Okta, Inc. (NASDAQ:OKTA) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Okta, Inc. (NASDAQ:OKTA) have earned an average rating of “Moderate Buy” from the forty-four brokerages that are covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, thirteen have given a hold recommendation, twenty-eight have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $120.4167.

Several equities analysts recently commented on the company. Morgan Stanley initiated coverage on Okta in a research report on Monday, July 6th. They set a “neutral” rating for the company. Zacks Research downgraded Okta from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 26th. HC Wainwright assumed coverage on Okta in a report on Monday, July 6th. They set a “buy” rating for the company. BMO Capital Markets boosted their price objective on Okta from $95.00 to $120.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. Finally, DA Davidson upped their price objective on shares of Okta from $110.00 to $130.00 and gave the stock a “buy” rating in a research report on Friday, May 29th.

Okta Price Performance

OKTA opened at $149.35 on Friday. The company has a fifty day moving average price of $118.22 and a 200-day moving average price of $94.07. The firm has a market capitalization of $25.96 billion, a P/E ratio of 108.23, a price-to-earnings-growth ratio of 5.31 and a beta of 0.77. Okta has a one year low of $62.66 and a one year high of $157.00.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Thursday, May 28th. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.06. Okta had a net margin of 8.24% and a return on equity of 4.15%. The firm had revenue of $765.00 million for the quarter, compared to analysts’ expectations of $751.84 million. During the same quarter in the prior year, the firm posted $0.86 earnings per share. The business’s quarterly revenue was up 11.2% on a year-over-year basis. 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 expect that Okta will post 1.75 earnings per share for the current year.

Insider Buying and Selling at Okta

In other news, CFO Brett Tighe sold 65,000 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $117.25, for a total value of $7,621,250.00. Following the transaction, the chief financial officer owned 119,680 shares of the company’s stock, valued at $14,032,480. This represents a 35.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Mckinnon sold 68,936 shares of the firm’s stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $146.62, for a total transaction of $10,107,396.32. Following the sale, the chief executive officer owned 38,484 shares in the company, valued at approximately $5,642,524.08. This trade 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. Insiders sold a total of 174,224 shares of company stock valued at $22,534,353 over the last quarter. Company insiders own 4.61% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OKTA. Elevation Wealth Partners LLC lifted its stake in Okta by 825.0% during the fourth quarter. Elevation Wealth Partners LLC now owns 296 shares of the company’s stock worth $26,000 after purchasing an additional 264 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its position in shares of Okta by 279.5% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 296 shares of the company’s stock valued at $40,000 after purchasing an additional 218 shares during the last quarter. SHP Wealth Management bought a new position in shares of Okta during the 4th quarter valued at about $27,000. Torren Management LLC purchased a new position in shares of Okta during the 4th quarter valued at about $32,000. Finally, Spire Wealth Management raised its holdings in shares of Okta by 30.8% during the 4th quarter. Spire Wealth Management now owns 505 shares of the company’s stock valued at $44,000 after buying an additional 119 shares in the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Okta Company Profile

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.