Insider Buying: Okta (NASDAQ:OKTA) Director Purchases 3,712 Shares of Stock

Okta, Inc. (NASDAQ:OKTA) Director David Schellhase bought 3,712 shares of the stock in a transaction on Thursday, April 16th. The stock was acquired at an average cost of $72.04 per share, for a total transaction of $267,412.48. Following the acquisition, the director directly owned 3,712 shares in the company, valued at approximately $267,412.48. The trade was a ? increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Okta Stock Up 4.9%

NASDAQ OKTA traded up $3.51 during trading on Monday, hitting $75.76. The company’s stock had a trading volume of 4,852,833 shares, compared to its average volume of 3,544,159. Okta, Inc. has a 52 week low of $62.66 and a 52 week high of $127.57. The firm has a market cap of $13.40 billion, a P/E ratio of 57.83, a price-to-earnings-growth ratio of 2.81 and a beta of 0.76. The firm has a 50 day moving average price of $77.35 and a 200 day moving average price of $84.05.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Wednesday, March 4th. The company reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.05. The company had revenue of $761.00 million during the quarter, compared to analysts’ expectations of $749.87 million. Okta had a return on equity of 4.18% and a net margin of 8.05%.Okta’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.78 earnings per share. Okta has set its FY 2027 guidance at 3.740-3.820 EPS and its Q1 2027 guidance at 0.840-0.860 EPS. On average, equities analysts expect that Okta, Inc. will post 1.61 earnings per share for the current year.

Okta declared that its board has approved a stock buyback plan on Monday, January 5th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to purchase up to 6.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms have issued reports on OKTA. Weiss Ratings restated a “hold (c-)” rating on shares of Okta in a research report on Thursday, January 22nd. Wolfe Research began coverage on shares of Okta in a research report on Thursday. They set an “outperform” rating for the company. BMO Capital Markets upgraded shares of Okta from a “market perform” rating to an “outperform” rating and increased their target price for the company from $83.00 to $97.00 in a research note on Friday, March 6th. Cantor Fitzgerald decreased their target price on Okta from $115.00 to $100.00 and set an “overweight” rating on the stock in a research report on Friday, February 27th. Finally, TD Cowen lowered their price target on Okta from $115.00 to $105.00 and set a “hold” rating on the stock in a research note on Tuesday, February 24th. Twenty-nine equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Okta currently has an average rating of “Moderate Buy” and a consensus price target of $101.95.

Hedge Funds Weigh In On Okta

A number of hedge funds have recently made changes to their positions in OKTA. Root Financial Partners LLC acquired a new stake in shares of Okta during the 3rd quarter valued at about $26,000. Elevation Wealth Partners LLC increased its stake in Okta by 825.0% in the fourth quarter. Elevation Wealth Partners LLC now owns 296 shares of the company’s stock valued at $26,000 after acquiring an additional 264 shares during the period. SHP Wealth Management acquired a new position in Okta in the fourth quarter worth about $27,000. Torren Management LLC acquired a new position in Okta in the fourth quarter worth about $32,000. Finally, Aster Capital Management DIFC Ltd bought a new position in Okta during the third quarter worth about $34,000. 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.