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

Okta, Inc. (NASDAQ:OKTA) has been assigned a consensus recommendation of “Moderate Buy” from the forty-four research firms that are currently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $130.5135.

A number of equities analysts recently commented on the company. Morgan Stanley started coverage on Okta in a research note on Monday, July 6th. They issued a “neutral” rating on the stock. Cantor Fitzgerald raised their price target on shares of Okta from $110.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, May 29th. Needham & Company LLC raised their price target on shares of Okta from $120.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. DA Davidson upped their price objective on shares of Okta from $110.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, May 29th. Finally, Canaccord Genuity Group upped their price objective on shares of Okta from $95.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, May 29th.

Insider Activity

In other Okta news, CFO Brett Tighe sold 65,000 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $117.25, for a total transaction of $7,621,250.00. Following the sale, the chief financial officer owned 119,680 shares of the company’s stock, valued at approximately $14,032,480. This represents a 35.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Mckinnon sold 68,936 shares of the stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $146.62, for a total value of $10,107,396.32. Following the sale, the chief executive officer owned 38,484 shares of the company’s stock, valued at approximately $5,642,524.08. The trade was a 64.17% decrease in their ownership of the stock. 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 165,347 shares of company stock worth $21,827,342 in the last three months. Corporate insiders own 4.61% of the company’s stock.

Institutional Investors Weigh In On Okta

Hedge funds have recently added to or reduced their stakes in the business. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in Okta in the second quarter valued at approximately $177,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Okta during the 2nd quarter worth approximately $13,510,000. Ancora Advisors LLC acquired a new stake in shares of Okta during the 2nd quarter worth approximately $366,000. C M Bidwell & Associates Ltd. bought a new stake in shares of Okta in the 2nd quarter valued at $340,000. Finally, Plato Investment Management Ltd bought a new stake in shares of Okta in the 2nd quarter valued at $904,000. 86.64% of the stock is currently owned by institutional investors.

Okta Stock Up 0.5%

NASDAQ OKTA opened at $143.92 on Wednesday. The company has a market capitalization of $25.01 billion, a price-to-earnings ratio of 104.29, a PEG ratio of 5.30 and a beta of 0.77. Okta has a twelve month low of $62.66 and a twelve month high of $157.00. The stock has a fifty day simple moving average of $137.06 and a 200 day simple moving average of $102.38.

Okta (NASDAQ:OKTA) last announced 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 for the quarter, compared to the consensus estimate of $751.84 million. Okta had a return on equity of 4.15% and a net margin of 8.24%.The business’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period in the previous year, the business 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. Research analysts expect that Okta will post 1.75 earnings per share 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.