Okta (NASDAQ:OKTA) Sets New 52-Week High - Here's Why

Key Points

• Okta hit a new 52-week high, trading as high as $142.94 and last changing hands around $141.49, up about 3.6% on the day.
• Recent analyst sentiment has improved, with multiple firms raising price targets and several issuing buy-equivalent ratings. Okta now has a consensus “Moderate Buy” rating and a consensus target price of $116.83.
• Latest earnings came in ahead of expectations, with Q1 EPS of $0.91 versus the $0.85 estimate and revenue of $765 million above forecasts. Revenue also rose 11.2% year over year, while the company guided to FY 2027 EPS of 3.790-3.870.

Okta, Inc. (NASDAQ:OKTA - Get Free Report) reached a new 52-week high on Wednesday . The stock traded as high as $142.94 and last traded at $141.4850, with a volume of 2269909 shares. The stock had previously closed at $136.45.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. BTIG Research raised their target price on Okta from $119.00 to $136.00 and gave the stock a "buy" rating in a research report on Thursday, June 25th. Arete Research set a $127.00 price objective on Okta and gave the stock a "buy" rating in a research note on Tuesday, May 26th. DA Davidson raised their price objective on Okta from $110.00 to $130.00 and gave the stock a "buy" rating in a research report on Friday, May 29th. Raymond James Financial raised Okta from a "market perform" rating to an "outperform" rating and set a $85.00 target price on the stock in a research note on Thursday, April 16th. Finally, Cantor Fitzgerald increased 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. One investment analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Okta has a consensus rating of "Moderate Buy" and a consensus target price of $116.83.

Okta Stock Up 3.6%

The business has a 50-day moving average of $100.41 and a 200-day moving average of $88.94. The stock has a market cap of $24.56 billion, a price-to-earnings ratio of 102.65, a PEG ratio of 4.72 and a beta of 0.80.

Okta (NASDAQ:OKTA - Get Free Report) last issued its earnings results on Thursday, May 28th. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.06. The company had revenue of $765.00 million for the quarter, compared to analyst estimates of $751.84 million. Okta had a return on equity of 4.15% and a net margin of 8.24%.The business's revenue was up 11.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.86 EPS. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. Equities analysts anticipate that Okta, Inc. will post 1.75 earnings per share for the current year.

Insider Transactions at Okta

In other news, Director Shellye L. Archambeau sold 2,500 shares of the firm's stock in a transaction on Monday, May 18th. The shares were sold at an average price of $85.00, for a total transaction of $212,500.00. Following the transaction, the director owned 9,192 shares in the company, valued at approximately $781,320. This trade represents a 21.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Robert Kelleher sold 3,977 shares of the company's stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $114.10, for a total transaction of $453,775.70. Following the completion of the sale, the insider owned 19,618 shares of the company's stock, valued at $2,238,413.80. This represents a 16.86% 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 three months, insiders sold 111,665 shares of company stock valued at $12,935,522. Insiders own 4.61% of the company's stock.

Institutional Trading of Okta

Institutional investors and hedge funds have recently made changes to their positions in the stock. Elevation Wealth Partners LLC raised its stake 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 acquiring an additional 264 shares in the last quarter. SHP Wealth Management bought a new stake in Okta during the fourth quarter worth approximately $27,000. Torren Management LLC acquired a new position in Okta during the fourth quarter valued at approximately $32,000. Aster Capital Management DIFC Ltd bought a new position in shares of Okta in the third quarter valued at approximately $34,000. Finally, Spire Wealth Management raised its position in shares of Okta by 30.8% in 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 during the period. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.