Okta, Inc. (NASDAQ:OKTA – Get Free Report)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock 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.
Key Okta News
Here are the key news stories impacting Okta this week:
- Positive Sentiment: Okta has been highlighted for its potential role in AI-driven cybersecurity, and a recent analyst upgrade helped fuel bullish sentiment around the company’s long-term growth story. Why Okta (OKTA) Is Up 13.2% After Index Removal And AI Cybersecurity Upgrade – And What’s Next
- Positive Sentiment: Okta remains near a 52-week high, reflecting strong momentum and continued investor interest in the identity-security name. Okta (NASDAQ:OKTA) Reaches New 52-Week High – Time to Buy?
- Positive Sentiment: Vonage launched a Protection Suite for Okta that adds fraud-protected MFA delivery, reinforcing Okta’s ecosystem and customer security value proposition. Vonage Launches Protection Suite for Okta for Secure MFA Delivery
- Neutral Sentiment: Okta was removed from several Russell growth indexes, a technical change that can affect index-linked flows and may create short-term volatility without changing the company’s core business outlook. Okta (OKTA) Left Russell Growth Indexes, Is The Stock Fairly Valued?
- Negative Sentiment: Recent commentary notes Okta has been slipping after a strong advance, suggesting some investors are locking in gains and reassessing valuation after the run-up. Okta (OKTA) Suffers a Larger Drop Than the General Market: Key Insights
Analyst Ratings Changes
Several analysts have recently weighed in on OKTA shares. KeyCorp increased their price target on shares of Okta from $120.00 to $130.00 and gave the company an “overweight” rating in a research note on Thursday, June 25th. UBS Group raised their target price on Okta from $115.00 to $150.00 and gave the stock a “buy” rating in a research note on Tuesday, June 9th. JPMorgan Chase & Co. lifted their target price on Okta from $103.00 to $114.00 and gave the company an “overweight” rating in a research report on Thursday, May 28th. The Goldman Sachs Group started coverage on Okta in a research note on Monday. They issued a “buy” rating on the stock. Finally, Truist Financial increased their price target on Okta from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $117.69.
Okta Stock Down 1.1%
The business’s fifty day moving average is $108.55 and its two-hundred day moving average is $91.25. The stock has a market cap of $25.51 billion, a price-to-earnings ratio of 106.36, a PEG ratio of 5.34 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, beating the consensus estimate of $0.85 by $0.06. The company had revenue of $765.00 million during the quarter, compared to analysts’ expectations of $751.84 million. Okta had a net margin of 8.24% and a return on equity of 4.15%. During the same quarter last year, the company posted $0.86 EPS. The firm’s revenue 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. As a group, sell-side analysts expect that Okta, Inc. will post 1.75 earnings per share for the current year.
Insider Buying and Selling at Okta
In related news, CFO Brett Tighe sold 65,000 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $117.25, for a total value of $7,621,250.00. Following the transaction, the chief financial officer owned 119,680 shares of the company’s stock, valued at $14,032,480. This represents a 35.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available 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 stock was sold at an average price of $85.00, for a total value of $212,500.00. Following the sale, the director directly owned 9,192 shares in the company, valued at $781,320. This trade represents a 21.38% 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. In the last 90 days, insiders sold 105,288 shares of company stock valued at $12,426,956. 4.61% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Large investors have recently modified their holdings of the stock. Norges Bank acquired a new stake in Okta during the 4th quarter worth $175,193,000. Allspring Global Investments Holdings LLC boosted its stake in Okta by 71.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,553,091 shares of the company’s stock valued at $281,209,000 after acquiring an additional 1,485,963 shares in the last quarter. First Trust Advisors LP boosted its stake in Okta by 28.2% in the fourth quarter. First Trust Advisors LP now owns 6,030,090 shares of the company’s stock valued at $521,422,000 after acquiring an additional 1,326,051 shares in the last quarter. Alyeska Investment Group L.P. grew its holdings in shares of Okta by 276.9% during the third quarter. Alyeska Investment Group L.P. now owns 1,403,499 shares of the company’s stock worth $128,701,000 after purchasing an additional 1,031,083 shares during the last quarter. Finally, Swedbank AB grew its holdings in shares of Okta by 124.3% during the fourth quarter. Swedbank AB now owns 1,819,081 shares of the company’s stock worth $157,296,000 after purchasing an additional 1,007,915 shares during the last quarter. 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.
See Also
- Five stocks we like better than Okta
- A Market Panic Just Discounted the AI Highway’s Tollbooth
- Why Exxon Could Be the Market’s Next Big Comeback Stock
- The Market Just Got Shaken—These 3 ETFs May Come Out Stronger
- Meta Platforms’ Cloud Push: Growth Opportunity Versus AI Concerns
Receive News & Ratings for Okta Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Okta and related companies with MarketBeat.com's FREE daily email newsletter.
