Capital One Financial Upgrades Okta (NASDAQ:OKTA) to Overweight

Okta (NASDAQ:OKTA) was upgraded by equities researchers at Capital One Financial from an “equal weight” rating to an “overweight” rating in a report issued on Thursday, Marketbeat reports. The brokerage currently has a $171.00 price objective on the stock. Capital One Financial‘s price objective would indicate a potential upside of 14.50% from the stock’s current price.

Several other brokerages have also issued reports on OKTA. BTIG Research lifted their target price on shares of Okta from $119.00 to $136.00 and gave the company a “buy” rating in a research report on Thursday, June 25th. Berenberg Bank increased their price target on shares of Okta from $120.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, May 29th. Oppenheimer raised their price objective on shares of Okta from $110.00 to $125.00 and gave the company an “outperform” rating in a research report on Friday, May 29th. Evercore initiated coverage on shares of Okta in a research report on Monday, July 6th. They set an “outperform” rating on the stock. Finally, Barclays lifted their price objective on shares of Okta from $93.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Okta presently has an average rating of “Moderate Buy” and an average target price of $120.42.

Okta Stock Up 1.1%

Shares of NASDAQ OKTA opened at $149.35 on Thursday. The stock’s 50-day simple moving average is $118.22 and its two-hundred day simple moving average is $94.07. Okta has a twelve month low of $62.66 and a twelve month high of $157.00. The firm has a market capitalization of $25.96 billion, a P/E ratio of 108.23, a P/E/G ratio of 5.31 and a beta of 0.77.

Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Thursday, May 28th. The company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.06. Okta had a return on equity of 4.15% and a net margin of 8.24%.The firm had revenue of $765.00 million during the quarter, compared to the consensus estimate of $751.84 million. During the same quarter last year, the company posted $0.86 EPS. The company’s revenue for the quarter was up 11.2% on a year-over-year basis. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. As a group, research analysts anticipate that Okta will post 1.75 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Shellye L. Archambeau sold 2,500 shares of Okta stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $85.00, for a total value of $212,500.00. Following the transaction, the director owned 9,192 shares in the company, valued at approximately $781,320. The trade was a 21.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brett Tighe sold 65,000 shares of Okta stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $117.25, for a total value of $7,621,250.00. Following the completion of the transaction, the chief financial officer owned 119,680 shares in the company, valued at approximately $14,032,480. This represents a 35.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 174,224 shares of company stock valued at $22,534,353 over the last three months. 4.61% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Okta

Several institutional investors and hedge funds have recently bought and sold shares of OKTA. Integrated Wealth Concepts LLC purchased a new stake in shares of Okta during the first quarter valued at approximately $225,000. NewEdge Advisors LLC increased its stake in shares of Okta by 853.4% in the first quarter. NewEdge Advisors LLC now owns 5,530 shares of the company’s stock worth $582,000 after buying an additional 4,950 shares during the period. Sivia Capital Partners LLC bought a new stake in Okta during the 2nd quarter valued at $244,000. Invesco Ltd. boosted its position in Okta by 34.1% during the 2nd quarter. Invesco Ltd. now owns 430,844 shares of the company’s stock valued at $43,071,000 after buying an additional 109,614 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in Okta by 122.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,621 shares of the company’s stock valued at $162,000 after buying an additional 893 shares during the period. 86.64% of the stock is currently owned by institutional investors.

About Okta

Okta, Inc is a publicly traded provider of identity and access management solutions, headquartered in San Francisco, California. Founded in 2009 by Todd McKinnon and Frederic Kerrest, the company completed its initial public offering in April 2017. Under the leadership of McKinnon as chief executive officer and Kerrest as chief operating officer, Okta has grown into a leading vendor in the cybersecurity space, focusing on secure user authentication, single sign-on and lifecycle management for digital identities.

At the core of Okta’s offering is the Okta Identity Cloud, a suite of cloud-native services that enable organizations to manage user access across web and mobile applications, on-premises systems and APIs.