Okta (NASDAQ:OKTA) Stock Price Expected to Rise, KeyCorp Analyst Says

Okta (NASDAQ:OKTA) had its target price raised by KeyCorp from $130.00 to $175.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. KeyCorp’s price target points to a potential upside of 17.58% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Arete Research set a $127.00 price objective on shares of Okta and gave the stock a “buy” rating in a report on Tuesday, May 26th. HC Wainwright assumed coverage on shares of Okta in a research report on Monday. They set a “buy” rating for the company. Wedbush reissued an “outperform” rating and set a $60.00 price target on shares of Okta in a research note on Friday, May 29th. Wall Street Zen cut Okta from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, Jefferies Financial Group raised Okta from a “buy” rating to a “buy” rating in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $118.97.

Okta Price Performance

Shares of OKTA stock opened at $148.84 on Friday. The business’s fifty day moving average price is $110.00 and its 200 day moving average price is $91.67. The firm has a market capitalization of $25.87 billion, a PE ratio of 107.86, a P/E/G ratio of 5.28 and a beta of 0.77. Okta has a 1-year low of $62.66 and a 1-year high of $153.20.

Okta (NASDAQ:OKTA) last released its earnings results on Thursday, May 28th. The company reported $0.91 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 company 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 earned $0.86 earnings per share. Okta’s quarterly revenue was up 11.2% compared to the same quarter last year. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. Equities research analysts expect that Okta will post 1.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Okta news, insider Larissa Schwartz sold 24,971 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $134.13, for a total value of $3,349,360.23. Following the transaction, the insider directly owned 23,477 shares in the company, valued at approximately $3,148,970.01. This represents a 51.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director David Schellhase purchased 3,712 shares of the firm’s stock in a transaction on Thursday, April 16th. The shares were purchased at an average cost of $72.04 per share, for a total transaction of $267,412.48. Following the completion of the purchase, the director directly owned 3,712 shares in the company, valued at $267,412.48. The trade was a ? increase in their ownership of the stock. The SEC filing for this purchase provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 105,288 shares of company stock worth $12,426,956 in the last 90 days. 4.61% of the stock is currently owned by corporate insiders.

Institutional Trading of Okta

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Okta during the fourth quarter worth $175,193,000. Allspring Global Investments Holdings LLC grew its position in shares of Okta by 71.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,553,091 shares of the company’s stock valued at $281,209,000 after purchasing an additional 1,485,963 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 valued at $521,422,000 after purchasing an additional 1,326,051 shares during the last quarter. Alyeska Investment Group L.P. increased its stake in Okta by 276.9% in the third quarter. Alyeska Investment Group L.P. now owns 1,403,499 shares of the company’s stock valued at $128,701,000 after purchasing an additional 1,031,083 shares during the last quarter. Finally, Swedbank AB lifted its position in Okta by 124.3% during the fourth quarter. Swedbank AB now owns 1,819,081 shares of the company’s stock worth $157,296,000 after buying an additional 1,007,915 shares during the period. 86.64% of the stock is owned by hedge funds and other 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.