BTIG Research Raises Okta (NASDAQ:OKTA) Price Target to $219.00

by · The Cerbat Gem

Okta (NASDAQ:OKTA – Get Free Report) had its price target raised by analysts at BTIG Research from $187.00 to $219.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. BTIG Research’s price objective would suggest a potential upside of 16.42% from the stock’s previous close.

OKTA has been the subject of several other reports. Susquehanna boosted their price target on shares of Okta from $110.00 to $185.00 and gave the stock a “neutral” rating in a research note on Friday, August 28th. DA Davidson raised their price objective on Okta from $165.00 to $190.00 and gave the company a “buy” rating in a research note on Thursday, August 27th. New Street Research set a $200.00 price objective on Okta in a report on Thursday, August 27th. Oppenheimer boosted their target price on Okta from $170.00 to $190.00 and gave the company an “outperform” rating in a research note on Thursday, August 27th. Finally, Scotiabank restated an “outperform” rating and set a $190.00 target price on shares of Okta in a report on Thursday, August 27th. One research analyst has rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, Okta presently has an average rating of “Moderate Buy” and an average target price of $175.11.

View Our Latest Research Report on Okta

Okta Price Performance

Shares of NASDAQ OKTA opened at $188.12 on Thursday. The stock has a market capitalization of $32.89 billion, a P/E ratio of 113.33, a PEG ratio of 5.93 and a beta of 0.79. Okta has a one year low of $62.66 and a one year high of $191.99. The firm’s 50 day simple moving average is $151.86 and its two-hundred day simple moving average is $114.18.

Okta (NASDAQ:OKTA – Get Free Report) last announced its quarterly earnings data on Wednesday, August 26th. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.09. Okta had a net margin of 9.63% and a return on equity of 4.50%. The firm had revenue of $805.00 million during the quarter, compared to analyst estimates of $793.00 million. During the same period in the previous year, the business posted $0.91 EPS. The business’s quarterly revenue was up 10.6% on a year-over-year basis. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. As a group, equities analysts expect that Okta will post 1.92 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Brett Tighe sold 41,251 shares of the company’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $162.44, for a total transaction of $6,700,812.44. Following the completion of the transaction, the chief financial officer directly owned 7,693 shares of the company’s stock, valued at approximately $1,249,650.92. This represents a 84.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Kelleher sold 2,549 shares of the stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $168.55, for a total transaction of $429,633.95. Following the sale, the insider owned 17,069 shares of the company’s stock, valued at approximately $2,876,979.95. This represents a 12.99% 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. Insiders sold 153,948 shares of company stock worth $23,709,993 in the last quarter. Insiders own 4.61% of the company’s stock.

Institutional Investors Weigh In On Okta

Institutional investors and hedge funds have recently bought and sold shares of the business. Junto Capital Management LP bought a new stake in shares of Okta in the 2nd quarter worth approximately $45,486,000. National Pension Service raised its holdings in shares of Okta by 23.2% during the second quarter. National Pension Service now owns 43,893 shares of the company’s stock valued at $5,989,000 after acquiring an additional 8,257 shares in the last quarter. NewEdge Advisors LLC lifted its stake in Okta by 521.5% in the second quarter. NewEdge Advisors LLC now owns 2,828 shares of the company’s stock worth $386,000 after acquiring an additional 2,373 shares during the period. GFG Capital LLC boosted its holdings in Okta by 12.0% in the second quarter. GFG Capital LLC now owns 33,971 shares of the company’s stock valued at $4,635,000 after acquiring an additional 3,639 shares in the last quarter. Finally, Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD bought a new stake in Okta in the second quarter valued at $3,444,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Company Profile

(Get Free Report)

Okta, Inc provides cloud-based identity and access management solutions for organizations. Its platform helps businesses securely connect employees, customers, partners and applications while managing authentication, authorization and user access across cloud, on-premises and mobile environments.

The company’s offerings include single sign-on, multifactor authentication, adaptive access controls, lifecycle management, identity governance and privileged access capabilities. Through its Customer Identity Cloud, powered by Auth0, Okta also provides tools for developers and businesses to embed authentication and authorization features into applications and digital services.

Founded in 2009 by Todd McKinnon and Frederic Kerrest, Okta completed its initial public offering in 2017.

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