Wall Street Zen downgraded shares of Okta (NASDAQ:OKTA – Free Report) from a buy rating to a hold rating in a report released on Monday,Wall Street Zen reports.
Several other research analysts have also weighed in on OKTA. Bank of America upped their target price on shares of Okta from $170.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, September 24th. Oppenheimer increased their target price on shares of Okta from $190.00 to $227.00 and gave the company an “outperform” rating in a report on Thursday, September 24th. Evercore reiterated an “outperform” rating and set a $240.00 price target on shares of Okta in a research report on Thursday, September 24th. TD Cowen boosted their price target on Okta from $175.00 to $200.00 and gave the stock a “hold” rating in a research note on Thursday, September 24th. Finally, Citigroup reissued a “market outperform” rating on shares of Okta in a research note on Thursday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $201.10.
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Okta Stock Performance
Okta (NASDAQ:OKTA – Get Free Report) last posted its quarterly earnings results 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. The business had revenue of $805.00 million for the quarter, compared to analysts’ expectations of $793.00 million. Okta had a net margin of 9.63% and a return on equity of 4.50%. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.91 EPS. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. Sell-side analysts predict that Okta will post 1.92 EPS for the current year.
Insider Buying and Selling
In related news, insider Eric Kelleher sold 6,395 shares of the stock in a transaction dated Friday, September 18th. The shares were sold at an average price of $183.58, for a total value of $1,173,994.10. Following the sale, the insider directly owned 18,668 shares of the company’s stock, valued at approximately $3,427,071.44. This represents a 25.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd McKinnon sold 48,822 shares of the firm’s stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $193.48, for a total transaction of $9,446,080.56. Following the transaction, the chief executive officer owned 44,029 shares of the company’s stock, valued at $8,518,730.92. This trade represents a 52.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 137,766 shares of company stock worth $23,927,112 in the last three months. Corporate insiders own 4.61% of the company’s stock.
Institutional Trading of Okta
Several institutional investors and hedge funds have recently modified their holdings of OKTA. Burkett Financial Services LLC acquired a new stake in Okta during the 3rd quarter valued at $26,000. Polaris Financial Partners purchased a new position in Okta during the third quarter worth $36,000. Washington Trust Advisors Inc. increased its position in Okta by 64.2% during the second quarter. Washington Trust Advisors Inc. now owns 197 shares of the company’s stock worth $27,000 after buying an additional 77 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its position in Okta by 279.5% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 296 shares of the company’s stock worth $40,000 after buying an additional 218 shares in the last quarter. Finally, SHP Wealth Management acquired a new position in shares of Okta in the fourth quarter worth $27,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.
About Okta
Okta, Inc is an identity and access management company that helps organizations secure and manage access to applications, systems, devices and digital services. Its platform is designed to support employees, contractors, partners, customers and other users across cloud-based and on-premises environments.
Okta’s products include single sign-on, multifactor authentication, lifecycle management, identity governance, privileged access and identity threat protection. Through its Workforce Identity Cloud and Customer Identity Cloud, the company provides tools for workforce access management and for integrating authentication and authorization capabilities into customer-facing applications.
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