Nykredit A S purchased a new stake in Okta, Inc. (NASDAQ:OKTA – Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 55,702 shares of the company’s stock, valued at approximately $7,601,000.
A number of other hedge funds also recently made changes to their positions in OKTA. Integrated Wealth Concepts LLC acquired a new stake in Okta during the 1st quarter valued at approximately $225,000. NewEdge Advisors LLC increased its position in shares of Okta by 853.4% during the first quarter. NewEdge Advisors LLC now owns 5,530 shares of the company’s stock worth $582,000 after buying an additional 4,950 shares during the period. Sivia Capital Partners LLC bought a new position in Okta during the second quarter worth $244,000. Invesco Ltd. lifted its holdings in Okta by 34.1% in the second quarter. Invesco Ltd. now owns 430,844 shares of the company’s stock valued at $43,071,000 after buying an additional 109,614 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in Okta by 122.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,621 shares of the company’s stock valued at $162,000 after acquiring an additional 893 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors.
Okta Stock Up 0.1%
NASDAQ OKTA opened at $170.60 on Friday. The company has a market cap of $29.82 billion, a price-to-earnings ratio of 102.77, a P/E/G ratio of 5.36 and a beta of 0.79. Okta, Inc. has a 52 week low of $62.66 and a 52 week high of $174.85. The business has a 50 day moving average price of $146.29 and a 200-day moving average price of $108.37.
Key Stories Impacting Okta
Here are the key news stories impacting Okta this week:
- Positive Sentiment: Analyst estimates increased: Scotiabank reportedly raised its earnings estimates for Okta, adding support to the bullish outlook following the company’s better-than-expected quarterly results. Scotiabank Brokers Increase Earnings Estimates for Okta
- Positive Sentiment: Momentum remains favorable: Zacks highlighted Okta as a strong long-term momentum stock, reflecting its improving earnings performance, revenue growth and favorable price trends. The company recently reported revenue of $805 million, up 10.6% year over year, and adjusted EPS of $1.05 versus the $0.96 consensus estimate. Why Okta Is a Top Momentum Stock for the Long-Term
- Positive Sentiment: AI-agent opportunity strengthens the investment case: Commentary suggests Okta could benefit as businesses require identity, access and security controls for AI agents and other automated systems. This supports the company’s longer-term growth narrative. Okta AI Agents Strengthen My Thesis, But Valuation Is Catching Up
- Neutral Sentiment: Identity-security industry discussion: A comparison of Okta’s and Microsoft’s approaches underscores the growing importance of identity security, but does not identify a specific new contract or near-term financial catalyst for OKTA. What Okta and Microsoft’s Approaches Tell Us About the Future of Identity Security
- Negative Sentiment: Valuation is becoming a concern: With shares trading near their 52-week high and at roughly 103 times earnings, bullish coverage cautions that expectations may already reflect much of Okta’s growth potential. Why Okta Is a Top Momentum Stock for the Long Term
- Negative Sentiment: CFO insider selling: CFO Brett Tighe sold a combined 80,000 Okta shares for approximately $12.9 million. Both transactions were conducted under a pre-arranged Rule 10b5-1 plan, which reduces their significance as a discretionary bearish signal, but the scale of the sales could weigh on sentiment. Okta CFO SEC Form 4 Filing
Analysts Set New Price Targets
OKTA has been the topic of a number of recent analyst reports. UBS Group boosted their price objective on Okta from $150.00 to $200.00 and gave the company a “buy” rating in a research note on Thursday, August 27th. Citizens Jmp boosted their price target on Okta from $170.00 to $180.00 and gave the company a “market outperform” rating in a research note on Thursday, August 27th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Okta in a research report on Monday, August 31st. Guggenheim set a $188.00 target price on shares of Okta and gave the company a “buy” rating in a research report on Thursday, August 27th. Finally, KeyCorp increased their target price on shares of Okta from $180.00 to $190.00 and gave the stock an “overweight” rating in a research note on Thursday, August 27th. One analyst has rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Okta has an average rating of “Moderate Buy” and an average price target of $172.92.
View Our Latest Research Report on OKTA
Insider Buying and Selling at Okta
In other Okta news, CFO Brett Tighe sold 65,000 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $117.25, for a total transaction of $7,621,250.00. Following the transaction, the chief financial officer owned 119,680 shares in the company, valued at approximately $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 accessible 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 Okta stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $120.00, for a total transaction of $295,560.00. Following the transaction, the insider owned 25,241 shares of the company’s stock, valued at $3,028,920. This represents a 8.89% 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. In the last three months, insiders have sold 220,376 shares of company stock worth $31,355,385. Corporate insiders own 4.61% of the company’s stock.
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.
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