Citizens Jmp Increases Okta (NASDAQ:OKTA) Price Target to $180.00

Okta (NASDAQ:OKTA) had its price target raised by stock analysts at Citizens Jmp from $170.00 to $180.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “market outperform” rating on the stock. Citizens Jmp’s price target suggests a potential upside of 9.06% from the company’s previous close.

Other equities analysts have also issued reports about the company. Robert W. Baird set a $185.00 target price on Okta in a research note on Thursday. Bank of America upgraded shares of Okta from an “underperform” rating to a “neutral” rating and set a $170.00 target price on the stock in a report on Thursday. DA Davidson increased their target price on Okta from $165.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday. Piper Sandler reiterated a “neutral” rating and set a $160.00 target price on shares of Okta in a report on Thursday. Finally, Sanford C. Bernstein reissued an “outperform” rating and set a $143.00 price target on shares of Okta in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, thirty-three have issued a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $163.24.

Okta Price Performance

Okta stock traded up $30.63 during mid-day trading on Thursday, reaching $165.05. The company had a trading volume of 4,135,888 shares, compared to its average volume of 3,468,208. Okta has a 1 year low of $62.66 and a 1 year high of $168.50. The company has a market capitalization of $28.69 billion, a P/E ratio of 119.98, a P/E/G ratio of 4.70 and a beta of 0.77. The stock’s 50-day simple moving average is $139.27 and its 200-day simple moving average is $104.50.

Okta (NASDAQ:OKTA) last posted its earnings results on Wednesday, August 26th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.09. The firm had revenue of $805.00 million for the quarter, compared to analyst estimates of $793.00 million. Okta had a return on equity of 4.15% and a net margin of 8.24%.Okta’s revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.91 EPS. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. On average, equities analysts forecast that Okta will post 1.75 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Larissa Schwartz sold 2,463 shares of the business’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $120.00, for a total transaction of $295,560.00. Following the completion of the transaction, the insider owned 25,241 shares of the company’s stock, valued at approximately $3,028,920. The trade was a 8.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Mckinnon sold 68,936 shares of the company’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $146.62, for a total transaction of $10,107,396.32. Following the transaction, the chief executive officer owned 38,484 shares of the company’s stock, valued at $5,642,524.08. This represents a 64.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 165,347 shares of company stock valued at $21,827,342. 4.61% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. SHP Wealth Management bought a new position in Okta in the 4th quarter valued at about $27,000. Washington Trust Advisors Inc. increased its stake in shares of Okta by 64.2% during 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 during the period. Torren Management LLC bought a new stake in Okta during the fourth quarter worth approximately $32,000. MassMutual Private Wealth & Trust FSB raised its holdings in Okta by 279.5% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 296 shares of the company’s stock worth $40,000 after purchasing an additional 218 shares in the last quarter. Finally, Assetmark Inc. lifted its position in Okta by 81.1% in the first quarter. Assetmark Inc. now owns 719 shares of the company’s stock worth $57,000 after purchasing an additional 322 shares during the period. Institutional investors own 86.64% of the company’s stock.

Key Headlines Impacting Okta

Here are the key news stories impacting Okta this week:

• Positive Sentiment: Quarterly results exceeded expectations: Okta reported adjusted EPS of $1.05 versus the $0.96 consensus estimate, while revenue rose 10.6% year over year to $805 million, ahead of the $793 million forecast. Okta quarterly earnings report
• Positive Sentiment: Raised outlook: Management lifted fiscal 2027 revenue guidance to approximately $3.216 billion-$3.226 billion, or 10%-11% growth. Third-quarter revenue guidance of $813 million-$817 million and EPS guidance of $0.92-$0.94 also topped Wall Street expectations. Okta lifts full-year outlook
• Positive Sentiment: AI-related demand is strengthening the growth narrative: Okta said AI agents are creating new identity and security requirements, with new products contributing meaningfully to bookings. Investors view AI-agent security as a potentially large new market. Okta CEO discusses AI agent security
• Positive Sentiment: Analyst support increased: KeyCorp raised its target to $190 and assigned an Overweight rating; BTIG raised its target to $187 and reiterated Buy; and Needham and Cantor Fitzgerald raised targets to $200 with Buy or Overweight ratings. These revisions signal greater confidence in Okta’s growth and fundamentals. Needham raises Okta price target
• Neutral Sentiment: Valuation remains a consideration: With Okta trading near $134 and at a high earnings multiple, the stock’s roughly $23 billion market capitalization leaves less room for execution disappointments despite the improved outlook. Okta buy thesis and margin for error

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.