Okta (NASDAQ:OKTA) Price Target Raised to $165.00 at Citigroup

Okta (NASDAQ:OKTA) had its target price raised by investment analysts at Citigroup from $105.00 to $165.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s target price indicates a potential downside of 5.16% from the company’s current price.

OKTA has been the subject of several other research reports. BTIG Research upped their price objective on shares of Okta from $167.00 to $187.00 and gave the company a “buy” rating in a research note on Thursday. Barclays boosted their target price on Okta from $170.00 to $180.00 and gave the stock an “overweight” rating in a report on Thursday. Cantor Fitzgerald upped their price target on Okta from $170.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday. HC Wainwright initiated coverage on Okta in a report on Monday, July 6th. They issued a “buy” rating for the company. Finally, Roth Capital reiterated a “buy” rating on shares of Okta in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $168.92.

Okta Stock Performance

Shares of NASDAQ:OKTA traded up $39.55 during trading on Thursday, reaching $173.97. The stock had a trading volume of 13,929,562 shares, compared to its average volume of 3,545,430. Okta has a 1-year low of $62.66 and a 1-year high of $174.85. The stock has a market cap of $30.24 billion, a PE ratio of 125.73, a PEG ratio of 4.70 and a beta of 0.77. The business has a fifty day moving average price of $139.27 and a 200-day moving average price of $104.50.

Okta (NASDAQ:OKTA) last announced its earnings results on Wednesday, August 26th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.09. Okta had a net margin of 8.24% and a return on equity of 4.15%. The company had revenue of $805.00 million for the quarter, compared to analysts’ expectations of $793.00 million. During the same quarter in the previous year, the company posted $0.91 EPS. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. Sell-side analysts expect that Okta will post 1.75 earnings per share for the current year.

Insider Activity

In related news, insider Eric Robert Kelleher sold 3,977 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $114.10, for a total value of $453,775.70. Following the completion of the transaction, the insider directly owned 19,618 shares in the company, valued at approximately $2,238,413.80. This represents a 16.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brett Tighe sold 65,000 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $117.25, for a total value of $7,621,250.00. Following the completion of the transaction, the chief financial officer owned 119,680 shares of the company’s stock, valued at $14,032,480. The trade was a 35.20% 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 90 days, insiders sold 165,347 shares of company stock worth $21,827,342. Corporate insiders own 4.61% of the company’s stock.

Hedge Funds Weigh In On Okta

A number of hedge funds have recently modified their holdings of the business. Washington Trust Advisors Inc. increased its position in shares of Okta by 64.2% during the 2nd quarter. Washington Trust Advisors Inc. now owns 197 shares of the company’s stock worth $27,000 after purchasing an additional 77 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its position in 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 buying an additional 218 shares during the last quarter. SHP Wealth Management purchased a new position in Okta during the fourth quarter worth about $27,000. Torren Management LLC purchased a new position in Okta during the fourth quarter worth about $32,000. Finally, EFG International AG acquired a new stake in shares of Okta during the fourth quarter valued at about $61,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Okta

Here are the key news stories impacting Okta this week:

• Positive Sentiment: Quarterly beat and raised guidance: Okta reported fiscal Q2 revenue of $805 million, up 10.6% year over year and above the $793 million consensus estimate. Adjusted EPS of $1.05 also exceeded expectations of $0.96. Management raised fiscal 2027 EPS guidance to $3.90–$3.94, compared with an analyst consensus of $3.43, and set third-quarter revenue and EPS guidance above Wall Street forecasts. Okta earnings report
• Positive Sentiment: Improving operating indicators: Subscription revenue rose 12%, while stronger cash flow, backlog growth, record non-Q4 bookings and increased current remaining performance obligations supported investor confidence in demand for Okta’s core identity platform. Okta Q2 earnings beat
• Positive Sentiment: AI security opportunity: Analysts said rising adoption of AI and AI agents is increasing demand for identity and cybersecurity controls. Okta also launched Agent SSO, designed to manage access, visibility and policies for enterprise AI agents while reducing reliance on vulnerable static API keys. Okta launches Agent SSO
• Positive Sentiment: Favorable analyst reaction: Morgan Stanley, RBC, Truist, Oppenheimer, Needham and other firms raised targets, with several setting targets near $190–$200 and maintaining bullish ratings. The upgrades reinforced the earnings-driven rally. Analyst reactions

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.