Okta (NASDAQ:OKTA) Trading 9.9% Higher Following Analyst Upgrade

Okta, Inc. (NASDAQ:OKTA) shot up 9.9% during trading on Monday after Barclays raised their price target on the stock from $93.00 to $120.00. Barclays currently has an overweight rating on the stock. Okta traded as high as $135.36 and last traded at $135.49. 1,464,862 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 3,555,857 shares. The stock had previously closed at $123.27.

A number of other equities analysts have also commented on OKTA. HSBC raised Okta to a “buy” rating in a research note on Thursday, April 16th. Oppenheimer increased their target price on Okta from $110.00 to $125.00 and gave the company an “outperform” rating in a research report on Friday. Needham & Company LLC raised their target price on shares of Okta from $90.00 to $120.00 and gave the company a “buy” rating in a report on Friday. Truist Financial boosted their price target on shares of Okta from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday. Finally, KeyCorp increased their price objective on shares of Okta from $95.00 to $103.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Okta currently has an average rating of “Moderate Buy” and a consensus price target of $111.86.

Insider Activity at Okta

In other Okta news, insider Larissa Schwartz sold 6,377 shares of the business’s stock in a transaction on Tuesday, April 7th. The shares were sold at an average price of $79.75, for a total transaction of $508,565.75. Following the transaction, the insider owned 54,825 shares in the company, valued at $4,372,293.75. The trade was a 10.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Robert Kelleher sold 16,818 shares of the firm’s stock in a transaction dated Thursday, March 19th. The stock was sold at an average price of $80.00, for a total transaction of $1,345,440.00. Following the completion of the sale, the insider owned 15,470 shares of the company’s stock, valued at $1,237,600. This trade represents a 52.09% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 70,884 shares of company stock valued at $5,625,648 over the last three months. Corporate insiders own 4.61% of the company’s stock.

Institutional Investors Weigh In On Okta

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in Okta by 5.7% during the 3rd quarter. Vanguard Group Inc. now owns 19,803,227 shares of the company’s stock valued at $1,815,956,000 after acquiring an additional 1,074,977 shares during the period. First Trust Advisors LP increased its stake in Okta by 28.2% in the fourth quarter. First Trust Advisors LP now owns 6,030,090 shares of the company’s stock worth $521,422,000 after purchasing an additional 1,326,051 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of Okta by 71.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 3,553,091 shares of the company’s stock worth $281,209,000 after purchasing an additional 1,485,963 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Okta by 1.8% during the fourth quarter. Geode Capital Management LLC now owns 3,261,303 shares of the company’s stock worth $281,246,000 after purchasing an additional 57,605 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Okta by 2.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,495,389 shares of the company’s stock valued at $215,776,000 after purchasing an additional 69,653 shares during the period. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Okta Price Performance

The stock’s fifty day moving average price is $79.90 and its 200 day moving average price is $82.95. The stock has a market capitalization of $24.30 billion, a P/E ratio of 99.28, a PEG ratio of 4.78 and a beta of 0.80.

Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Thursday, May 28th. The company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.06. The company had revenue of $765.00 million during the quarter, compared to analyst estimates of $751.84 million. Okta had a net margin of 8.24% and a return on equity of 4.15%. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter last year, the business posted $0.86 EPS. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. On average, sell-side analysts expect that Okta, Inc. will post 1.61 earnings per share for the current year.

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.