Okta (NASDAQ:OKTA) Given New $120.00 Price Target at Needham & Company LLC

Okta (NASDAQ:OKTA) had its price objective lifted by Needham & Company LLC from $90.00 to $120.00 in a research report sent to investors on Friday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

OKTA has been the topic of a number of other reports. KeyCorp raised their target price on shares of Okta from $95.00 to $103.00 and gave the stock an “overweight” rating in a research report on Monday, May 18th. TD Cowen reduced their target price on shares of Okta from $115.00 to $105.00 and set a “hold” rating on the stock in a research report on Tuesday, February 24th. Stifel Nicolaus reduced their target price on shares of Okta from $121.00 to $92.00 and set a “buy” rating on the stock in a research report on Thursday, March 5th. Wolfe Research began coverage on shares of Okta in a research report on Thursday, April 16th. They set an “outperform” rating on the stock. Finally, Raymond James Financial raised shares of Okta from a “market perform” rating to an “outperform” rating and set a $85.00 target price on the stock in a research report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Okta has an average rating of “Moderate Buy” and a consensus price target of $111.86.

Okta Stock Performance

Shares of NASDAQ:OKTA opened at $123.27 on Friday. The firm has a market cap of $21.80 billion, a PE ratio of 89.33, a price-to-earnings-growth ratio of 3.69 and a beta of 0.59. The firm’s 50 day simple moving average is $79.90 and its 200-day simple moving average is $82.97. Okta has a one year low of $62.66 and a one year high of $124.79.

Okta (NASDAQ:OKTA) last issued its earnings results on Thursday, May 28th. The company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.06. The business had revenue of $765.00 million for the quarter, compared to analyst estimates of $751.84 million. Okta had a net margin of 8.24% and a return on equity of 4.16%. The company’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period last year, the company posted $0.86 earnings per share. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. Equities research analysts predict that Okta will post 1.61 EPS for the current fiscal year.

Insider Activity at Okta

In other Okta news, Director David Schellhase acquired 3,712 shares of the business’s stock in a transaction that occurred on Thursday, April 16th. The shares were bought at an average cost of $72.04 per share, with a total value of $267,412.48. Following the completion of the acquisition, the director directly owned 3,712 shares in the company, valued at $267,412.48. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Larissa Schwartz sold 6,377 shares of the company’s stock in a transaction on Tuesday, April 7th. The stock was sold at an average price of $79.75, for a total value of $508,565.75. Following the transaction, the insider directly owned 54,825 shares in the company, valued at approximately $4,372,293.75. The trade was a 10.42% 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 sold a total of 70,884 shares of company stock valued at $5,625,648 over the last quarter. 4.61% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Glenmede Trust Co. NA grew its stake in Okta by 7.0% during the 1st quarter. Glenmede Trust Co. NA now owns 540,947 shares of the company’s stock worth $42,578,000 after buying an additional 35,324 shares during the last quarter. Bank of America Corp DE grew its stake in Okta by 0.4% during the 1st quarter. Bank of America Corp DE now owns 1,496,896 shares of the company’s stock worth $117,821,000 after buying an additional 6,533 shares during the last quarter. Arkadios Wealth Advisors grew its stake in Okta by 133.4% during the 1st quarter. Arkadios Wealth Advisors now owns 12,295 shares of the company’s stock worth $968,000 after buying an additional 7,028 shares during the last quarter. South Dakota Investment Council lifted its stake in shares of Okta by 11.1% during the first quarter. South Dakota Investment Council now owns 47,783 shares of the company’s stock worth $3,761,000 after buying an additional 4,777 shares during the period. Finally, IFS Group LLC acquired a new stake in shares of Okta during the first quarter worth $375,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Key Okta News

Here are the key news stories impacting Okta this week:

• Positive Sentiment: Okta beat consensus on both revenue and earnings, reporting $765 million in revenue and $0.91 EPS, while also raising full-year and next-quarter guidance above expectations. Article Title
• Positive Sentiment: Management highlighted accelerating demand for identity tools tied to AI agents, suggesting a new growth tailwind for Okta’s security platform. Article Title
• Positive Sentiment: A broad list of brokerages raised price targets after the report, including JPMorgan, Barclays, Morgan Stanley, BTIG, Needham, BMO, Truist, RBC, and others, reinforcing the bullish post-earnings setup. Article Title
• Positive Sentiment: Multiple reports said investors are rethinking the “SaaSpocalypse” narrative, with software stocks rebounding sharply as Okta’s results showed resilient demand and improving execution. Article Title

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.