IFS Group LLC bought a new position in shares of Okta, Inc. (NASDAQ:OKTA – Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,765 shares of the company’s stock, valued at approximately $375,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in OKTA. Spire Wealth Management boosted its stake in shares of Okta by 30.8% during the 4th quarter. Spire Wealth Management now owns 505 shares of the company’s stock worth $44,000 after buying an additional 119 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Okta by 10.7% during the first quarter. EverSource Wealth Advisors LLC now owns 1,333 shares of the company’s stock worth $105,000 after acquiring an additional 129 shares in the last quarter. SteelPeak Wealth LLC boosted its position in Okta by 2.8% during the first quarter. SteelPeak Wealth LLC now owns 5,166 shares of the company’s stock valued at $407,000 after purchasing an additional 140 shares during the last quarter. Utah Retirement Systems grew its stake in Okta by 0.6% in the fourth quarter. Utah Retirement Systems now owns 28,605 shares of the company’s stock valued at $2,473,000 after purchasing an additional 163 shares in the last quarter. Finally, Kestra Advisory Services LLC increased its position in shares of Okta by 1.7% during the 4th quarter. Kestra Advisory Services LLC now owns 9,685 shares of the company’s stock worth $837,000 after purchasing an additional 166 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several research firms have recently commented on OKTA. Weiss Ratings raised Okta from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, June 3rd. JPMorgan Chase & Co. increased their price target 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. Raymond James Financial downgraded shares of Okta from a “buy” rating to a “strong sell” rating in a research report on Monday, July 6th. Seaport Research Partners cut shares of Okta to a “neutral” rating in a report on Thursday, April 16th. Finally, BMO Capital Markets lifted their price target on Okta from $95.00 to $120.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Okta has a consensus rating of “Moderate Buy” and an average price target of $121.81.
Insider Activity
In other news, CFO Brett Tighe sold 65,000 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $117.25, for a total value of $7,621,250.00. Following the completion of the sale, the chief financial officer owned 119,680 shares of the company’s stock, valued at approximately $14,032,480. The trade was a 35.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Shellye L. Archambeau sold 2,500 shares of the company’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $85.00, for a total value of $212,500.00. Following the sale, the director owned 9,192 shares of the company’s stock, valued at approximately $781,320. The trade was a 21.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 174,224 shares of company stock worth $22,534,353. Corporate insiders own 4.61% of the company’s stock.
Okta Stock Up 0.5%
Okta stock opened at $136.91 on Thursday. The stock has a market cap of $23.80 billion, a P/E ratio of 99.21, a P/E/G ratio of 4.90 and a beta of 0.77. Okta, Inc. has a twelve month low of $62.66 and a twelve month high of $157.00. The company’s 50-day moving average price is $127.17 and its two-hundred day moving average price is $96.94.
Okta (NASDAQ:OKTA – Get Free Report) last posted its 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 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%.The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.86 earnings per share. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. Equities analysts anticipate that Okta, Inc. will post 1.75 earnings per share for the current fiscal year.
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.
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