BTIG Research Increases Okta (NASDAQ:OKTA) Price Target to $219.00

Key Points

• BTIG Research raised Okta’s price target to $219 from $187 and maintained a “buy” rating, implying 16.42% potential upside from the reported $188.12 share price. Analysts overall maintain a “Moderate Buy” consensus with a $175.11 average target.
• Okta exceeded quarterly expectations, reporting $1.05 in EPS versus $0.96 expected and $805 million in revenue versus $793 million forecast; revenue increased 10.6% year over year.
• Insiders have sold 153,948 shares worth approximately $23.7 million over the past three months, while institutional investors own 86.64% of the company’s stock.

Okta (NASDAQ:OKTA - Get Free Report) had its price target increased by research analysts at BTIG Research from $187.00 to $219.00 in a report released on Thursday, Benzinga reports. The firm currently has a "buy" rating on the stock. BTIG Research's target price points to a potential upside of 16.42% from the stock's current price.

Several other brokerages have also commented on OKTA. Stifel Nicolaus set a $180.00 price objective on shares of Okta in a research report on Thursday, August 27th. Roth Capital reissued a "buy" rating on shares of Okta in a research report on Thursday, August 27th. Robert W. Baird raised their price target on shares of Okta from $175.00 to $185.00 and gave the stock an "outperform" rating in a research note on Thursday, August 27th. Evercore reaffirmed an "outperform" rating and issued a $185.00 price target on shares of Okta in a report on Thursday, August 27th. Finally, Bank of America upgraded Okta from an "underperform" rating to a "neutral" rating and upped their price objective for the company from $75.00 to $170.00 in a research note on Thursday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and eleven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $175.11.

Okta Trading Down 1.2%

Shares of OKTA opened at $188.12 on Thursday. The stock has a 50 day moving average of $151.86 and a 200 day moving average of $114.18. The company has a market capitalization of $32.89 billion, a price-to-earnings ratio of 113.33, a PEG ratio of 5.93 and a beta of 0.79. Okta has a 12 month low of $62.66 and a 12 month high of $191.99.

Okta (NASDAQ:OKTA - Get Free Report) last announced its quarterly earnings data 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 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 business'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 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. As a group, equities research analysts predict that Okta will post 1.92 earnings per share for the current year.

Insider Buying and Selling at Okta

In related news, CFO Brett Tighe sold 41,251 shares of the company's stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $162.44, for a total transaction of $6,700,812.44. Following the sale, the chief financial officer directly owned 7,693 shares in the company, valued at approximately $1,249,650.92. This represents a 84.28% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Larissa Schwartz sold 2,463 shares of the firm's stock in a transaction that occurred on 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 transaction, the insider directly owned 25,241 shares of the company's stock, valued at approximately $3,028,920. This trade represents a 8.89% 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. Insiders have sold 153,948 shares of company stock worth $23,709,993 over the last three months. Company insiders own 4.61% of the company's stock.

Institutional Investors Weigh In On Okta

Institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new position in shares of Okta in the 4th quarter worth $175,193,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Okta by 71.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,553,091 shares of the company's stock worth $281,209,000 after acquiring an additional 1,485,963 shares during the last quarter. Swedbank AB grew its position in Okta by 124.3% in the fourth quarter. Swedbank AB now owns 1,819,081 shares of the company's stock worth $157,296,000 after acquiring an additional 1,007,915 shares in the last quarter. Pictet Asset Management Holding SA increased its stake in Okta by 28.4% in the first quarter. Pictet Asset Management Holding SA now owns 2,490,681 shares of the company's stock valued at $195,844,000 after acquiring an additional 550,328 shares during the last quarter. Finally, Jupiter Asset Management Ltd. increased its stake in Okta by 2,982.2% in the fourth quarter. Jupiter Asset Management Ltd. now owns 514,449 shares of the company's stock valued at $44,484,000 after acquiring an additional 497,758 shares during the last quarter. Hedge funds and other institutional investors own 86.64% of the company's stock.

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.

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