Truist Financial Issues Positive Forecast for Okta (NASDAQ:OKTA) Stock Price

Okta (NASDAQ:OKTA) had its price objective boosted by Truist Financial from $100.00 to $120.00 in a report released on Friday, Marketbeat reports. The brokerage currently has a buy rating on the stock.

Several other brokerages also recently commented on OKTA. Weiss Ratings downgraded Okta from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, May 20th. BMO Capital Markets boosted their target price on Okta from $95.00 to $120.00 and gave the stock an “outperform” rating in a research note on Friday. Raymond James Financial raised Okta from a “market perform” rating to an “outperform” rating and set a $85.00 target price for the company in a research note on Thursday, April 16th. Seaport Research Partners downgraded Okta to a “neutral” rating in a research note on Thursday, April 16th. Finally, Wolfe Research started coverage on Okta in a research note on Thursday, April 16th. They set an “outperform” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Okta has an average rating of “Moderate Buy” and an average target price of $111.86.

Okta Trading Up 30.1%

Shares of NASDAQ OKTA opened at $123.27 on Friday. The company has a market cap of $21.80 billion, a price-to-earnings ratio of 89.33, a PEG ratio of 3.69 and a beta of 0.59. Okta has a 12 month low of $62.66 and a 12 month high of $124.79. The stock has a 50-day moving average price of $79.90 and a two-hundred day moving average price of $82.97.

Okta (NASDAQ:OKTA) last issued its earnings results on Thursday, May 28th. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.85 by $0.06. The firm had revenue of $765.00 million during the quarter, compared to the consensus estimate of $751.84 million. Okta had a return on equity of 4.16% and a net margin of 8.24%.The business’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $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. On average, sell-side analysts predict that Okta will post 1.61 earnings per share for the current year.

Insider Buying and Selling

In other news, Director David Schellhase acquired 3,712 shares of the stock in a transaction dated Thursday, April 16th. The stock was bought at an average price of $72.04 per share, with a total value of $267,412.48. Following the completion of the purchase, the director directly owned 3,712 shares of the company’s stock, 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 is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Mckinnon sold 11,263 shares of the company’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $81.01, for a total value of $912,415.63. Following the completion of the transaction, the chief executive officer directly owned 97,083 shares of the company’s stock, valued at $7,864,693.83. This represents a 10.40% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 70,884 shares of company stock valued at $5,625,648 over the last three months. Insiders own 4.61% of the company’s stock.

Institutional Trading of Okta

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Elevation Wealth Partners LLC increased its position in Okta by 825.0% during the 4th quarter. Elevation Wealth Partners LLC now owns 296 shares of the company’s stock valued at $26,000 after purchasing an additional 264 shares during the period. SHP Wealth Management acquired a new stake in Okta during the 4th quarter valued at approximately $27,000. Torren Management LLC acquired a new stake in Okta during the 4th quarter valued at approximately $32,000. Aster Capital Management DIFC Ltd acquired a new stake in Okta during the 3rd quarter valued at approximately $34,000. Finally, Westside Investment Management Inc. increased its position in Okta by 86.9% during the 3rd quarter. Westside Investment Management Inc. now owns 415 shares of the company’s stock valued at $38,000 after purchasing an additional 193 shares during the period. Institutional investors and hedge funds own 86.64% of the company’s stock.

Okta News Summary

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.