Okta (NASDAQ:OKTA) Stock Rating Upgraded by Wall Street Zen

Okta (NASDAQ:OKTA) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Sunday, Wall Street Zen reports.

OKTA has been the topic of several other research reports. Mizuho increased their target price on Okta from $165.00 to $200.00 and gave the company a “neutral” rating in a research report on Thursday, September 24th. Weiss Ratings lowered Okta from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday. KeyCorp set a $240.00 price objective on Okta and gave the stock an “overweight” rating in a research note on Thursday, September 24th. BTIG Research reaffirmed a “buy” rating and set a $219.00 price objective on shares of Okta in a research report on Thursday, September 24th. Finally, Bank of America lifted their target price on Okta from $170.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, September 24th. One equities 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, Okta presently has an average rating of “Moderate Buy” and an average target price of $200.72.

Okta Stock Up 3.2%

Shares of OKTA stock opened at $218.29 on Friday. The stock has a market cap of $38.16 billion, a P/E ratio of 131.50, a PEG ratio of 6.58 and a beta of 0.73. Okta has a 52 week low of $62.66 and a 52 week high of $219.68. The company’s fifty day simple moving average is $167.01 and its two-hundred day simple moving average is $125.59.

Okta (NASDAQ:OKTA) last posted its earnings results on Wednesday, August 26th. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.09. The firm had revenue of $805.00 million during the quarter, compared to the consensus estimate of $793.00 million. Okta had a return on equity of 4.50% and a net margin of 9.63%.The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.91 EPS. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. On average, analysts anticipate that Okta will post 1.92 EPS for the current fiscal year.

Insider Activity at Okta

In other Okta news, insider Eric Kelleher sold 6,395 shares of the business’s stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $183.58, for a total value of $1,173,994.10. Following the completion of the transaction, the insider directly owned 18,668 shares of the company’s stock, valued at approximately $3,427,071.44. The trade was a 25.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd McKinnon sold 68,936 shares of the business’s stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $146.62, for a total transaction of $10,107,396.32. Following the completion of the transaction, the chief executive officer owned 38,484 shares of the company’s stock, valued at approximately $5,642,524.08. This represents a 64.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 206,702 shares of company stock worth $34,034,508 over the last three months. Company insiders own 4.61% of the company’s stock.

Institutional Investors Weigh In On Okta

Several institutional investors have recently bought and sold shares of OKTA. Allspring Global Investments Holdings LLC grew its holdings 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. Pictet Asset Management Holding SA raised its stake in Okta by 28.4% during the first quarter. Pictet Asset Management Holding SA now owns 2,490,681 shares of the company’s stock worth $195,844,000 after purchasing an additional 550,328 shares during the period. Swedbank AB boosted its holdings in Okta by 21.9% in the 1st quarter. Swedbank AB now owns 2,216,588 shares of the company’s stock valued at $174,468,000 after purchasing an additional 397,507 shares during the last quarter. Bank of America Corp DE boosted its holdings in Okta by 0.4% in the 1st quarter. Bank of America Corp DE now owns 1,496,896 shares of the company’s stock valued at $117,821,000 after purchasing an additional 6,533 shares during the last quarter. Finally, Senvest Management LLC grew its stake in shares of Okta by 54.5% in the 1st quarter. Senvest Management LLC now owns 830,515 shares of the company’s stock valued at $65,370,000 after buying an additional 292,900 shares during the period. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Okta Company Profile

Okta, Inc is an identity and access management company that helps organizations secure and manage access to applications, systems, devices and digital services. Its platform is designed to support employees, contractors, partners, customers and other users across cloud-based and on-premises environments.

Okta’s products include single sign-on, multifactor authentication, lifecycle management, identity governance, privileged access and identity threat protection. Through its Workforce Identity Cloud and Customer Identity Cloud, the company provides tools for workforce access management and for integrating authentication and authorization capabilities into customer-facing applications.