Okta (NASDAQ:OKTA) Stock Price Down 6.7% – Time to Sell?

Okta, Inc. (NASDAQ:OKTA) shares fell 6.7% during mid-day trading on Friday . The company traded as low as $139.00 and last traded at $138.8660. Approximately 2,138,713 shares changed hands during trading, a decline of 41% from the average daily volume of 3,643,611 shares. The stock had previously closed at $148.84.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Barclays boosted their price target on shares of Okta from $93.00 to $120.00 and gave the company an “overweight” rating in a report on Friday, May 29th. Wall Street Zen downgraded shares of Okta from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. JPMorgan Chase & Co. upped their target price on shares of Okta from $103.00 to $114.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. Morgan Stanley assumed coverage on shares of Okta in a research report on Monday. They issued a “neutral” rating for the company. Finally, BMO Capital Markets raised their price target on shares of Okta from $95.00 to $120.00 and gave the stock an “outperform” rating in a research note on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $118.97.

Okta Price Performance

The stock has a market capitalization of $24.10 billion, a P/E ratio of 100.94, a PEG ratio of 5.28 and a beta of 0.77. The company’s 50 day simple moving average is $110.00 and its two-hundred day simple moving average is $91.67.

Okta (NASDAQ:OKTA) last announced its earnings results on Thursday, May 28th. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.85 by $0.06. The business had revenue of $765.00 million for the quarter, compared to the consensus estimate of $751.84 million. Okta had a return on equity of 4.15% and a net margin of 8.24%.Okta’s revenue was up 11.2% compared to the same quarter last year. During the same period in the previous year, the business earned $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. On average, research analysts anticipate that Okta, Inc. will post 1.75 earnings per share for the current fiscal year.

Insider Activity

In other Okta news, Director Shellye L. Archambeau sold 2,500 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $85.00, for a total value of $212,500.00. Following the completion of the sale, 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 legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Larissa Schwartz sold 2,463 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $120.00, for a total transaction of $295,560.00. Following the completion of the transaction, the insider directly owned 25,241 shares of the company’s stock, valued at approximately $3,028,920. This represents a 8.89% 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. Over the last quarter, insiders have sold 105,288 shares of company stock worth $12,426,956. 4.61% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Elevation Wealth Partners LLC increased its position 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 buying an additional 264 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in shares of 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 acquiring an additional 218 shares during the period. SHP Wealth Management acquired a new stake in shares of Okta during the fourth quarter worth $27,000. Torren Management LLC bought a new stake in Okta in the 4th quarter valued at $32,000. Finally, Spire Wealth Management boosted its stake in Okta by 30.8% in the 4th quarter. Spire Wealth Management now owns 505 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares during the period. 86.64% of the stock is currently owned by institutional investors.

About Okta

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.