The Manufacturers Life Insurance Company grew its holdings in Okta, Inc. (NASDAQ:OKTA – Free Report) by 21.4% in the first quarter, Holdings Channel.com reports. The firm owned 112,530 shares of the company’s stock after purchasing an additional 19,804 shares during the period. The Manufacturers Life Insurance Company’s holdings in Okta were worth $8,857,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of the business. Integrated Wealth Concepts LLC purchased a new position in shares of Okta during the 1st quarter valued at $225,000. NewEdge Advisors LLC grew its position in Okta by 853.4% in the first quarter. NewEdge Advisors LLC now owns 5,530 shares of the company’s stock worth $582,000 after acquiring an additional 4,950 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in Okta in the second quarter worth approximately $244,000. Invesco Ltd. increased its stake in shares of Okta by 34.1% during the 2nd quarter. Invesco Ltd. now owns 430,844 shares of the company’s stock worth $43,071,000 after purchasing an additional 109,614 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Okta by 122.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,621 shares of the company’s stock worth $162,000 after purchasing an additional 893 shares during the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.
Insiders Place Their Bets
In other Okta news, insider Larissa Schwartz sold 2,463 shares of the company’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $120.00, for a total transaction of $295,560.00. Following the sale, 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. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Robert Kelleher sold 3,977 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $114.10, for a total transaction of $453,775.70. Following the completion of the sale, the insider owned 19,618 shares of the company’s stock, valued at $2,238,413.80. This trade represents a 16.86% 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. Insiders have sold a total of 168,901 shares of company stock valued at $22,124,162 over the last 90 days. 4.61% of the stock is currently owned by company insiders.
Okta Trading Up 4.4%
Okta (NASDAQ:OKTA – Get Free Report) last posted its earnings results on Thursday, May 28th. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.06. Okta had a net margin of 8.24% and a return on equity of 4.15%. The company had revenue of $765.00 million for the quarter, compared to analyst estimates of $751.84 million. During the same period last year, the business posted $0.86 earnings per share. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. 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 predict that Okta, Inc. will post 1.75 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
A number of equities research analysts have issued reports on the company. BMO Capital Markets upped their target price on Okta from $95.00 to $120.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. Scotiabank upgraded shares of Okta from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the stock from $135.00 to $165.00 in a report on Monday, July 6th. KeyCorp lifted their price target on Okta from $130.00 to $175.00 and gave the stock an “overweight” rating in a research report on Friday, July 10th. Berenberg Bank boosted their price target on shares of Okta from $120.00 to $135.00 and gave the company a “buy” rating in a report on Friday, May 29th. Finally, Wells Fargo & Company increased their target price on Okta from $100.00 to $150.00 and gave the stock an “equal weight” rating in a report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $121.81.
View Our Latest Report on Okta
Okta 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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