Okta (NASDAQ:OKTA) Hits New 52-Week High – Time to Buy?

Okta, Inc. (NASDAQ:OKTA) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $175.95 and last traded at $177.2160, with a volume of 491209 shares changing hands. The stock had previously closed at $172.74.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Arete Research set a $127.00 price objective on Okta and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Cantor Fitzgerald boosted their target price on Okta from $170.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, August 27th. The Goldman Sachs Group upped their target price on Okta from $126.00 to $203.00 and gave the company a “buy” rating in a report on Friday, August 28th. Raymond James Financial increased their price target on Okta from $115.00 to $185.00 and gave the company an “outperform” rating in a research report on Thursday, August 27th. Finally, DA Davidson lifted their price target on Okta from $165.00 to $190.00 and gave the stock a “buy” rating in a research note on Thursday, August 27th. One research analyst has rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, Okta presently has an average rating of “Moderate Buy” and a consensus price target of $172.92.

Okta Trading Up 2.7%

The firm’s 50-day simple moving average is $148.34 and its two-hundred day simple moving average is $110.38. The stock has a market capitalization of $31.00 billion, a PE ratio of 107.21, a PEG ratio of 5.21 and a beta of 0.79.

Okta (NASDAQ:OKTA) last released its earnings results on Wednesday, August 26th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.09. The company had revenue of $805.00 million during the quarter, compared to analyst estimates of $793.00 million. Okta had a return on equity of 4.50% and a net margin of 9.63%.The company’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.91 earnings per share. 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, research analysts expect that Okta, Inc. will post 1.92 earnings per share for the current year.

Insiders Place Their Bets

In other Okta news, insider Larissa Schwartz sold 2,463 shares of the firm’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $120.00, for a total transaction of $295,560.00. Following the completion of the sale, the insider directly owned 25,241 shares in the company, valued at approximately $3,028,920. This trade represents a 8.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd McKinnon sold 68,936 shares of Okta 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 transaction, the chief executive officer directly owned 38,484 shares in the company, valued at approximately $5,642,524.08. This trade represents a 64.17% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 155,376 shares of company stock valued at $23,734,135 in the last 90 days. Insiders own 4.61% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OKTA. Washington Trust Advisors Inc. increased its stake in Okta by 64.2% in the 2nd quarter. Washington Trust Advisors Inc. now owns 197 shares of the company’s stock valued at $27,000 after buying an additional 77 shares during the period. CX Institutional grew its holdings in shares of Okta by 5.1% during the 2nd quarter. CX Institutional now owns 2,633 shares of the company’s stock valued at $359,000 after acquiring an additional 127 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Okta by 10.7% in the first quarter. EverSource Wealth Advisors LLC now owns 1,333 shares of the company’s stock worth $105,000 after acquiring an additional 129 shares during the last quarter. SteelPeak Wealth LLC increased its stake in shares of Okta by 2.8% in the first quarter. SteelPeak Wealth LLC now owns 5,166 shares of the company’s stock worth $407,000 after acquiring an additional 140 shares during the last quarter. Finally, Utah Retirement Systems raised its holdings in shares of Okta by 0.6% during the fourth quarter. Utah Retirement Systems now owns 28,605 shares of the company’s stock worth $2,473,000 after acquiring an additional 163 shares in the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

About Okta

Okta, Inc provides cloud-based identity and access management solutions for organizations. Its platform helps businesses securely connect employees, customers, partners and applications while managing authentication, authorization and user access across cloud, on-premises and mobile environments.

The company’s offerings include single sign-on, multifactor authentication, adaptive access controls, lifecycle management, identity governance and privileged access capabilities. Through its Customer Identity Cloud, powered by Auth0, Okta also provides tools for developers and businesses to embed authentication and authorization features into applications and digital services.

Founded in 2009 by Todd McKinnon and Frederic Kerrest, Okta completed its initial public offering in 2017.