Okta (NASDAQ:OKTA) Given New $120.00 Price Target at Truist Financial

Key Points

• Truist Financial raised its price target on Okta from $100 to $120 and kept a buy rating, implying about 26.7% upside from the current share price.
• Okta’s latest quarterly results beat expectations, with EPS of $0.91 and revenue of $765 million, while revenue rose 11.2% year over year.
• Analyst sentiment remains constructive after the earnings report, with multiple firms lifting targets and MarketBeat showing a consensus rating of “Moderate Buy” and an average price target of $107.03.

Okta (NASDAQ:OKTA - Get Free Report) had its target price upped by research analysts at Truist Financial from $100.00 to $120.00 in a report released on Friday,MarketScreener reports. The brokerage presently has a "buy" rating on the stock. Truist Financial's price target points to a potential upside of 26.69% from the company's current price.

A number of other research firms also recently weighed in on OKTA. Wells Fargo & Company boosted their target price on shares of Okta from $76.00 to $85.00 and gave the stock an "equal weight" rating in a report on Thursday, May 21st. Stifel Nicolaus decreased their price objective on Okta from $121.00 to $92.00 and set a "buy" rating on the stock in a research report on Thursday, March 5th. BMO Capital Markets lifted their target price on Okta from $95.00 to $120.00 and gave the stock an "outperform" rating in a report on Friday. Arete Research set a $127.00 price target on Okta and gave the company a "buy" rating in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on Okta from $85.00 to $80.00 and set a "hold" rating for the company in a research report on Thursday, March 5th. One research analyst has rated the stock with a Strong Buy rating, thirty have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Okta currently has an average rating of "Moderate Buy" and a consensus price target of $107.03.

Okta Price Performance

NASDAQ OKTA opened at $94.72 on Friday. Okta has a 1-year low of $62.66 and a 1-year high of $107.84. The business has a 50 day simple moving average of $79.01 and a two-hundred day simple moving average of $82.69. The stock has a market capitalization of $16.76 billion, a PE ratio of 72.31, a P/E/G ratio of 3.49 and a beta of 0.59.

Okta (NASDAQ:OKTA - Get Free Report) last issued its quarterly earnings data on Thursday, May 28th. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.06. Okta had a return on equity of 4.18% and a net margin of 8.05%.The business had revenue of $765.00 million for the quarter, compared to analysts' expectations of $751.84 million. During the same period in the prior year, the firm earned $0.86 EPS. The company's revenue for the quarter was up 11.2% on a year-over-year basis. 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, analysts anticipate that Okta will post 1.61 EPS for the current fiscal year.

Insider Transactions at Okta

In related news, insider Larissa Schwartz sold 1,054 shares of the firm's stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $80.00, for a total transaction of $84,320.00. Following the completion of the sale, the insider directly owned 48,448 shares of the company's stock, valued at approximately $3,875,840. This trade represents a 2.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director David Schellhase acquired 3,712 shares of the company's stock in a transaction that occurred on Thursday, April 16th. The shares were acquired at an average price of $72.04 per share, with a total value of $267,412.48. Following the acquisition, the director owned 3,712 shares in the company, valued at $267,412.48. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 70,884 shares of company stock valued at $5,625,648. Company insiders own 4.61% of the company's stock.

Institutional Investors Weigh In On Okta

Several large investors have recently added to or reduced their stakes in the stock. Glenmede Trust Co. NA increased its position in shares of Okta by 7.0% during the first quarter. Glenmede Trust Co. NA now owns 540,947 shares of the company's stock worth $42,578,000 after acquiring an additional 35,324 shares during the period. Bank of America Corp DE increased its holdings in Okta by 0.4% during the 1st quarter. Bank of America Corp DE now owns 1,496,896 shares of the company's stock worth $117,821,000 after purchasing an additional 6,533 shares during the period. Arkadios Wealth Advisors increased its holdings in Okta by 133.4% during the 1st quarter. Arkadios Wealth Advisors now owns 12,295 shares of the company's stock worth $968,000 after purchasing an additional 7,028 shares during the period. South Dakota Investment Council raised its position in Okta by 11.1% during the 1st quarter. South Dakota Investment Council now owns 47,783 shares of the company's stock valued at $3,761,000 after purchasing an additional 4,777 shares in the last quarter. Finally, IFS Group LLC purchased a new stake in shares of Okta in the 1st quarter worth $375,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

Key Stories Impacting Okta

Here are the key news stories impacting Okta this week:

• Positive Sentiment: Okta beat Q1 expectations with revenue of $765 million and adjusted EPS of $0.91, topping consensus and showing 11.2% year-over-year revenue growth. Okta (OKTA) Q1 Earnings and Revenues Surpass Estimates
• Positive Sentiment: Management issued Q2 and full-year FY2027 guidance above or in line with estimates, reinforcing confidence in execution and future growth. Okta earnings report and conference call materials
• Positive Sentiment: Multiple firms raised targets after the earnings release, including JPMorgan to $114, BTIG to $119, Needham to $120, BMO to $120, Mizuho to $110, and Oppenheimer to $125, signaling stronger Street conviction. Analyst price target updates
• Positive Sentiment: Analysts highlighted improving enterprise momentum and AI-driven identity demand, which could expand Okta’s long-term market opportunity. Okta to Present at Upcoming Investor Conferences
• Neutral Sentiment: Okta announced it will present at upcoming investor conferences, which keeps management in front of investors but is not, by itself, a new operating catalyst. Okta to Present at Upcoming Investor Conferences

Okta Company Profile

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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