Canaccord Genuity Group Reaffirms Buy Rating for Okta (NASDAQ:OKTA)

Okta (NASDAQ:OKTA)‘s stock had its “buy” rating reissued by stock analysts at Canaccord Genuity Group in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $120.00 target price on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 39.70% from the company’s current price.

Several other research firms have also recently weighed in on OKTA. Berenberg Bank began coverage on Okta in a report on Tuesday, November 18th. They set a “buy” rating and a $145.00 price target on the stock. JPMorgan Chase & Co. cut their target price on Okta from $140.00 to $115.00 and set an “overweight” rating on the stock in a research report on Monday. Piper Sandler dropped their price objective on shares of Okta from $110.00 to $95.00 and set a “neutral” rating on the stock in a report on Wednesday. Citigroup lowered their price target on Okta from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Scotiabank lowered their target price on Okta from $105.00 to $85.00 and set a “sector perform” rating on the stock in a research note on Wednesday. Twenty-three equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $112.08.

Okta Trading Down 0.5%

OKTA opened at $85.90 on Wednesday. The company has a market cap of $15.04 billion, a P/E ratio of 78.81, a PEG ratio of 4.24 and a beta of 0.77. The company’s 50 day moving average is $86.88 and its 200-day moving average is $93.96. Okta has a 1-year low of $75.05 and a 1-year high of $127.57.

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

Insider Buying and Selling

In other Okta news, insider Eric Robert Kelleher sold 8,522 shares of the firm’s stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $92.62, for a total transaction of $789,307.64. Following the sale, the insider owned 9,174 shares in the company, valued at $849,695.88. This trade represents a 48.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Brett Tighe sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $95.00, for a total value of $950,000.00. Following the completion of the sale, the chief financial officer directly owned 133,336 shares of the company’s stock, valued at approximately $12,666,920. This represents a 6.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 64,975 shares of company stock valued at $6,011,126 in the last 90 days. 5.68% of the stock is owned by company insiders.

Institutional Investors Weigh In On Okta

A number of hedge funds have recently made changes to their positions in the business. Norges Bank bought a new position in shares of Okta during the 2nd quarter valued at $211,923,000. Alkeon Capital Management LLC bought a new stake in Okta in the first quarter worth $199,918,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Okta by 76.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,748,847 shares of the company’s stock valued at $289,234,000 after buying an additional 1,189,222 shares during the period. Vanguard Group Inc. boosted its position in Okta by 5.7% during the third quarter. Vanguard Group Inc. now owns 19,803,227 shares of the company’s stock valued at $1,815,956,000 after buying an additional 1,074,977 shares during the period. Finally, Alyeska Investment Group L.P. grew its stake 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 valued at $128,701,000 after buying an additional 1,031,083 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors.

Okta Company Profile

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.