Royal Bank of Canada Has $22.31 Million Position in Okta, Inc. $OKTA

Royal Bank of Canada lifted its position in shares of Okta, Inc. (NASDAQ:OKTA) by 112.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 283,507 shares of the company’s stock after purchasing an additional 149,955 shares during the period. Royal Bank of Canada owned 0.16% of Okta worth $22,314,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of OKTA. Robeco Institutional Asset Management B.V. increased its holdings in shares of Okta by 52.9% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 465,370 shares of the company’s stock valued at $40,241,000 after purchasing an additional 161,069 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Okta during the 4th quarter worth about $3,122,000. Swedbank AB lifted its stake in shares of Okta by 124.3% during the 4th quarter. Swedbank AB now owns 1,819,081 shares of the company’s stock worth $157,296,000 after buying an additional 1,007,915 shares during the last quarter. Diversify Wealth Management LLC bought a new stake in shares of Okta during the 1st quarter worth about $2,077,000. Finally, Torque Asset Management LLC grew its stake in Okta by 40.5% in the 4th quarter. Torque Asset Management LLC now owns 289,141 shares of the company’s stock valued at $25,002,000 after buying an additional 83,337 shares during the last quarter. 86.64% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Truist Financial increased their price target on shares of Okta from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, May 29th. BMO Capital Markets upped their target price on Okta from $95.00 to $120.00 and gave the company an “outperform” rating in a research report on Friday, May 29th. Piper Sandler increased their target price on Okta from $82.00 to $105.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Capital One Financial set a $171.00 price target on Okta and gave the stock an “overweight” rating in a report on Thursday, July 16th. Finally, Raymond James Financial lowered Okta from a “buy” rating to a “strong sell” rating in a report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $121.81.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $147.04 on Thursday. The company’s 50 day simple moving average is $132.40 and its 200 day simple moving average is $98.73. The stock has a market capitalization of $25.56 billion, a price-to-earnings ratio of 106.55, a price-to-earnings-growth ratio of 5.31 and a beta of 0.77. Okta, Inc. has a 1 year low of $62.66 and a 1 year high of $157.00.

Okta (NASDAQ:OKTA) last released 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 return on equity of 4.15% and a net margin of 8.24%.The firm had revenue of $765.00 million during the quarter, compared to analysts’ expectations of $751.84 million. During the same period in the prior year, the company earned $0.86 earnings per share. The company’s quarterly revenue was up 11.2% on a year-over-year basis. 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, analysts anticipate that Okta, Inc. will post 1.75 EPS for the current fiscal year.

Insider Buying and Selling at Okta

In other news, CFO Brett Tighe sold 65,000 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $117.25, for a total value of $7,621,250.00. Following the completion of the transaction, the chief financial officer owned 119,680 shares of the company’s stock, valued at approximately $14,032,480. This represents a 35.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Larissa Schwartz sold 2,463 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the insider owned 25,241 shares in the company, valued at approximately $3,028,920. The trade was a 8.89% 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 sold 167,847 shares of company stock worth $22,039,842 over the last quarter. 4.61% of the stock is currently owned by company insiders.

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.