JPMorgan Chase & Co. Issues Positive Forecast for Okta (NASDAQ:OKTA) Stock Price

Key Points

• JPMorgan raised its Okta price target from $120 to $165 and maintained an “overweight” rating, implying approximately 21.1% upside. Analysts overall assign the stock a “Moderate Buy” rating with an average price target of $140.54.
• Okta’s latest quarterly results exceeded expectations, with adjusted earnings of $0.91 per share versus the $0.85 consensus and revenue of $765 million versus $751.84 million expected. Revenue increased 11.2% year over year.
• Okta shares rose 1.6% to $136.25, while institutional investors own 86.64% of the stock. Insiders have recently sold shares, including CEO Todd McKinnon’s sale of nearly $10.1 million under a pre-arranged trading plan.

Okta (NASDAQ:OKTA - Get Free Report) had its price target increased by stock analysts at JPMorgan Chase & Co. from $120.00 to $165.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective points to a potential upside of 21.10% from the stock's current price.

A number of other equities analysts have also weighed in on OKTA. KeyCorp reiterated an "overweight" rating and issued a $180.00 price target on shares of Okta in a research report on Friday. Piper Sandler raised their price objective on shares of Okta from $82.00 to $105.00 and gave the company a "neutral" rating in a research report on Friday, May 29th. Truist Financial upped their target price on shares of Okta from $120.00 to $165.00 and gave the stock a "buy" rating in a report on Wednesday. TD Cowen increased their price target on Okta from $105.00 to $160.00 and gave the stock a "hold" rating in a research note on Monday. Finally, Royal Bank Of Canada increased their target price on Okta from $145.00 to $166.00 and gave the stock an "outperform" rating in a research report on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $140.54.

Okta Trading Up 1.6%

NASDAQ OKTA traded up $2.09 on Friday, hitting $136.25. 752,911 shares of the company traded hands, compared to its average volume of 3,460,286. The business's 50 day moving average price is $137.92 and its 200-day moving average price is $103.12. Okta has a 52-week low of $62.66 and a 52-week high of $157.00. The company has a market capitalization of $23.68 billion, a price-to-earnings ratio of 98.73, a P/E/G ratio of 5.08 and a beta of 0.77.

Okta (NASDAQ:OKTA - Get Free Report) last issued its quarterly earnings results on Thursday, May 28th. The company reported $0.91 EPS for the quarter, topping analysts' consensus estimates 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 return on equity of 4.15% and a net margin of 8.24%.The business's quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.86 earnings per share. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. As a group, sell-side analysts predict that Okta will post 1.75 earnings per share for the current year.

Insider Transactions at Okta

In related news, CEO Todd Mckinnon sold 68,936 shares of the business's stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $146.62, for a total value of $10,107,396.32. Following the sale, the chief executive officer directly owned 38,484 shares in the company, valued at approximately $5,642,524.08. The trade was a 64.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $120.00, for a total value of $295,560.00. Following the transaction, the insider directly owned 25,241 shares of the company's stock, valued at approximately $3,028,920. The trade was a 8.89% 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. Over the last ninety days, insiders sold 165,347 shares of company stock valued at $21,827,342. 4.61% of the stock is owned by company insiders.

Institutional Trading of Okta

Several hedge funds have recently made changes to their positions in the business. Norges Bank purchased a new stake in Okta in the fourth quarter worth $175,193,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Okta by 71.9% during 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. First Trust Advisors LP boosted its stake in shares of Okta by 28.2% during the fourth quarter. First Trust Advisors LP now owns 6,030,090 shares of the company's stock valued at $521,422,000 after purchasing an additional 1,326,051 shares during the period. Alyeska Investment Group L.P. grew its holdings in shares of Okta by 276.9% in the third quarter. Alyeska Investment Group L.P. now owns 1,403,499 shares of the company's stock worth $128,701,000 after purchasing an additional 1,031,083 shares during the last quarter. Finally, Swedbank AB grew its holdings in shares of 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 purchasing an additional 1,007,915 shares during the last quarter. 86.64% of the stock is currently owned by hedge funds and other 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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