Cantor Fitzgerald Boosts Okta (NASDAQ:OKTA) Price Target to $170.00

Key Points

• Cantor Fitzgerald raised Okta’s price target from $125 to $170 and maintained an “overweight” rating, implying about 20.4% upside from the prior close.
• Analyst sentiment is broadly positive: Okta has a consensus “Moderate Buy” rating and an average price target of $135.32, based on one Strong Buy, 30 Buy, 11 Hold and two Sell ratings.
• Okta’s latest quarterly results exceeded expectations, with adjusted earnings of $0.91 per share versus $0.85 expected and revenue of $765 million versus $751.84 million anticipated; revenue increased 11.2% year over year.

Okta (NASDAQ:OKTA - Get Free Report) had its target price boosted by research analysts at Cantor Fitzgerald from $125.00 to $170.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Cantor Fitzgerald's price objective indicates a potential upside of 20.39% from the company's previous close.

Several other equities research analysts have also recently weighed in on OKTA. Weiss Ratings raised shares of Okta from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, June 3rd. Citizens Jmp upgraded Okta from a "market perform" rating to an "outperform" rating and set a $170.00 price objective for the company in a research report on Wednesday, August 12th. The Goldman Sachs Group assumed coverage on Okta in a research note on Monday, July 6th. They issued a "buy" rating on the stock. HC Wainwright started coverage on Okta in a research report on Monday, July 6th. They issued a "buy" rating on the stock. Finally, Arete Research set a $127.00 target price on Okta and gave the stock a "buy" rating in a research note on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, thirty have given a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Okta presently has a consensus rating of "Moderate Buy" and a consensus target price of $135.32.

Okta Stock Performance

OKTA opened at $141.21 on Thursday. Okta has a fifty-two week low of $62.66 and a fifty-two week high of $157.00. The company has a market capitalization of $24.54 billion, a P/E ratio of 102.33, a P/E/G ratio of 5.17 and a beta of 0.77. The stock has a fifty day moving average of $137.58 and a 200-day moving average of $102.77.

Okta (NASDAQ:OKTA - Get Free Report) last issued its quarterly earnings data on Thursday, May 28th. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.06. The business had revenue of $765.00 million during the quarter, compared to analysts' expectations of $751.84 million. Okta had a net margin of 8.24% and a return on equity of 4.15%. The business's revenue was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.86 EPS. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. On average, equities research analysts predict that Okta will post 1.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Okta

In related news, insider Eric Robert Kelleher sold 3,977 shares of the business's stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $114.10, for a total value of $453,775.70. Following the sale, the insider owned 19,618 shares of the company's stock, valued at $2,238,413.80. The trade was a 16.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Larissa Schwartz sold 24,971 shares of the stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $134.13, for a total value of $3,349,360.23. Following the completion of the sale, the insider owned 23,477 shares of the company's stock, valued at $3,148,970.01. The trade was a 51.54% 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 sold a total of 165,347 shares of company stock worth $21,827,342 over the last ninety days. Insiders own 4.61% of the company's stock.

Hedge Funds Weigh In On Okta

Hedge funds have recently made changes to their positions in the stock. CX Institutional raised its holdings in Okta by 5.1% during 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 boosted its position in shares of Okta by 10.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,333 shares of the company's stock valued at $105,000 after purchasing an additional 129 shares in the last quarter. SteelPeak Wealth LLC boosted its position in shares of Okta by 2.8% during the 1st quarter. SteelPeak Wealth LLC now owns 5,166 shares of the company's stock valued at $407,000 after purchasing an additional 140 shares in the last quarter. Utah Retirement Systems grew its stake in 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 purchasing an additional 163 shares during the period. Finally, Kestra Advisory Services LLC grew its stake in Okta by 1.7% during the fourth quarter. Kestra Advisory Services LLC now owns 9,685 shares of the company's stock worth $837,000 after purchasing an additional 166 shares during the period. 86.64% of the stock is currently owned by institutional investors.

About Okta

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.

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