Okta (NASDAQ:OKTA) Upgraded at Capital One Financial

Capital One Financial upgraded shares of Okta (NASDAQ:OKTA) from an equal weight rating to an overweight rating in a report released on Thursday, MarketBeat.com reports. They currently have $171.00 price target on the stock.

Several other equities research analysts also recently weighed in on the stock. HC Wainwright started coverage on shares of Okta in a research note on Monday, July 6th. They issued a “buy” rating for the company. Truist Financial raised their target price on Okta from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, May 29th. Sanford C. Bernstein lowered Okta from an “outperform” rating to a “hold” rating in a research report on Monday, July 6th. Wolfe Research assumed coverage on Okta in a research note on Thursday, April 16th. They set an “outperform” rating on the stock. Finally, Jefferies Financial Group upgraded Okta from a “buy” rating to a “buy” rating in a report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Okta has a consensus rating of “Moderate Buy” and a consensus price target of $120.42.

Okta Price Performance

NASDAQ OKTA opened at $149.35 on Thursday. The business has a 50 day simple moving average of $118.22 and a 200 day simple moving average of $94.07. Okta has a one year low of $62.66 and a one year high of $157.00. The stock has a market capitalization of $25.96 billion, a P/E ratio of 108.23, a P/E/G ratio of 5.37 and a beta of 0.77.

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

Insider Activity at Okta

In related news, Director Shellye L. Archambeau sold 2,500 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $85.00, for a total value of $212,500.00. Following the sale, the director owned 9,192 shares in the company, valued at $781,320. This represents a 21.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Larissa Schwartz sold 2,463 shares of the firm’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $120.00, for a total transaction of $295,560.00. Following the completion of the transaction, the insider directly owned 25,241 shares in the company, valued at approximately $3,028,920. The trade was a 8.89% 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. 4.61% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Elevation Wealth Partners LLC lifted its stake 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 acquiring an additional 264 shares in the last quarter. SHP Wealth Management purchased a new position in Okta during the 4th quarter worth $27,000. Torren Management LLC bought a new stake in shares of Okta in the 4th quarter worth $32,000. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Okta by 279.5% in the second 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. Finally, Spire Wealth Management raised its holdings in shares of Okta by 30.8% in the fourth quarter. Spire Wealth Management now owns 505 shares of the company’s stock valued at $44,000 after purchasing an additional 119 shares during the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s stock.

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.