Okta (NASDAQ:OKTA) Price Target Raised to $190.00

Okta (NASDAQ:OKTA) had its price objective increased by analysts at DA Davidson from $165.00 to $190.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. DA Davidson’s price target indicates a potential upside of 41.35% from the company’s previous close.

Several other analysts have also recently issued reports on the company. Citizens Jmp raised Okta from a “market perform” rating to an “outperform” rating and set a $170.00 target price on the stock in a research report on Wednesday, August 12th. Robert W. Baird set a $185.00 price objective on Okta in a research note on Thursday. Wall Street Zen lowered Okta from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Needham & Company LLC boosted their target price on shares of Okta from $140.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Morgan Stanley raised their price target on shares of Okta from $115.00 to $180.00 and gave the company an “overweight” rating in a report on Thursday, August 20th. One research analyst has rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $157.94.

Okta Stock Performance

OKTA opened at $134.42 on Thursday. Okta has a one year low of $62.66 and a one year high of $157.00. The stock has a market cap of $23.36 billion, a price-to-earnings ratio of 97.41, a P/E/G ratio of 4.70 and a beta of 0.77. The stock’s 50 day moving average price is $139.27 and its 200-day moving average price is $104.50.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Wednesday, August 26th. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.09. Okta had a net margin of 8.24% and a return on equity of 4.15%. The firm had revenue of $805.00 million during the quarter, compared to the consensus estimate of $793.00 million. During the same quarter in the previous year, the firm posted $0.91 earnings per share. The company’s revenue was up 10.6% on a year-over-year basis. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. As a group, analysts predict that Okta will post 1.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Larissa Schwartz sold 2,463 shares of the stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $120.00, for a total transaction of $295,560.00. Following the sale, the insider directly owned 25,241 shares of the company’s stock, valued at approximately $3,028,920. This represents a 8.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Mckinnon sold 68,936 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $146.62, for a total value of $10,107,396.32. Following the sale, the chief executive officer owned 38,484 shares in the company, valued at $5,642,524.08. This trade represents a 64.17% 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 quarter, insiders have sold 165,347 shares of company stock worth $21,827,342. 4.61% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Okta

Large investors have recently modified their holdings of the business. Washington Trust Advisors Inc. lifted its holdings in shares of Okta by 64.2% during the second quarter. Washington Trust Advisors Inc. now owns 197 shares of the company’s stock worth $27,000 after buying an additional 77 shares during the last quarter. CX Institutional grew its position in Okta by 5.1% in the 2nd quarter. CX Institutional now owns 2,633 shares of the company’s stock worth $359,000 after purchasing an additional 127 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Okta by 10.7% during the first quarter. EverSource Wealth Advisors LLC now owns 1,333 shares of the company’s stock valued at $105,000 after buying an additional 129 shares during the last quarter. SteelPeak Wealth LLC grew its position in Okta by 2.8% during the first quarter. SteelPeak Wealth LLC now owns 5,166 shares of the company’s stock worth $407,000 after buying an additional 140 shares in the last quarter. Finally, Utah Retirement Systems raised its holdings in Okta by 0.6% in the 4th quarter. Utah Retirement Systems now owns 28,605 shares of the company’s stock valued at $2,473,000 after acquiring an additional 163 shares in the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta News Summary

Here are the key news stories impacting Okta this week:

• Positive Sentiment: Quarterly results exceeded expectations: Okta reported adjusted EPS of $1.05 versus the $0.96 consensus estimate, while revenue rose 10.6% year over year to $805 million, ahead of the $793 million forecast. Okta quarterly earnings report
• Positive Sentiment: Raised outlook: Management lifted fiscal 2027 revenue guidance to approximately $3.216 billion-$3.226 billion, or 10%-11% growth. Third-quarter revenue guidance of $813 million-$817 million and EPS guidance of $0.92-$0.94 also topped Wall Street expectations. Okta lifts full-year outlook
• Positive Sentiment: AI-related demand is strengthening the growth narrative: Okta said AI agents are creating new identity and security requirements, with new products contributing meaningfully to bookings. Investors view AI-agent security as a potentially large new market. Okta CEO discusses AI agent security
• Positive Sentiment: Analyst support increased: KeyCorp raised its target to $190 and assigned an Overweight rating; BTIG raised its target to $187 and reiterated Buy; and Needham and Cantor Fitzgerald raised targets to $200 with Buy or Overweight ratings. These revisions signal greater confidence in Okta’s growth and fundamentals. Needham raises Okta price target
• Neutral Sentiment: Valuation remains a consideration: With Okta trading near $134 and at a high earnings multiple, the stock’s roughly $23 billion market capitalization leaves less room for execution disappointments despite the improved outlook. Okta buy thesis and margin for error

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.