Okta (NASDAQ:OKTA) Stock Gets Price Target Boost from Citizens Jmp

Key Points

• Citizens JMP raised Okta’s price target from $180 to $225 while maintaining a “market outperform” rating, implying 15.27% upside from the prior close.
• Analyst sentiment remains generally positive: Okta has a consensus “Moderate Buy” rating and an average price target of $199.56, with recent target increases from Robert W. Baird and RBC.
• Okta exceeded quarterly expectations, reporting $1.05 in adjusted EPS versus $0.96 expected and revenue of $805 million versus $793 million estimated; revenue grew 10.6% year over year.

Okta (NASDAQ:OKTA - Get Free Report) had its price objective raised by equities research analysts at Citizens Jmp from $180.00 to $225.00 in a report issued on Monday, Benzinga reports. The brokerage presently has a "market outperform" rating on the stock. Citizens Jmp's price target would suggest a potential upside of 15.27% from the stock's previous close.

OKTA has been the topic of a number of other reports. Wall Street Zen downgraded shares of Okta from a "buy" rating to a "hold" rating in a research note on Saturday. Robert W. Baird boosted their target price on Okta from $200.00 to $235.00 and gave the company an "outperform" rating in a research note on Friday. HC Wainwright initiated coverage on Okta in a report on Monday, July 6th. They set a "buy" rating for the company. Weiss Ratings raised Okta from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, September 16th. Finally, Royal Bank Of Canada increased their price objective on Okta from $195.00 to $230.00 and gave the stock an "outperform" rating in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $199.56.

Okta Price Performance

Shares of OKTA opened at $195.19 on Monday. The business's 50-day moving average is $158.62 and its 200-day moving average is $120.07. The company has a market capitalization of $34.12 billion, a price-to-earnings ratio of 117.59, a P/E/G ratio of 6.07 and a beta of 0.79. Okta has a fifty-two week low of $62.66 and a fifty-two week high of $212.50.

Okta (NASDAQ:OKTA - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $793.00 million. Okta had a net margin of 9.63% and a return on equity of 4.50%. The firm's revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm posted $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. Equities research analysts expect that Okta will post 1.92 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Brett Tighe sold 41,251 shares of the firm's stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $162.44, for a total value of $6,700,812.44. Following the transaction, the chief financial officer directly owned 7,693 shares in the company, valued at approximately $1,249,650.92. This trade represents a 84.28% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available 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 Okta stock in a transaction on Wednesday, July 8th. The stock was 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 in the company, valued at $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 have sold a total of 206,702 shares of company stock valued at $34,034,508 over the last 90 days. 4.61% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Okta

A number of hedge funds have recently bought and sold shares of the company. QRG Capital Management Inc. acquired a new stake in shares of Okta in the second quarter valued at about $1,025,000. Andra AP fonden bought a new stake in Okta during the 2nd quarter valued at approximately $961,000. Junto Capital Management LP bought a new stake in Okta during the 2nd quarter valued at approximately $45,486,000. National Pension Service boosted its stake in Okta by 23.2% during the 2nd quarter. National Pension Service now owns 43,893 shares of the company's stock valued at $5,989,000 after purchasing an additional 8,257 shares during the period. Finally, NewEdge Advisors LLC grew its holdings in Okta by 521.5% in the 2nd quarter. NewEdge Advisors LLC now owns 2,828 shares of the company's stock valued at $386,000 after buying an additional 2,373 shares during the last quarter. 86.64% of the stock is currently owned by 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.

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