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

Shares of Okta, Inc. (NASDAQ:OKTA) have been given an average rating of “Moderate Buy” by the forty-one research firms that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, eleven have given a hold recommendation, twenty-eight have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $114.1429.

A number of equities analysts have commented on OKTA shares. DA Davidson upped their target price on shares of Okta from $110.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday, May 29th. Wall Street Zen downgraded shares of Okta from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. BTIG Research upped their target price on shares of Okta from $105.00 to $119.00 and gave the stock a “buy” rating in a research note on Friday, May 29th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $126.00 price target on shares of Okta in a research report on Friday, May 29th. Finally, Raymond James Financial upgraded shares of Okta from a “market perform” rating to an “outperform” rating and set a $85.00 price objective on the stock in a research note on Thursday, April 16th.

Insider Activity

In other news, insider Larissa Schwartz sold 24,971 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $134.13, for a total transaction of $3,349,360.23. Following the transaction, the insider directly owned 23,477 shares in the company, valued at approximately $3,148,970.01. This trade represents a 51.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Shellye L. Archambeau sold 2,500 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $85.00, for a total transaction of $212,500.00. Following the transaction, the director owned 9,192 shares in the company, valued at approximately $781,320. This represents a 21.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 130,938 shares of company stock valued at $14,191,725. 4.61% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Okta

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Pacer Advisors Inc. boosted its stake in shares of Okta by 19.1% during the first quarter. Pacer Advisors Inc. now owns 242,615 shares of the company’s stock valued at $19,096,000 after purchasing an additional 38,908 shares in the last quarter. Parallel Advisors LLC boosted its stake in shares of Okta by 20.3% during the first quarter. Parallel Advisors LLC now owns 5,611 shares of the company’s stock valued at $442,000 after purchasing an additional 945 shares in the last quarter. Glenmede Trust Co. NA boosted its stake in shares of Okta by 7.0% during the first quarter. Glenmede Trust Co. NA now owns 540,947 shares of the company’s stock valued at $42,578,000 after purchasing an additional 35,324 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of Okta by 0.4% during the first quarter. Bank of America Corp DE now owns 1,496,896 shares of the company’s stock valued at $117,821,000 after purchasing an additional 6,533 shares in the last quarter. Finally, Arkadios Wealth Advisors boosted its stake in shares of Okta by 133.4% during the first quarter. Arkadios Wealth Advisors now owns 12,295 shares of the company’s stock valued at $968,000 after purchasing an additional 7,028 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors.

Okta Price Performance

Shares of OKTA stock opened at $115.94 on Tuesday. The company has a market capitalization of $20.15 billion, a P/E ratio of 84.02, a P/E/G ratio of 4.27 and a beta of 0.80. The company’s 50-day simple moving average is $93.53 and its two-hundred day simple moving average is $87.35. Okta has a one year low of $62.66 and a one year high of $142.35.

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 the consensus estimate of $751.84 million. Okta had a net margin of 8.24% and a return on equity of 4.15%. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $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. On average, research analysts expect that Okta will post 1.74 EPS for the current fiscal year.

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.