Quantinno Capital Management LP grew its stake in Okta, Inc. (NASDAQ:OKTA – Free Report) by 114.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 746,009 shares of the company’s stock after purchasing an additional 397,951 shares during the period. Quantinno Capital Management LP’s holdings in Okta were worth $58,718,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Integrated Wealth Concepts LLC purchased a new position in shares of Okta during the 1st quarter valued at approximately $225,000. NewEdge Advisors LLC boosted its holdings in 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 in the last quarter. Sivia Capital Partners LLC acquired a new stake in Okta during the second quarter valued at $244,000. Invesco Ltd. grew its position in Okta by 34.1% during 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 increased its holdings in Okta by 122.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,621 shares of the company’s stock valued at $162,000 after buying an additional 893 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts have weighed in on OKTA shares. Wolfe Research assumed coverage on shares of Okta in a research report on Thursday, April 16th. They issued an “outperform” rating for the company. Truist Financial lifted their price target on Okta from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, May 29th. The Goldman Sachs Group initiated coverage on Okta in a report on Monday, July 6th. They issued a “buy” rating for the company. Royal Bank Of Canada increased their price target on Okta from $108.00 to $122.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. Finally, Wall Street Zen lowered Okta from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. One investment analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $121.81.
Okta Stock Up 0.5%
OKTA opened at $136.91 on Thursday. The company has a market cap of $23.80 billion, a PE ratio of 99.21, a price-to-earnings-growth 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 has a 50-day moving average price of $127.17 and a 200 day moving average price of $96.94.
Okta (NASDAQ:OKTA – Get Free Report) last posted its quarterly earnings data on Thursday, May 28th. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.85 by $0.06. The company had revenue of $765.00 million during the quarter, compared to analyst estimates of $751.84 million. Okta had a return on equity of 4.15% and a net margin of 8.24%.Okta’s quarterly revenue was up 11.2% on a year-over-year basis. 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. As a group, sell-side analysts expect that Okta, Inc. will post 1.75 earnings per share for the current year.
Insider Activity at Okta
In related news, insider Larissa Schwartz sold 2,463 shares of the company’s 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 completion of the sale, the insider owned 25,241 shares of the company’s stock, valued at approximately $3,028,920. This represents a 8.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Mckinnon sold 68,936 shares of the stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $146.62, for a total transaction of $10,107,396.32. Following the completion of the sale, the chief executive officer owned 38,484 shares of the company’s stock, valued at approximately $5,642,524.08. The trade was a 64.17% 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. Insiders have sold a total of 174,224 shares of company stock worth $22,534,353 over the last 90 days. 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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