Okta (NASDAQ:OKTA) Earns Buy Rating from BTIG Research

Key Points

• BTIG Research has reiterated a "buy" rating for Okta (NASDAQ:OKTA) with a price target of $142.00, indicating a potential upside of 55.72% from the current stock price.
• Okta reported earnings of $0.91 per share, surpassing analyst expectations, while revenues increased by 12.7% year-over-year, reaching approximately $728 million.
• Twenty-two analysts rate Okta as a Buy, suggesting strong market confidence, while institutional investors own 86.64% of the company's stock, indicating significant support from larger stakeholders.

Okta (NASDAQ:OKTA - Get Free Report)'s stock had its "buy" rating reiterated by research analysts at BTIG Research in a research report issued on Friday,Benzinga reports. They presently have a $142.00 price target on the stock. BTIG Research's target price would suggest a potential upside of 55.72% from the stock's current price.

Other equities research analysts also recently issued reports about the company. Citigroup reaffirmed a "market perform" rating on shares of Okta in a research report on Wednesday, August 27th. Zacks Research lowered shares of Okta from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 28th. Wall Street Zen raised Okta from a "hold" rating to a "buy" rating in a research report on Sunday, August 3rd. Cantor Fitzgerald restated an "overweight" rating and issued a $130.00 price target on shares of Okta in a research note on Wednesday, August 27th. Finally, Westpark Capital restated a "buy" rating and issued a $140.00 price objective on shares of Okta in a research note on Wednesday, August 27th. Twenty-two equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $119.14.

Okta Stock Up 1.5%

Shares of Okta stock opened at $91.19 on Friday. The company has a market capitalization of $15.96 billion, a price-to-earnings ratio of 107.28, a PEG ratio of 4.41 and a beta of 0.83. Okta has a 52 week low of $70.92 and a 52 week high of $127.57. The stock's 50-day simple moving average is $92.99 and its 200-day simple moving average is $101.39.

Okta (NASDAQ:OKTA - Get Free Report) last issued its quarterly earnings data on Tuesday, August 26th. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.07. The company had revenue of $728,000 billion for the quarter, compared to analysts' expectations of $711.84 million. Okta had a return on equity of 3.31% and a net margin of 6.08%.The firm's revenue for the quarter was up 12.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.72 earnings per share. Okta has set its FY 2026 guidance at 3.330-3.380 EPS. Q3 2026 guidance at 0.740-0.750 EPS. On average, equities analysts expect that Okta will post 0.42 earnings per share for the current year.

Insider Activity at Okta

In other news, CFO Brett Tighe sold 10,000 shares of the firm's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $95.00, for a total transaction of $950,000.00. Following the completion of the transaction, the chief financial officer directly owned 132,288 shares of the company's stock, valued at approximately $12,567,360. This trade represents a 7.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Todd Mckinnon sold 31,968 shares of Okta stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $92.33, for a total transaction of $2,951,605.44. The disclosure for this sale can be found here. Insiders sold 134,593 shares of company stock worth $12,598,168 in the last ninety days. Company insiders own 5.68% of the company's stock.

Institutional Investors Weigh In On Okta

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wolff Wiese Magana LLC grew its position in shares of Okta by 167.4% during the 1st quarter. Wolff Wiese Magana LLC now owns 246 shares of the company's stock worth $26,000 after buying an additional 154 shares during the period. Pinnacle Bancorp Inc. acquired a new position in Okta during the second quarter valued at approximately $26,000. Wayfinding Financial LLC acquired a new position in Okta during the first quarter valued at approximately $27,000. Harbour Investments Inc. grew its holdings in Okta by 152.4% during the first quarter. Harbour Investments Inc. now owns 260 shares of the company's stock valued at $27,000 after purchasing an additional 157 shares during the period. Finally, Promus Capital LLC acquired a new position in Okta during the second quarter valued at approximately $27,000. Institutional investors and hedge funds own 86.64% of the company's stock.

About Okta

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.

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