Okta (NASDAQ:OKTA) Reaches New 52-Week High – Time to Buy?

Okta, Inc. (NASDAQ:OKTA)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $148.85 and last traded at $148.60, with a volume of 2656751 shares changing hands. The stock had previously closed at $141.42.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on OKTA shares. HC Wainwright began coverage on shares of Okta in a research note on Monday. They issued a “buy” rating on the stock. Weiss Ratings upgraded Okta from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, June 3rd. Barclays upped their target price on Okta from $93.00 to $120.00 and gave the stock an “overweight” rating in a research report on Friday, May 29th. HSBC downgraded Okta from a “buy” rating to a “hold” rating in a research note on Monday. Finally, JPMorgan Chase & Co. boosted their price target on Okta from $103.00 to $114.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $117.69.

Okta Stock Performance

The firm has a market cap of $25.83 billion, a price-to-earnings ratio of 107.68, a price-to-earnings-growth ratio of 5.09 and a beta of 0.77. The firm’s 50 day moving average is $105.68 and its 200-day moving average is $90.43.

Okta (NASDAQ:OKTA) last posted 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. 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 the consensus estimate of $751.84 million. During the same period in the prior year, the business 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. As a group, research analysts predict that Okta, Inc. will post 1.75 EPS for the current year.

Insider Buying and Selling at Okta

In other Okta news, Director Shellye L. Archambeau sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $85.00, for a total transaction of $212,500.00. Following the completion of the sale, the director owned 9,192 shares of the company’s stock, valued at $781,320. This represents a 21.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 value of $3,349,360.23. Following the transaction, the insider owned 23,477 shares in the company, valued at approximately $3,148,970.01. This trade represents a 51.54% decrease in their position. 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 have sold a total of 105,288 shares of company stock worth $12,426,956 in the last 90 days. Company insiders own 4.61% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Elevation Wealth Partners LLC lifted its position in Okta by 825.0% during the 4th quarter. Elevation Wealth Partners LLC now owns 296 shares of the company’s stock worth $26,000 after acquiring an additional 264 shares during the last quarter. SHP Wealth Management bought a new stake in Okta during the fourth quarter valued at about $27,000. Torren Management LLC acquired a new stake in shares of Okta in the fourth quarter valued at about $32,000. MassMutual Private Wealth & Trust FSB grew its position 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 increased its stake in shares of Okta by 30.8% in the fourth quarter. Spire Wealth Management now owns 505 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares during the period. 86.64% of the stock is currently owned by institutional investors and hedge funds.

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.