Okta (NASDAQ:OKTA) Hits New 52-Week High - Time to Buy?

Key Points

• Okta shares hit a new 52-week high, trading as high as $148.85 and closing near $148.60, up about 5.1% on the day. The move came well above its 50-day and 200-day moving averages.
• Recent analyst commentary has been generally positive, with several firms raising price targets after the latest earnings report. MarketBeat data shows Okta now carries a Moderate Buy consensus and an average target price of $117.69.
• Okta’s last quarterly results beat expectations, with EPS of $0.91 versus $0.85 expected and revenue up 11.2% year over year to $765 million. The company also issued FY2027 and Q2 2027 guidance that suggests continued growth.

Okta, Inc. (NASDAQ:OKTA - Get Free Report) shares reached a new 52-week high on Tuesday . The company traded as high as $148.85 and last traded at $148.60, with a volume of 2656751 shares trading hands. The stock had previously closed at $141.42.

Analyst Ratings Changes

Several analysts recently commented on the company. Jefferies Financial Group upgraded Okta from a "buy" rating to a "buy" rating in a research report on Monday. Berenberg Bank increased their target price on shares of Okta from $120.00 to $135.00 and gave the company a "buy" rating in a research report on Friday, May 29th. Seaport Research Partners cut shares of Okta to a "neutral" rating in a research note on Thursday, April 16th. Cantor Fitzgerald boosted their price target on shares of Okta from $110.00 to $125.00 and gave the stock an "overweight" rating in a research report on Friday, May 29th. Finally, Wells Fargo & Company upped their price target on shares of Okta from $85.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Okta currently has an average rating of "Moderate Buy" and an average price target of $117.69.

Okta Stock Up 5.1%

The company has a 50 day moving average of $105.68 and a two-hundred day moving average of $90.43. The firm has a market cap of $25.83 billion, a P/E ratio of 107.68, a PEG ratio of 5.09 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 the consensus estimate of $0.85 by $0.06. Okta had a net margin of 8.24% and a return on equity of 4.15%. The firm had revenue of $765.00 million for the quarter, compared to analysts' expectations of $751.84 million. During the same period in the previous year, the business earned $0.86 earnings per share. Okta's revenue for the quarter was up 11.2% compared to the same quarter last year. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. Research analysts expect that Okta, Inc. will post 1.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Okta

In related news, Director David Schellhase purchased 3,712 shares of the company's stock in a transaction on Thursday, April 16th. The shares were bought at an average price of $72.04 per share, with a total value of $267,412.48. Following the completion of the acquisition, the director owned 3,712 shares of the company's stock, valued at approximately $267,412.48. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing 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 2,463 shares of the stock in a transaction 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 sale, the insider owned 25,241 shares of the company's stock, valued at $3,028,920. This trade represents a 8.89% decrease in their position. 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 quarter, insiders sold 105,288 shares of company stock valued at $12,426,956. Corporate insiders own 4.61% of the company's stock.

Institutional Investors Weigh In On Okta

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Elevation Wealth Partners LLC boosted its position in shares of Okta by 825.0% in the 4th quarter. Elevation Wealth Partners LLC now owns 296 shares of the company's stock valued at $26,000 after purchasing an additional 264 shares during the period. MassMutual Private Wealth & Trust FSB lifted its position in shares of Okta by 279.5% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 296 shares of the company's stock worth $40,000 after purchasing an additional 218 shares in the last quarter. SHP Wealth Management acquired a new stake in shares of Okta during the fourth quarter worth approximately $27,000. Torren Management LLC purchased a new position in Okta during the fourth quarter valued at approximately $32,000. Finally, Spire Wealth Management grew its position in Okta by 30.8% during the fourth quarter. Spire Wealth Management now owns 505 shares of the company's stock valued at $44,000 after purchasing an additional 119 shares in the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

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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