Brokerages Set Okta, Inc. (NASDAQ:OKTA) Price Target at $120.42

Okta, Inc. (NASDAQ:OKTA) has been assigned a consensus rating of “Moderate Buy” from the forty-four research firms that are presently covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, twenty-eight have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $121.8056.

Several research firms have weighed in on OKTA. Evercore began coverage on shares of Okta in a research note on Monday, July 6th. They issued an “outperform” rating for the company. Wolfe Research initiated coverage on shares of Okta in a research report on Thursday, April 16th. They set an “outperform” rating on the stock. Weiss Ratings upgraded Okta from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, June 3rd. HC Wainwright began coverage on Okta in a research report on Monday, July 6th. They issued a “buy” rating for the company. Finally, Citigroup reaffirmed an “outperform” rating on shares of Okta in a research note on Friday, May 29th.

Insider Transactions at Okta

In other news, insider Larissa Schwartz sold 2,463 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $120.00, for a total transaction of $295,560.00. Following the completion of the sale, the insider owned 25,241 shares in the company, valued at $3,028,920. The trade was a 8.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Mckinnon sold 68,936 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer owned 38,484 shares of the company’s stock, valued at approximately $5,642,524.08. This represents a 64.17% 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. In the last ninety days, insiders have sold 174,224 shares of company stock valued at $22,534,353. Company insiders own 4.61% of the company’s stock.

Institutional Trading of Okta

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Elevation Wealth Partners LLC lifted its stake in shares of Okta by 825.0% in the fourth quarter. Elevation Wealth Partners LLC now owns 296 shares of the company’s stock valued at $26,000 after buying an additional 264 shares in the last quarter. SHP Wealth Management bought a new stake in shares of Okta during the fourth quarter worth about $27,000. Torren Management LLC bought a new stake in shares of Okta during the fourth quarter worth about $32,000. MassMutual Private Wealth & Trust FSB increased its position in shares of 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 acquiring an additional 218 shares in the last quarter. Finally, Spire Wealth Management raised its holdings in shares of Okta by 30.8% in the 4th quarter. Spire Wealth Management now owns 505 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares during the last quarter. Institutional investors own 86.64% of the company’s stock.

Okta Stock Up 1.8%

NASDAQ:OKTA opened at $138.50 on Friday. The company has a fifty day moving average of $124.19 and a 200-day moving average of $95.95. The firm has a market capitalization of $24.07 billion, a P/E ratio of 100.36, a P/E/G ratio of 4.89 and a beta of 0.77. Okta has a twelve month low of $62.66 and a twelve month high of $157.00.

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

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.