Quantinno Capital Management LP Buys 397,951 Shares of Okta, Inc. $OKTA

Quantinno Capital Management LP boosted its position in shares of Okta, Inc. (NASDAQ:OKTA) by 114.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 746,009 shares of the company’s stock after buying an additional 397,951 shares during the quarter. Quantinno Capital Management LP owned 0.42% of Okta worth $58,718,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC purchased a new position in Okta during the 1st quarter worth $225,000. NewEdge Advisors LLC raised its stake 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 buying an additional 4,950 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in Okta during the second quarter worth $244,000. Invesco Ltd. boosted its position in Okta by 34.1% during the 2nd quarter. Invesco Ltd. now owns 430,844 shares of the company’s stock valued at $43,071,000 after acquiring an additional 109,614 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Okta by 122.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,621 shares of the company’s stock valued at $162,000 after acquiring an additional 893 shares during the period. 86.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Canaccord Genuity Group lifted their target price on Okta from $95.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, May 29th. Susquehanna lifted their price objective on shares of Okta from $80.00 to $110.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Seaport Research Partners cut shares of Okta to a “neutral” rating in a research report on Thursday, April 16th. Sanford C. Bernstein downgraded Okta from an “outperform” rating to a “hold” rating in a research report on Monday, July 6th. Finally, The Goldman Sachs Group started coverage on Okta in a research report on Monday, July 6th. They issued a “buy” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Okta currently has a consensus rating of “Moderate Buy” and an average target price of $121.81.

Insider Activity at Okta

In other Okta news, CEO Todd Mckinnon sold 68,936 shares of the firm’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $146.62, for a total transaction of $10,107,396.32. Following the completion of the transaction, the chief executive officer directly owned 38,484 shares of the company’s stock, valued at approximately $5,642,524.08. This trade represents a 64.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brett Tighe sold 65,000 shares of Okta stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $117.25, for a total transaction of $7,621,250.00. Following the sale, the chief financial officer owned 119,680 shares of the company’s stock, valued at approximately $14,032,480. The trade was a 35.20% 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 a total of 174,224 shares of company stock worth $22,534,353 in the last ninety days. 4.61% of the stock is owned by company insiders.

Okta Price Performance

NASDAQ OKTA opened at $136.91 on Thursday. The company has a market cap of $23.80 billion, a price-to-earnings ratio of 99.21, a PEG ratio of 4.90 and a beta of 0.77. The stock’s fifty day moving average price is $127.17 and its 200 day moving average price is $96.94. Okta, Inc. has a 1 year low of $62.66 and a 1 year high of $157.00.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Thursday, May 28th. The company reported $0.91 earnings per share for the quarter, beating 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 business had revenue of $765.00 million for the quarter, compared to the consensus estimate of $751.84 million. During the same quarter in the previous year, the business earned $0.86 EPS. The company’s quarterly revenue 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. Research analysts expect that Okta, Inc. will post 1.75 earnings per share for the current year.

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.