta stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $84.40, for a total transaction of $203,319.60. Following the completion of the sale, the insider owned 11,266 shares of the company’s stock, valued at approximately $950,850.40. The trade was a 17.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Larissa Schwartz sold 1,836 shares of the business’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $83.47, for a total value of $153,250.92. Following the sale, the insider owned 36,328 shares in the company, valued at approximately $3,032,298.16. The trade was a 4.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 37,245 shares of company stock valued at $3,385,624. 5.68% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Okta

A number of institutional investors and hedge funds have recently modified their holdings of OKTA. Integrated Wealth Concepts LLC acquired a new position in Okta in the 1st quarter worth approximately $225,000. NewEdge Advisors LLC boosted its holdings in shares of Okta by 853.4% in the 1st quarter. NewEdge Advisors LLC now owns 5,530 shares of the company’s stock valued at $582,000 after acquiring an additional 4,950 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Okta in the 2nd quarter valued at $244,000. Chicago Partners Investment Group LLC increased its stake in shares of Okta by 29.7% in the second quarter. Chicago Partners Investment Group LLC now owns 2,968 shares of the company’s stock worth $284,000 after acquiring an additional 679 shares during the period. Finally, Stephens Inc. AR raised its holdings in shares of Okta by 54.7% during the second quarter. Stephens Inc. AR now owns 5,287 shares of the company’s stock worth $529,000 after purchasing an additional 1,870 shares during the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

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.