Okta, Inc. (NASDAQ:OKTA) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Okta, Inc. (NASDAQ:OKTA) has been given an average rating of “Moderate Buy” by the thirty-nine analysts that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokers that have covered the stock in the last year is $103.25.

Several brokerages have commented on OKTA. DA Davidson reiterated a “buy” rating and set a $110.00 price target on shares of Okta in a report on Thursday, March 5th. Barclays reduced their price objective on shares of Okta from $95.00 to $85.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 24th. Stifel Nicolaus decreased their price objective on shares of Okta from $121.00 to $92.00 and set a “buy” rating for the company in a report on Thursday, March 5th. BTIG Research lowered their target price on shares of Okta from $116.00 to $90.00 and set a “buy” rating on the stock in a research note on Monday, March 2nd. Finally, Wells Fargo & Company initiated coverage on shares of Okta in a report on Tuesday, March 3rd. They issued an “equal weight” rating and a $76.00 target price on the stock.

Insiders Place Their Bets

In other Okta news, CEO Todd Mckinnon sold 11,286 shares of Okta stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $90.96, for a total value of $1,026,574.56. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Eric Robert Kelleher sold 2,409 shares of the company’s stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $84.40, for a total value of $203,319.60. Following the transaction, the insider owned 11,266 shares of the company’s stock, valued at approximately $950,850.40. This trade represents a 17.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 37,763 shares of company stock worth $3,419,336. Corporate insiders own 5.68% of the company’s stock.

Institutional Trading of Okta

Hedge funds have recently bought and sold shares of the stock. Norges Bank acquired a new stake in Okta in the 2nd quarter worth $211,923,000. First Trust Advisors LP raised its position in shares of Okta by 28.2% during the fourth quarter. First Trust Advisors LP now owns 6,030,090 shares of the company’s stock valued at $521,422,000 after buying an additional 1,326,051 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Okta by 113.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,067,128 shares of the company’s stock valued at $172,895,000 after buying an additional 1,099,962 shares during the period. Vanguard Group Inc. lifted its stake in shares of Okta by 5.7% in the third quarter. Vanguard Group Inc. now owns 19,803,227 shares of the company’s stock valued at $1,815,956,000 after buying an additional 1,074,977 shares during the period. Finally, Alyeska Investment Group L.P. grew its position in Okta by 276.9% during the third quarter. Alyeska Investment Group L.P. now owns 1,403,499 shares of the company’s stock worth $128,701,000 after buying an additional 1,031,083 shares in the last quarter. 86.64% of the stock is owned by institutional investors.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $79.16 on Friday. The stock has a market capitalization of $14.03 billion, a P/E ratio of 60.43, a P/E/G ratio of 3.09 and a beta of 0.79. The business has a 50-day moving average of $84.39 and a two-hundred day moving average of $86.95. Okta has a fifty-two week low of $68.77 and a fifty-two week high of $127.57.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Wednesday, March 4th. The company reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.05. Okta had a return on equity of 4.18% and a net margin of 8.05%.The business had revenue of $761.00 million for the quarter, compared to analyst estimates of $749.87 million. During the same quarter in the prior year, the firm posted $0.78 EPS. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. Okta has set its FY 2027 guidance at 3.740-3.820 EPS and its Q1 2027 guidance at 0.840-0.860 EPS. As a group, research analysts expect that Okta will post 0.42 EPS for the current fiscal year.

Okta announced that its Board of Directors has authorized a stock repurchase plan on Monday, January 5th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the company to reacquire up to 6.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Okta Company Profile

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.