Cantor Fitzgerald Increases Okta (NASDAQ:OKTA) Price Target to $170.00

Okta (NASDAQ:OKTA) had its price target boosted by Cantor Fitzgerald from $125.00 to $170.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Cantor Fitzgerald’s price target would suggest a potential upside of 20.39% from the company’s current price.

Other equities analysts also recently issued reports about the stock. KeyCorp lifted their price objective on shares of Okta from $130.00 to $175.00 and gave the stock an “overweight” rating in a report on Friday, July 10th. Arete Research set a $127.00 target price on shares of Okta and gave the company a “buy” rating in a report on Tuesday, May 26th. Citizens Jmp raised shares of Okta from a “market perform” rating to an “outperform” rating and set a $170.00 price target on the stock in a research report on Wednesday, August 12th. Mizuho boosted their price objective on Okta from $125.00 to $145.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Scotiabank upgraded shares of Okta from a “sector perform” rating to a “sector outperform” rating and raised their price objective for the stock from $135.00 to $165.00 in a report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $135.32.

Okta Trading Down 1.9%

Shares of OKTA stock opened at $141.21 on Thursday. The firm has a market capitalization of $24.54 billion, a PE ratio of 102.33, a price-to-earnings-growth ratio of 5.17 and a beta of 0.77. The firm has a fifty day simple moving average of $137.58 and a two-hundred day simple moving average of $102.77. Okta has a 12 month low of $62.66 and a 12 month high of $157.00.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Thursday, May 28th. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.06. Okta had a net margin of 8.24% and a return on equity of 4.15%. The firm had revenue of $765.00 million for the quarter, compared to the consensus estimate of $751.84 million. During the same quarter in the prior year, the company posted $0.86 earnings per share. The business’s revenue 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. On average, equities analysts predict that Okta will post 1.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Todd Mckinnon sold 68,936 shares of Okta stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $146.62, for a total value of $10,107,396.32. Following the completion of the transaction, the chief executive officer directly owned 38,484 shares in the company, valued at approximately $5,642,524.08. The trade was a 64.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Robert Kelleher sold 3,977 shares of the business’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $114.10, for a total value of $453,775.70. Following the sale, the insider owned 19,618 shares in the company, valued at approximately $2,238,413.80. The trade was a 16.86% decrease in their ownership of the stock. 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. In the last ninety days, insiders have sold 165,347 shares of company stock worth $21,827,342. Insiders own 4.61% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. MassMutual Private Wealth & Trust FSB increased its position in shares of Okta by 279.5% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 296 shares of the company’s stock valued at $40,000 after buying an additional 218 shares during the period. SHP Wealth Management bought a new position in shares of Okta in the fourth quarter valued at approximately $27,000. Torren Management LLC bought a new position in shares of Okta in the fourth quarter valued at approximately $32,000. EFG International AG purchased a new position in Okta during the fourth quarter valued at approximately $61,000. Finally, Assetmark Inc. grew its stake in Okta by 81.1% during the first quarter. Assetmark Inc. now owns 719 shares of the company’s stock valued at $57,000 after acquiring an additional 322 shares in the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s stock.

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.