Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD purchased a new position in Okta, Inc. (NASDAQ:OKTA – Free Report) during the 2nd quarter, Holdings Channel reports. The fund purchased 25,239 shares of the company’s stock, valued at approximately $3,444,000.
Several other institutional investors have also recently made changes to their positions in OKTA. SHP Wealth Management purchased a new position in Okta during the fourth quarter valued at approximately $27,000. Washington Trust Advisors Inc. lifted its position in shares of Okta by 64.2% in the second quarter. Washington Trust Advisors Inc. now owns 197 shares of the company’s stock valued at $27,000 after acquiring an additional 77 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Okta by 279.5% in 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. Assetmark Inc. grew its position in shares of Okta by 81.1% during the first quarter. Assetmark Inc. now owns 719 shares of the company’s stock worth $57,000 after purchasing an additional 322 shares in the last quarter. Finally, SJS Investment Consulting Inc. raised its stake in Okta by 1,265.5% during the 1st quarter. SJS Investment Consulting Inc. now owns 751 shares of the company’s stock valued at $59,000 after purchasing an additional 696 shares during the period. Institutional investors own 86.64% of the company’s stock.
Analysts Set New Price Targets
OKTA has been the subject of a number of research reports. BMO Capital Markets upped their target price on shares of Okta from $168.00 to $187.00 and gave the stock an “outperform” rating in a research report on Thursday, August 27th. Guggenheim set a $188.00 price target on shares of Okta and gave the stock a “buy” rating in a research note on Thursday, August 27th. Robert W. Baird increased their price objective on shares of Okta from $175.00 to $185.00 and gave the company an “outperform” rating in a report on Thursday, August 27th. Piper Sandler raised their price objective on Okta from $105.00 to $160.00 and gave the company a “neutral” rating in a research report on Thursday, August 27th. Finally, Royal Bank Of Canada lifted their target price on Okta from $166.00 to $195.00 and gave the stock an “outperform” rating in a report on Thursday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, Okta presently has a consensus rating of “Moderate Buy” and an average price target of $172.92.
Insiders Place Their Bets
In other Okta news, insider Larissa Schwartz sold 2,463 shares of Okta stock in a transaction on 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 sale, the insider directly owned 25,241 shares of the company’s stock, valued at $3,028,920. The trade was a 8.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd McKinnon sold 68,936 shares of Okta stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $146.62, for a total value 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 $5,642,524.08. The trade was a 64.17% 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 ninety days, insiders have sold 155,376 shares of company stock worth $23,734,135. 4.61% of the stock is currently owned by company insiders.
Okta Trading Down 1.8%
Shares of OKTA opened at $167.60 on Wednesday. Okta, Inc. has a twelve month low of $62.66 and a twelve month high of $174.85. The company has a market cap of $29.30 billion, a P/E ratio of 100.96, a P/E/G ratio of 5.31 and a beta of 0.79. The company’s fifty day simple moving average is $147.69 and its 200-day simple moving average is $109.74.
Okta (NASDAQ:OKTA – Get Free Report) last issued its quarterly earnings results on Wednesday, August 26th. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.09. Okta had a return on equity of 4.50% and a net margin of 9.63%.The firm had revenue of $805.00 million for the quarter, compared to the consensus estimate of $793.00 million. During the same period in the prior year, the business posted $0.91 earnings per share. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. Analysts predict that Okta, Inc. will post 1.92 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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