Okta, Inc. (NASDAQ:OKTA) Receives $113.88 Average PT from Brokerages

Okta, Inc. (NASDAQ:OKTA) has been given a consensus recommendation of “Moderate Buy” by the thirty-nine brokerages that are presently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty-five have given a buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $113.8824.

Several equities research analysts have issued reports on OKTA shares. Morgan Stanley dropped their price target on Okta from $123.00 to $110.00 and set an “overweight” rating for the company in a research note on Wednesday, December 3rd. Barclays decreased their price objective on Okta from $112.00 to $95.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 18th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Okta in a research note on Monday, December 1st. TD Cowen reiterated a “hold” rating on shares of Okta in a research report on Wednesday, December 3rd. Finally, Scotiabank decreased their price target on shares of Okta from $105.00 to $85.00 and set a “sector perform” rating on the stock in a research note on Wednesday, December 3rd.

Insider Buying and Selling

In other news, insider Larissa Schwartz sold 1,899 shares of the stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $90.74, for a total transaction of $172,315.26. Following the completion of the sale, the insider owned 38,164 shares of the company’s stock, valued at approximately $3,463,001.36. This represents a 4.74% 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, CFO Brett Tighe sold 10,000 shares of the stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $95.07, for a total value of $950,700.00. Following the sale, the chief financial officer directly owned 134,385 shares of the company’s stock, valued at approximately $12,775,981.95. This trade represents a 6.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 36,727 shares of company stock worth $3,344,746. Insiders own 5.68% of the company’s stock.

Institutional Investors Weigh In On Okta

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Okta in the second quarter valued at about $211,923,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Okta by 113.7% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,067,128 shares of the company’s stock worth $172,895,000 after purchasing an additional 1,099,962 shares during the period. Vanguard Group Inc. grew 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 worth $1,815,956,000 after purchasing an additional 1,074,977 shares during the last quarter. Alyeska Investment Group L.P. grew its stake in shares of Okta by 276.9% in the third quarter. Alyeska Investment Group L.P. now owns 1,403,499 shares of the company’s stock worth $128,701,000 after purchasing an additional 1,031,083 shares during the last quarter. Finally, Ninety One UK Ltd increased its holdings in Okta by 52.1% during the 2nd quarter. Ninety One UK Ltd now owns 2,744,524 shares of the company’s stock valued at $274,370,000 after purchasing an additional 939,589 shares during the period. 86.64% of the stock is currently owned by institutional investors.

Okta Price Performance

Shares of Okta stock opened at $91.29 on Friday. Okta has a 1 year low of $75.05 and a 1 year high of $127.57. The firm has a market cap of $16.18 billion, a PE ratio of 83.75, a PEG ratio of 4.24 and a beta of 0.76. The company has a 50 day simple moving average of $87.43 and a two-hundred day simple moving average of $89.92.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Tuesday, December 2nd. The company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.06. Okta had a net margin of 6.87% and a return on equity of 3.77%. The firm had revenue of $742.00 million for the quarter, compared to analysts’ expectations of $730.23 million. During the same quarter last year, the company posted $0.67 EPS. The business’s quarterly revenue was up 11.6% on a year-over-year basis. Okta has set its FY 2026 guidance at 3.430-3.440 EPS and its Q4 2026 guidance at 0.840-0.850 EPS. As a group, research analysts anticipate that Okta will post 0.42 earnings per share for the current year.

Okta announced that its board has initiated 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 repurchase up to 6.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

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.