Okta (NASDAQ:OKTA) Shares Gap Up Following Analyst Upgrade

Okta, Inc. (NASDAQ:OKTA) shares gapped up before the market opened on Wednesday after Barclays raised their price target on the stock from $100.00 to $115.00. The stock had previously closed at $91.56, but opened at $97.43. Barclays currently has an equal weight rating on the stock. Okta shares last traded at $94.80, with a volume of 6,027,321 shares trading hands.

Other analysts also recently issued reports about the stock. 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 research report on Monday. UBS Group decreased their target price on shares of Okta from $150.00 to $130.00 and set a “buy” rating for the company in a research report on Wednesday, May 28th. DA Davidson reduced their price objective on shares of Okta from $145.00 to $140.00 and set a “buy” rating for the company in a research note on Wednesday, May 28th. Arete started coverage on shares of Okta in a research note on Monday, July 7th. They issued a “sell” rating and a $83.00 price objective for the company. Finally, Scotiabank reduced their price objective on shares of Okta from $115.00 to $105.00 and set a “sector perform” rating for the company in a research note on Wednesday. Twenty-two analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $118.25.

Insider Activity

In related news, CEO Todd Mckinnon sold 31,592 shares of the company’s stock in a transaction on Monday, July 21st. The shares were sold at an average price of $95.30, for a total transaction of $3,010,717.60. Following the completion of the transaction, the chief executive officer directly owned 20,682 shares in the company, valued at $1,970,994.60. This represents a 60.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Brett Tighe sold 10,000 shares of the company’s stock in a transaction on Friday, July 18th. The shares were sold at an average price of $95.00, for a total transaction of $950,000.00. Following the transaction, the chief financial officer owned 132,288 shares of the company’s stock, valued at approximately $12,567,360. The trade was a 7.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 88,594 shares of company stock worth $8,382,790. Corporate insiders own 5.68% of the company’s stock.

Hedge Funds Weigh In On Okta

Large investors have recently bought and sold shares of the stock. Wolff Wiese Magana LLC raised its stake in Okta by 167.4% during the 1st quarter. Wolff Wiese Magana LLC now owns 246 shares of the company’s stock valued at $26,000 after purchasing an additional 154 shares during the last quarter. Wayfinding Financial LLC acquired a new position in Okta during the 1st quarter valued at $27,000. Harbour Investments Inc. raised its stake in Okta by 152.4% during the 1st quarter. Harbour Investments Inc. now owns 260 shares of the company’s stock valued at $27,000 after purchasing an additional 157 shares during the last quarter. Pinnacle Bancorp Inc. acquired a new position in Okta during the 2nd quarter valued at $26,000. Finally, Promus Capital LLC acquired a new position in shares of Okta in the 2nd quarter valued at $27,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Okta Trading Up 1.6%

The company has a market cap of $16.29 billion, a price-to-earnings ratio of 109.45, a PEG ratio of 4.43 and a beta of 0.80. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.47 and a current ratio of 1.47. The business’s 50 day moving average price is $95.20 and its 200-day moving average price is $102.32.

Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Tuesday, August 26th. The company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.07. Okta had a net margin of 6.08% and a return on equity of 3.35%. The company had revenue of $728,000 billion during the quarter, compared to analysts’ expectations of $711.84 million. During the same quarter in the prior year, the company posted $0.72 EPS. The business’s revenue 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. On average, research analysts forecast that Okta, Inc. will post 0.42 EPS for the current year.

Okta Company Profile

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.