Robertson Stephens Wealth Management LLC Takes $613,000 Position in Okta, Inc. $OKTA

Robertson Stephens Wealth Management LLC purchased a new stake in shares of Okta, Inc. (NASDAQ:OKTA) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 7,084 shares of the company’s stock, valued at approximately $613,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Spire Wealth Management boosted its position in shares of Okta by 30.8% during the 4th quarter. Spire Wealth Management now owns 505 shares of the company’s stock valued at $44,000 after acquiring an additional 119 shares during the last quarter. Allworth Financial LP lifted its position in Okta by 6.4% in the third quarter. Allworth Financial LP now owns 2,251 shares of the company’s stock valued at $206,000 after buying an additional 135 shares during the last quarter. Choreo LLC lifted its position in Okta by 2.0% in the third quarter. Choreo LLC now owns 7,239 shares of the company’s stock valued at $664,000 after buying an additional 140 shares during the last quarter. Raiffeisen Bank International AG lifted its position in Okta by 3.9% in the third quarter. Raiffeisen Bank International AG now owns 4,369 shares of the company’s stock valued at $410,000 after buying an additional 166 shares during the last quarter. Finally, Westpac Banking Corp lifted its position in Okta by 10.6% in the third quarter. Westpac Banking Corp now owns 1,851 shares of the company’s stock valued at $170,000 after buying an additional 177 shares during the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

Okta Stock Performance

Shares of OKTA opened at $75.78 on Monday. The stock has a market capitalization of $13.40 billion, a PE ratio of 57.85, a P/E/G ratio of 2.95 and a beta of 0.59. Okta, Inc. has a 1 year low of $62.66 and a 1 year high of $127.57. The company’s 50-day simple moving average is $75.64 and its 200-day simple moving average is $83.05.

Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Wednesday, March 4th. The company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.05. The business had revenue of $761.00 million for the quarter, compared to analysts’ expectations of $749.87 million. Okta had a net margin of 8.05% and a return on equity of 4.18%. The business’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.78 earnings per share. Okta has set its FY 2027 guidance at 3.740-3.820 EPS and its Q1 2027 guidance at 0.840-0.860 EPS. On average, sell-side analysts predict that Okta, Inc. will post 1.61 earnings per share for the current year.

Okta announced that its board has authorized a share buyback program on Monday, January 5th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 6.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Okta

In other news, Director David Schellhase bought 3,712 shares of the business’s stock in a transaction that occurred on Thursday, April 16th. The shares were purchased at an average cost of $72.04 per share, for a total transaction of $267,412.48. Following the completion of the purchase, the director owned 3,712 shares of the company’s stock, valued at approximately $267,412.48. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Jonathan James Addison sold 23,304 shares of the company’s stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $77.79, for a total transaction of $1,812,818.16. Following the sale, the executive owned 4,364 shares in the company, valued at $339,475.56. The trade was a 84.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 63,843 shares of company stock valued at $5,071,889. Corporate insiders own 5.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. BMO Capital Markets raised shares of Okta from a “market perform” rating to an “outperform” rating and upped their target price for the company from $83.00 to $97.00 in a research report on Friday, March 6th. Wolfe Research assumed coverage on shares of Okta in a research report on Thursday, April 16th. They issued an “outperform” rating on the stock. Jefferies Financial Group decreased their target price on shares of Okta from $125.00 to $105.00 and set a “buy” rating on the stock in a research report on Monday, March 2nd. Canaccord Genuity Group decreased their target price on shares of Okta from $120.00 to $95.00 and set a “buy” rating on the stock in a research report on Thursday, March 5th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $134.00 target price on shares of Okta in a research report on Friday, March 6th. Twenty-nine analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Okta currently has a consensus rating of “Moderate Buy” and an average target price of $101.95.

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.