California State Teachers Retirement System Boosts Stake in Okta, Inc. $OKTA

California State Teachers Retirement System raised its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 13,755.2% during the 2nd quarter, Holdings Channel reports. The fund owned 36,276,597 shares of the company’s stock after purchasing an additional 36,014,770 shares during the period. California State Teachers Retirement System owned about 0.21% of Okta worth $4,949,942,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Integrated Wealth Concepts LLC bought a new stake in Okta during the first quarter valued at about $225,000. NewEdge Advisors LLC raised its holdings 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 purchasing an additional 4,950 shares in the last quarter. Sivia Capital Partners LLC bought a new position in Okta in the second quarter worth about $244,000. Invesco Ltd. raised its holdings in Okta by 34.1% in the second quarter. Invesco Ltd. now owns 430,844 shares of the company’s stock worth $43,071,000 after purchasing an additional 109,614 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Okta by 122.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,621 shares of the company’s stock valued at $162,000 after buying an additional 893 shares during the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Okta Stock Performance

Shares of NASDAQ OKTA opened at $172.74 on Thursday. Okta, Inc. has a fifty-two week low of $62.66 and a fifty-two week high of $174.85. The company has a market cap of $30.20 billion, a PE ratio of 104.06, a P/E/G ratio of 5.21 and a beta of 0.79. The business has a 50-day simple moving average of $148.34 and a two-hundred day simple moving average of $110.38.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Wednesday, August 26th. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.09. The firm had revenue of $805.00 million for the quarter, compared to the consensus estimate of $793.00 million. Okta had a net margin of 9.63% and a return on equity of 4.50%. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.91 earnings per share. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. On average, sell-side analysts predict that Okta, Inc. will post 1.92 earnings per share for the current fiscal year.

Insider Activity at Okta

In other Okta news, CFO Brett Tighe sold 41,251 shares of the firm’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $162.44, for a total value of $6,700,812.44. Following the completion of the transaction, the chief financial officer owned 7,693 shares of the company’s stock, valued at approximately $1,249,650.92. This trade represents a 84.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Kelleher sold 3,977 shares of Okta stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $114.10, for a total transaction of $453,775.70. Following the sale, the insider owned 19,618 shares of the company’s stock, valued at $2,238,413.80. The trade was a 16.86% 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 155,376 shares of company stock worth $23,734,135 in the last quarter. 4.61% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Oppenheimer raised their price target on shares of Okta from $170.00 to $190.00 and gave the company an “outperform” rating in a report on Thursday, August 27th. Jefferies Financial Group boosted their price objective on shares of Okta from $170.00 to $200.00 and gave the stock a “buy” rating in a research note on Thursday, August 27th. Scotiabank reissued an “outperform” rating and set a $190.00 target price on shares of Okta in a research report on Thursday, August 27th. KeyCorp raised their target price on shares of Okta from $180.00 to $190.00 and gave the company an “overweight” rating in a research note on Thursday, August 27th. Finally, Needham & Company LLC lifted their price target on shares of Okta from $140.00 to $200.00 and gave the stock a “buy” rating in a report on Thursday, August 27th. One investment analyst has rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $172.92.

Okta Company Profile

Okta, Inc provides cloud-based identity and access management solutions for organizations. Its platform helps businesses securely connect employees, customers, partners and applications while managing authentication, authorization and user access across cloud, on-premises and mobile environments.

The company’s offerings include single sign-on, multifactor authentication, adaptive access controls, lifecycle management, identity governance and privileged access capabilities. Through its Customer Identity Cloud, powered by Auth0, Okta also provides tools for developers and businesses to embed authentication and authorization features into applications and digital services.

Founded in 2009 by Todd McKinnon and Frederic Kerrest, Okta completed its initial public offering in 2017.