Okta (NASDAQ:OKTA) Stock Bumped Down to Hold by Wall Street Zen

Wall Street Zen downgraded shares of Okta (NASDAQ:OKTA) from a buy rating to a hold rating in a research note issued to investors on Monday morning,Wall Street Zen reports.

A number of other equities analysts have also issued reports on OKTA. Citigroup restated a “market outperform” rating on shares of Okta in a research report on Thursday, September 24th. Canaccord Genuity Group upped their price target on shares of Okta from $115.00 to $175.00 and gave the company a “buy” rating in a research report on Thursday, August 27th. Bank of America upped their price target on shares of Okta from $170.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, September 24th. Stephens increased their price target on shares of Okta from $190.00 to $240.00 and gave the stock an “overweight” rating in a research note on Friday, September 25th. Finally, Weiss Ratings downgraded shares of Okta from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $201.10.

Okta Stock Performance

Okta stock opened at $227.08 on Monday. Okta has a fifty-two week low of $62.66 and a fifty-two week high of $235.00. The company has a market capitalization of $39.70 billion, a P/E ratio of 136.80, a PEG ratio of 7.22 and a beta of 0.73. The stock has a 50-day simple moving average of $175.39 and a 200-day simple moving average of $130.67.

Okta (NASDAQ:OKTA) last announced its earnings results on Wednesday, August 26th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.09. The firm had revenue of $805.00 million during the quarter, compared to analysts’ expectations of $793.00 million. Okta had a return on equity of 4.50% and a net margin of 9.63%. The business’s revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 EPS. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. As a group, analysts forecast that Okta will post 1.92 earnings per share for the current year.

Insider Activity at Okta

In other Okta news, CEO Todd McKinnon sold 48,822 shares of the company’s stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $193.48, for a total transaction of $9,446,080.56. Following the completion of the transaction, the chief executive officer owned 44,029 shares in the company, valued at approximately $8,518,730.92. This represents a 52.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Kelleher sold 6,395 shares of the firm’s stock in a transaction on Friday, September 18th. The stock was sold at an average price of $183.58, for a total transaction of $1,173,994.10. Following the completion of the sale, the insider owned 18,668 shares of the company’s stock, valued at $3,427,071.44. This trade represents a 25.52% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 137,766 shares of company stock worth $23,927,112 in the last three months. Insiders own 4.61% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in OKTA. Allspring Global Investments Holdings LLC increased its position in Okta by 71.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,553,091 shares of the company’s stock worth $281,209,000 after purchasing an additional 1,485,963 shares during the period. Pictet Asset Management Holding SA lifted its holdings in shares of Okta by 28.4% in the 1st quarter. Pictet Asset Management Holding SA now owns 2,490,681 shares of the company’s stock valued at $195,844,000 after buying an additional 550,328 shares during the period. Swedbank AB lifted its holdings in shares of Okta by 21.9% in the 1st quarter. Swedbank AB now owns 2,216,588 shares of the company’s stock valued at $174,468,000 after buying an additional 397,507 shares during the period. Bank of America Corp DE boosted its stake in shares of Okta by 0.4% in 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 buying an additional 6,533 shares in the last quarter. Finally, Senvest Management LLC boosted its stake in shares of Okta by 54.5% in the first quarter. Senvest Management LLC now owns 830,515 shares of the company’s stock valued at $65,370,000 after buying an additional 292,900 shares in the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Okta Company Profile

Okta, Inc is an identity and access management company that helps organizations secure and manage access to applications, systems, devices and digital services. Its platform is designed to support employees, contractors, partners, customers and other users across cloud-based and on-premises environments.

Okta’s products include single sign-on, multifactor authentication, lifecycle management, identity governance, privileged access and identity threat protection. Through its Workforce Identity Cloud and Customer Identity Cloud, the company provides tools for workforce access management and for integrating authentication and authorization capabilities into customer-facing applications.