Okta (NASDAQ:OKTA) Given New $105.00 Price Target at Scotiabank

Okta (NASDAQ:OKTA) had its price objective reduced by Scotiabank from $115.00 to $105.00 in a research note released on Wednesday morning,Benzinga reports. They currently have a sector perform rating on the stock.

OKTA has been the topic of several other research reports. DA Davidson lowered their price target on shares of Okta from $145.00 to $140.00 and set a “buy” rating on the stock in a report on Wednesday, May 28th. The Goldman Sachs Group boosted their target price on shares of Okta from $123.00 to $137.00 and gave the stock a “buy” rating in a report on Wednesday, May 28th. Wells Fargo & Company boosted their target price on shares of Okta from $100.00 to $110.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 28th. Truist Financial raised shares of Okta from a “hold” rating to a “buy” rating and boosted their target price for the stock from $100.00 to $125.00 in a report on Monday. Finally, Loop Capital started coverage on shares of Okta in a report on Monday, May 5th. They issued a “buy” rating and a $140.00 target price on the stock. Twenty-two research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Okta presently has a consensus rating of “Moderate Buy” and an average target price of $118.25.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $93.03 on Wednesday. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.47 and a quick ratio of 1.47. Okta has a 1-year low of $70.56 and a 1-year high of $127.57. The company has a market capitalization of $16.29 billion, a P/E ratio of 109.45, a P/E/G ratio of 4.43 and a beta of 0.80. The firm’s 50 day simple moving average is $95.20 and its two-hundred day simple moving average is $102.32.

Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Tuesday, August 26th. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.07. Okta had a net margin of 6.08% and a return on equity of 3.35%. The business had revenue of $728,000 billion for the quarter, compared to the consensus estimate of $711.84 million. During the same quarter in the previous year, the firm earned $0.72 earnings per share. The company’s revenue for the quarter was up 12.7% on a year-over-year basis. Okta has set its FY 2026 guidance at 3.330-3.380 EPS. Q3 2026 guidance at 0.740-0.750 EPS. Research analysts expect that Okta will post 0.42 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Brett Tighe sold 10,000 shares of the business’s stock in a transaction on Friday, July 18th. The shares were sold at an average price of $95.00, for a total value of $950,000.00. Following the sale, the chief financial officer owned 132,288 shares in the company, valued at approximately $12,567,360. The trade was a 7.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CRO Jonathan James Addison sold 9,000 shares of the business’s stock in a transaction on Friday, July 25th. The stock was sold at an average price of $100.00, for a total transaction of $900,000.00. Following the completion of the sale, the executive owned 7,067 shares in the company, valued at $706,700. This represents a 56.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 88,594 shares of company stock valued at $8,382,790 in the last three months. Corporate insiders own 5.68% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of OKTA. Massachusetts Financial Services Co. MA increased its position in Okta by 325.6% during the first quarter. Massachusetts Financial Services Co. MA now owns 3,699,944 shares of the company’s stock valued at $389,308,000 after acquiring an additional 2,830,582 shares during the last quarter. Norges Bank bought a new position in Okta during the second quarter valued at $211,923,000. Alkeon Capital Management LLC bought a new position in Okta during the first quarter valued at $199,918,000. Ameriprise Financial Inc. increased its position in Okta by 2,135.7% during the fourth quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock valued at $150,845,000 after acquiring an additional 1,828,630 shares during the last quarter. Finally, Ninety One UK Ltd bought a new position in Okta during the first quarter valued at $189,915,000. Institutional investors own 86.64% of the company’s stock.

About Okta

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.