Okta (NASDAQ:OKTA) Stock Price Expected to Rise, BTIG Research Analyst Says

Okta (NASDAQ:OKTA) had its target price increased by equities researchers at BTIG Research from $90.00 to $105.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. BTIG Research’s target price would suggest a potential upside of 17.92% from the stock’s current price.

A number of other equities analysts also recently commented on OKTA. Truist Financial reduced their price objective on shares of Okta from $115.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, March 5th. Zacks Research cut Okta from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 26th. KeyCorp lifted their price objective on shares of Okta from $95.00 to $103.00 and gave the company an “overweight” rating in a research note on Monday. UBS Group set a $85.00 price objective on Okta in a research report on Thursday, April 16th. Finally, Berenberg Bank decreased their price target on shares of Okta from $145.00 to $120.00 and set a “buy” rating for the company in a research report on Thursday, March 5th. Thirty research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Okta has an average rating of “Moderate Buy” and a consensus target price of $101.61.

Okta Stock Up 3.9%

Shares of OKTA stock opened at $89.04 on Thursday. Okta has a 12-month low of $62.66 and a 12-month high of $127.52. The firm has a market capitalization of $15.75 billion, a price-to-earnings ratio of 67.97, a price-to-earnings-growth ratio of 3.34 and a beta of 0.59. The firm has a fifty day moving average of $77.45 and a 200-day moving average of $82.52.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Wednesday, March 4th. The company reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.05. The company had revenue of $761.00 million during the quarter, compared to analyst estimates of $749.87 million. Okta had a net margin of 8.05% and a return on equity of 4.18%. The firm’s revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.78 EPS. Okta has set its FY 2027 guidance at 3.740-3.820 EPS and its Q1 2027 guidance at 0.840-0.860 EPS. Research analysts expect that Okta will post 1.61 earnings per share for the current year.

Insider Activity at Okta

In related news, insider Eric Robert Kelleher sold 2,409 shares of the company’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $80.00, for a total transaction of $192,720.00. Following the sale, the insider owned 15,470 shares in the company, valued at $1,237,600. This represents a 13.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Shellye L. Archambeau sold 2,500 shares of the firm’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 sale, the director directly owned 9,192 shares of the company’s stock, valued at approximately $781,320. This trade represents a 21.38% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 70,884 shares of company stock worth $5,625,648 over the last quarter. 4.61% of the stock is owned by company insiders.

Institutional Investors Weigh In On Okta

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Integrated Wealth Concepts LLC acquired a new stake in shares of Okta in the 1st quarter valued at about $225,000. NewEdge Advisors LLC grew its stake in shares of Okta by 853.4% in the 1st quarter. NewEdge Advisors LLC now owns 5,530 shares of the company’s stock valued at $582,000 after buying an additional 4,950 shares during the period. Sivia Capital Partners LLC acquired a new stake in shares of Okta in the 2nd quarter valued at about $244,000. Invesco Ltd. grew its stake in shares of Okta by 34.1% in the 2nd quarter. Invesco Ltd. now owns 430,844 shares of the company’s stock valued at $43,071,000 after buying an additional 109,614 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Okta by 122.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,621 shares of the company’s stock valued at $162,000 after buying an additional 893 shares during the period. 86.64% of the stock is owned by institutional investors.

Trending Headlines about Okta

Here are the key news stories impacting Okta this week:

• Positive Sentiment: Jefferies said Okta is likely to beat its first-quarter bookings target and kept a Buy rating with a $105 price target, saying the stock still looks attractive on valuation. Okta set to beat Q1 bookings target but Q2 outlook may disappoint, Jefferies says
• Positive Sentiment: Oppenheimer said Okta could deliver modest upside to fiscal Q1 revenue estimates, reinforcing expectations for a solid earnings report ahead of results on May 28. Okta Likely to Deliver Modest Fiscal Q1 Revenue Upside, Oppenheimer Says
• Positive Sentiment: Okta also benefited from a rebound in U.S. software stocks as investors became less worried that AI will be an existential threat to traditional software companies. US software stocks rebound, seeking to loosen AI’s grip
• Neutral Sentiment: TD Cowen reiterated a Hold rating on Okta, signaling a more cautious view but not a major change in the outlook. TD Cowen Keeps Their Hold Rating on Okta (OKTA)
• Negative Sentiment: Director Shellye Archambeau sold 2,500 shares in a pre-arranged Rule 10b5-1 transaction, which may be viewed as a modest insider-selling signal. SEC filing

Okta Company Profile

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.