Okta (NASDAQ:OKTA) Hits New 12-Month High – Time to Buy?

Okta, Inc. (NASDAQ:OKTA)’s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $175.95 and last traded at $177.2160, with a volume of 491209 shares traded. The stock had previously closed at $172.74.

Analyst Ratings Changes

OKTA has been the topic of a number of research reports. Wells Fargo & Company upgraded shares of Okta from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $150.00 to $180.00 in a report on Monday, August 17th. JPMorgan Chase & Co. upped their price objective on Okta from $165.00 to $190.00 and gave the stock an “overweight” rating in a research report on Thursday, August 27th. BTIG Research increased their price objective on Okta from $167.00 to $187.00 and gave the company a “buy” rating in a research note on Thursday, August 27th. UBS Group lifted their target price on Okta from $150.00 to $200.00 and gave the company a “buy” rating in a report on Thursday, August 27th. Finally, Oppenheimer boosted their target price on Okta from $170.00 to $190.00 and gave the stock an “outperform” rating in a research note on Thursday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $172.92.

Okta Trading Down 2.7%

The firm’s fifty day simple moving average is $149.44 and its 200 day simple moving average is $111.45. The company has a market cap of $29.11 billion, a price-to-earnings ratio of 100.30, a PEG ratio of 5.32 and a beta of 0.79.

Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Wednesday, August 26th. The company reported $1.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.09. The business had revenue of $805.00 million for the quarter, compared to analyst estimates of $793.00 million. Okta had a net margin of 9.63% and a return on equity of 4.50%. The company’s revenue was up 10.6% on a year-over-year basis. During the same period last year, the business 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, sell-side analysts expect that Okta, Inc. will post 1.92 EPS for the current year.

Insiders Place Their Bets

In other Okta news, insider Eric Kelleher sold 3,977 shares of Okta stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $114.10, for a total transaction of $453,775.70. Following the completion of the sale, the insider directly owned 19,618 shares of the company’s stock, valued at $2,238,413.80. The trade was a 16.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brett Tighe sold 41,251 shares of the company’s stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $162.44, for a total value of $6,700,812.44. Following the transaction, the chief financial officer directly owned 7,693 shares of the company’s stock, valued at approximately $1,249,650.92. This represents a 84.28% decrease in their ownership of the stock. 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 155,376 shares of company stock valued at $23,734,135 in the last three months. Corporate insiders own 4.61% of the company’s stock.

Hedge Funds Weigh In On Okta

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. SHP Wealth Management acquired a new stake in Okta during the fourth quarter worth approximately $27,000. Washington Trust Advisors Inc. boosted its holdings in shares of Okta by 64.2% in the 2nd quarter. Washington Trust Advisors Inc. now owns 197 shares of the company’s stock valued at $27,000 after buying an additional 77 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Okta by 279.5% in the 2nd 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 in the last quarter. Assetmark Inc. grew its position in shares of Okta by 81.1% in the 1st quarter. Assetmark Inc. now owns 719 shares of the company’s stock valued at $57,000 after buying an additional 322 shares during the last quarter. Finally, SJS Investment Consulting Inc. grew its position in shares of Okta by 1,265.5% in the 1st quarter. SJS Investment Consulting Inc. now owns 751 shares of the company’s stock valued at $59,000 after buying an additional 696 shares during the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

About Okta

Okta, Inc provides cloud-based identity and access management solutions for organizations. Its platform helps businesses securely connect employees, customers, partners and applications while managing authentication, authorization and user access across cloud, on-premises and mobile environments.

The company’s offerings include single sign-on, multifactor authentication, adaptive access controls, lifecycle management, identity governance and privileged access capabilities. Through its Customer Identity Cloud, powered by Auth0, Okta also provides tools for developers and businesses to embed authentication and authorization features into applications and digital services.

Founded in 2009 by Todd McKinnon and Frederic Kerrest, Okta completed its initial public offering in 2017.