Analysts Set Okta, Inc. (NASDAQ:OKTA) PT at $172.92

by · The Markets Daily

Shares of Okta, Inc. (NASDAQ:OKTA – Get Free Report) have received a consensus rating of “Moderate Buy” from the forty-three brokerages that are covering the firm, Marketbeat Ratings reports. Ten investment analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $172.9211.

OKTA has been the topic of several research reports. Capital One Financial set a $171.00 price target on shares of Okta and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Arete Research set a $127.00 price objective on shares of Okta and gave the company a “buy” rating in a research note on Tuesday, May 26th. The Goldman Sachs Group increased their target price on shares of Okta from $126.00 to $203.00 and gave the company a “buy” rating in a report on Friday, August 28th. KeyCorp lifted their target price on shares of Okta from $180.00 to $190.00 and gave the stock an “overweight” rating in a research report on Thursday, August 27th. Finally, DA Davidson boosted their price target on shares of Okta from $165.00 to $190.00 and gave the stock a “buy” rating in a research note on Thursday, August 27th.

Get Our Latest Report on OKTA

Okta Trading Down 1.8%

Shares of Okta stock opened at $167.60 on Friday. The firm has a market capitalization of $29.30 billion, a PE ratio of 100.96, a price-to-earnings-growth ratio of 5.31 and a beta of 0.79. Okta has a 12 month low of $62.66 and a 12 month high of $174.85. The business’s 50-day moving average price is $147.69 and its 200-day moving average price is $109.74.

Okta (NASDAQ:OKTA – Get Free Report) last released its earnings results on Wednesday, August 26th. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.09. The company had revenue of $805.00 million during the quarter, compared to the consensus estimate of $793.00 million. Okta had a return on equity of 4.50% and a net margin of 9.63%.Okta’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $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. As a group, analysts predict that Okta will post 1.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Brett Tighe sold 41,251 shares of the stock in a transaction dated 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 sale, the chief financial officer directly owned 7,693 shares in the company, valued at $1,249,650.92. This represents a 84.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Kelleher sold 3,977 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $114.10, for a total value of $453,775.70. Following the transaction, the insider owned 19,618 shares in the company, valued at approximately $2,238,413.80. The trade was a 16.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 155,376 shares of company stock worth $23,734,135 in the last ninety days. Corporate insiders own 4.61% of the company’s stock.

Institutional Trading of Okta

A number of institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System boosted its position in Okta by 13,755.2% during the 2nd quarter. California State Teachers Retirement System now owns 36,276,597 shares of the company’s stock valued at $4,949,942,000 after buying an additional 36,014,770 shares during the period. Norges Bank purchased a new position in shares of Okta in the fourth quarter valued at about $175,193,000. Allspring Global Investments Holdings LLC raised its stake in shares of Okta by 71.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 3,553,091 shares of the company’s stock valued at $281,209,000 after acquiring an additional 1,485,963 shares during the last quarter. First Trust Advisors LP raised its stake in shares of Okta by 28.2% during the fourth quarter. First Trust Advisors LP now owns 6,030,090 shares of the company’s stock valued at $521,422,000 after acquiring an additional 1,326,051 shares during the last quarter. Finally, Alyeska Investment Group L.P. boosted its holdings in shares of Okta by 276.9% during the third quarter. Alyeska Investment Group L.P. now owns 1,403,499 shares of the company’s stock worth $128,701,000 after purchasing an additional 1,031,083 shares during the period. Hedge funds and other institutional investors own 86.64% of the company’s stock.

About Okta

(Get Free Report)

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.

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