Okta (NASDAQ:OKTA) Hits New 12-Month High – Here’s Why

Okta, Inc. (NASDAQ:OKTA)’s share price reached a new 52-week high during trading on Tuesday. The stock traded as high as $235.00 and last traded at $227.08, with a volume of 2,885,827 shares. The stock had previously closed at $232.13.

Analyst Ratings Changes

Several research firms have weighed in on OKTA. Roth Capital raised their price target on Okta from $155.00 to $235.00 and gave the company a “buy” rating in a report on Thursday, September 24th. JPMorgan Chase & Co. lifted their price target on Okta from $165.00 to $190.00 and gave the company an “overweight” rating in a research report on Thursday, August 27th. Weiss Ratings lowered Okta from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, October 2nd. Evercore reissued an “outperform” rating and set a $240.00 price objective on shares of Okta in a report on Thursday, September 24th. Finally, Wells Fargo & Company upped their price objective on shares of Okta from $200.00 to $230.00 and gave the stock an “overweight” rating in a research report on Thursday, September 24th. One analyst has rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $201.10.

Okta Price Performance

The firm has a market cap of $37.05 billion, a P/E ratio of 127.66, a PEG ratio of 7.05 and a beta of 0.73. The stock has a 50 day moving average of $178.27 and a 200 day moving average of $132.65.

Okta (NASDAQ:OKTA) last released its quarterly earnings results 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. Okta had a return on equity of 4.50% and a net margin of 9.63%. The business had revenue of $805.00 million for the quarter, compared to the consensus estimate of $793.00 million. During the same quarter last year, the business posted $0.91 earnings per share. The company’s revenue for the quarter 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. On average, research analysts predict that Okta, Inc. will post 1.92 EPS for the current fiscal year.

Insider Activity at Okta

In related news, CFO Brett Tighe sold 41,251 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $162.44, for a total transaction 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 trade represents a 84.28% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd McKinnon sold 48,822 shares of the business’s stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $193.48, for a total value of $9,446,080.56. Following the completion of the sale, the chief executive officer owned 44,029 shares of the company’s stock, valued at $8,518,730.92. The trade was a 52.58% 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. In the last three months, insiders have sold 137,766 shares of company stock valued at $23,927,112. Corporate insiders own 4.61% of the company’s stock.

Institutional Investors Weigh In On Okta

Hedge funds have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC boosted its holdings 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 valued at $281,209,000 after acquiring an additional 1,485,963 shares during the period. Pictet Asset Management Holding SA increased its stake in Okta by 28.4% in the 1st quarter. Pictet Asset Management Holding SA now owns 2,490,681 shares of the company’s stock worth $195,844,000 after purchasing an additional 550,328 shares during the period. Swedbank AB increased its stake in Okta by 21.9% in the 1st quarter. Swedbank AB now owns 2,216,588 shares of the company’s stock worth $174,468,000 after purchasing an additional 397,507 shares during the period. Bank of America Corp DE lifted its position in 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 purchasing an additional 6,533 shares during the last quarter. Finally, Senvest Management LLC lifted its position in 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 purchasing an additional 292,900 shares during the last quarter. 86.64% of the stock is currently owned by 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.