Okta (NASDAQ:OKTA) Receives Buy Rating from Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Okta (NASDAQ:OKTA) in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a $120.00 price target on the stock.

Several other analysts have also issued reports on the company. Piper Sandler cut their price objective on Okta from $110.00 to $95.00 and set a “neutral” rating for the company in a report on Wednesday. Zacks Research lowered Okta from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 28th. Sanford C. Bernstein reiterated an “outperform” rating on shares of Okta in a report on Monday. Scotiabank lowered their price target on Okta from $105.00 to $85.00 and set a “sector perform” rating for the company in a research note on Wednesday. Finally, Westpark Capital reaffirmed a “buy” rating and set a $140.00 price objective on shares of Okta in a research report on Wednesday, August 27th. Twenty-three analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $112.08.

Okta Stock Performance

OKTA stock opened at $86.34 on Wednesday. The firm has a 50 day simple moving average of $86.99 and a 200 day simple moving average of $94.02. Okta has a 52 week low of $75.05 and a 52 week high of $127.57. The stock has a market cap of $15.12 billion, a P/E ratio of 79.21, a P/E/G ratio of 4.02 and a beta of 0.77.

Okta (NASDAQ:OKTA) last released its earnings results on Tuesday, December 2nd. The company reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.76 by $0.06. The company had revenue of $742.00 million during the quarter, compared to the consensus estimate of $730.23 million. Okta had a net margin of 6.87% and a return on equity of 3.82%. The company’s revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.67 EPS. Okta has set its FY 2026 guidance at 3.430-3.440 EPS and its Q4 2026 guidance at 0.840-0.850 EPS. Sell-side analysts predict that Okta will post 0.42 EPS for the current year.

Insider Activity at Okta

In other news, insider Larissa Schwartz sold 3,348 shares of Okta stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $90.17, for a total value of $301,889.16. Following the transaction, the insider owned 39,155 shares of the company’s stock, valued at $3,530,606.35. This trade represents a 7.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Todd Mckinnon sold 31,968 shares of the business’s stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $92.33, for a total transaction of $2,951,605.44. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 64,975 shares of company stock valued at $6,011,126. 5.68% of the stock is owned by company insiders.

Institutional Investors Weigh In On Okta

A number of hedge funds have recently bought and sold shares of OKTA. Vanguard Group Inc. increased its stake in Okta by 3.4% during the first quarter. Vanguard Group Inc. now owns 17,792,886 shares of the company’s stock valued at $1,872,167,000 after acquiring an additional 582,956 shares during the period. Focus Partners Advisor Solutions LLC bought a new stake in shares of Okta in the 1st quarter worth approximately $515,000. Fluent Financial LLC grew its holdings in shares of Okta by 94.9% during the 2nd quarter. Fluent Financial LLC now owns 10,825 shares of the company’s stock worth $1,082,000 after purchasing an additional 5,272 shares in the last quarter. Ninety One SA PTY Ltd increased its position in shares of Okta by 57.9% during the second quarter. Ninety One SA PTY Ltd now owns 49,209 shares of the company’s stock valued at $4,920,000 after purchasing an additional 18,046 shares during the period. Finally, Alkeon Capital Management LLC acquired a new position in shares of Okta in the first quarter valued at $199,918,000. 86.64% of the stock is currently owned by institutional investors.

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.