Okta (NASDAQ:OKTA) Price Target Raised to $170.00

Key Points

• Oppenheimer raised Okta’s price target to $170 from $125 and maintained an “outperform” rating, implying 12.75% upside from the prior close.
• Analysts collectively rate Okta a “Moderate Buy,” with a consensus price target of $123.06; recent views range from “buy” and “overweight” to “hold” and “sell.”
• Okta exceeded quarterly expectations, reporting $0.91 in EPS versus $0.85 expected and $765 million in revenue versus $751.84 million forecast, while revenue increased 11.2% year over year.

Okta (NASDAQ:OKTA - Get Free Report) had its target price raised by equities researchers at Oppenheimer from $125.00 to $170.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Oppenheimer's target price would suggest a potential upside of 12.75% from the company's previous close.

Several other research firms have also recently weighed in on OKTA. Piper Sandler lifted their price objective on Okta from $82.00 to $105.00 and gave the company a "neutral" rating in a research report on Friday, May 29th. HSBC cut Okta from a "buy" rating to a "hold" rating in a research note on Monday, July 6th. Morgan Stanley assumed coverage on Okta in a research note on Monday, July 6th. They issued a "neutral" rating on the stock. Weiss Ratings raised Okta from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, June 3rd. Finally, JPMorgan Chase & Co. boosted their target price on shares of Okta from $103.00 to $114.00 and gave the company an "overweight" rating in a report on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Okta currently has a consensus rating of "Moderate Buy" and a consensus target price of $123.06.

Okta Stock Performance

Shares of OKTA stock opened at $150.77 on Tuesday. Okta has a fifty-two week low of $62.66 and a fifty-two week high of $157.00. The firm has a market cap of $26.21 billion, a P/E ratio of 109.25, a P/E/G ratio of 5.33 and a beta of 0.77. The business's 50 day moving average price is $134.10 and its 200-day moving average price is $99.97.

Okta (NASDAQ:OKTA - Get Free Report) last announced its earnings results on Thursday, May 28th. The company reported $0.91 EPS for the quarter, beating analysts' consensus estimates of $0.85 by $0.06. The company had revenue of $765.00 million during the quarter, compared to the consensus estimate of $751.84 million. Okta had a return on equity of 4.15% and a net margin of 8.24%.The firm's revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $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, equities analysts predict that Okta will post 1.75 EPS for the current year.

Insider Activity

In other Okta news, insider Eric Robert Kelleher sold 3,977 shares of the company's stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $114.10, for a total transaction of $453,775.70. Following the transaction, the insider owned 19,618 shares in the company, valued at approximately $2,238,413.80. This represents a 16.86% decrease in their position. The transaction was disclosed in a legal 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, Director Shellye L. Archambeau sold 2,500 shares of the firm's stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $85.00, for a total transaction of $212,500.00. Following the sale, the director directly owned 9,192 shares in the company, valued at approximately $781,320. The trade was a 21.38% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 167,847 shares of company stock valued at $22,039,842. Company insiders own 4.61% of the company's stock.

Institutional Trading of Okta

Several large investors have recently modified their holdings of the company. SHP Wealth Management bought a new position in shares of Okta in the 4th quarter worth approximately $27,000. Torren Management LLC bought a new position in Okta in the fourth quarter worth approximately $32,000. MassMutual Private Wealth & Trust FSB grew its position in shares of Okta by 279.5% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 296 shares of the company's stock valued at $40,000 after acquiring an additional 218 shares during the period. V Square Quantitative Management LLC bought a new position in Okta in the 4th quarter worth $56,000. Finally, Assetmark Inc. lifted its position in shares of Okta by 81.1% during the 1st quarter. Assetmark Inc. now owns 719 shares of the company's stock valued at $57,000 after buying an additional 322 shares in the last quarter. Institutional investors own 86.64% of the company's stock.

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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