IFS Group LLC Buys New Shares in Okta, Inc. $OKTA

IFS Group LLC bought a new position in shares of Okta, Inc. (NASDAQ:OKTA) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 4,765 shares of the company’s stock, valued at approximately $375,000.

Several other large investors have also recently added to or reduced their stakes in the company. First Trust Advisors LP raised its stake in Okta by 28.2% during the fourth quarter. First Trust Advisors LP now owns 6,030,090 shares of the company’s stock worth $521,422,000 after acquiring an additional 1,326,051 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Okta by 71.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,553,091 shares of the company’s stock worth $281,209,000 after purchasing an additional 1,485,963 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Okta by 1.8% during the 4th quarter. Geode Capital Management LLC now owns 3,261,303 shares of the company’s stock valued at $281,246,000 after purchasing an additional 57,605 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Okta by 2.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,495,389 shares of the company’s stock valued at $215,776,000 after buying an additional 69,653 shares in the last quarter. Finally, Pictet Asset Management Holding SA grew its holdings in shares of Okta by 28.4% during the first quarter. Pictet Asset Management Holding SA now owns 2,490,681 shares of the company’s stock worth $195,844,000 after purchasing an additional 550,328 shares during the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

Okta Trading Up 0.5%

Shares of Okta stock opened at $136.91 on Thursday. The stock’s fifty day simple moving average is $127.17 and its 200 day simple moving average is $96.94. The company has a market capitalization of $23.80 billion, a PE ratio of 99.21, a PEG ratio of 4.90 and a beta of 0.77. Okta, Inc. has a 12 month low of $62.66 and a 12 month high of $157.00.

Okta (NASDAQ:OKTA) last posted its earnings results on Thursday, May 28th. The company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.06. The firm had revenue of $765.00 million during the quarter, compared to analysts’ expectations of $751.84 million. Okta had a return on equity of 4.15% and a net margin of 8.24%.The company’s revenue was up 11.2% on a year-over-year basis. During the same period in the previous year, the firm 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. Analysts predict that Okta, Inc. will post 1.75 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently weighed in on OKTA shares. HSBC lowered shares of Okta from a “buy” rating to a “hold” rating in a report on Monday, July 6th. Wolfe Research assumed coverage on Okta in a research note on Thursday, April 16th. They set an “outperform” rating on the stock. Cantor Fitzgerald lifted their price objective on Okta from $110.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, May 29th. HC Wainwright started coverage on shares of Okta in a research note on Monday, July 6th. They issued a “buy” rating on the stock. Finally, Citigroup reissued an “outperform” rating on shares of Okta in a research note on Friday, May 29th. One investment 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 issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $121.81.

Insider Buying and Selling at Okta

In other news, insider Eric Robert Kelleher sold 3,977 shares of the stock in a transaction on 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 represents a 16.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Shellye L. Archambeau sold 2,500 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $85.00, for a total transaction of $212,500.00. Following the sale, the director owned 9,192 shares in the company, valued at approximately $781,320. The trade was a 21.38% decrease in their ownership of the stock. 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 sold 174,224 shares of company stock worth $22,534,353 in the last quarter. Company insiders own 4.61% of the company’s stock.

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.