Infrastructure Capital Advisors LLC Takes Position in Okta, Inc. $OKTA

Infrastructure Capital Advisors LLC purchased a new stake in shares of Okta, Inc. (NASDAQ:OKTA) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 5,150 shares of the company’s stock, valued at approximately $445,000.

A number of other hedge funds and other institutional investors have also modified their holdings of OKTA. Norges Bank bought a new position in shares of Okta during the 4th quarter valued at $175,193,000. First Trust Advisors LP raised its holdings in shares of Okta by 28.2% during the 4th quarter. First Trust Advisors LP now owns 6,030,090 shares of the company’s stock valued at $521,422,000 after purchasing an additional 1,326,051 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Okta by 113.7% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,067,128 shares of the company’s stock worth $172,895,000 after acquiring an additional 1,099,962 shares during the period. Vanguard Group Inc. raised its holdings in Okta by 5.7% in the 3rd quarter. Vanguard Group Inc. now owns 19,803,227 shares of the company’s stock worth $1,815,956,000 after acquiring an additional 1,074,977 shares during the period. Finally, Alyeska Investment Group L.P. raised its holdings in Okta by 276.9% in the 3rd quarter. Alyeska Investment Group L.P. now owns 1,403,499 shares of the company’s stock worth $128,701,000 after acquiring an additional 1,031,083 shares during the period. Institutional investors own 86.64% of the company’s stock.

Okta Price Performance

NASDAQ OKTA opened at $113.03 on Thursday. The firm has a market capitalization of $19.65 billion, a price-to-earnings ratio of 81.91, a P/E/G ratio of 4.21 and a beta of 0.80. The company’s fifty day moving average is $90.96 and its two-hundred day moving average is $86.59. Okta, Inc. has a 52-week low of $62.66 and a 52-week high of $142.35.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Thursday, May 28th. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.06. The company had revenue of $765.00 million for the quarter, compared to analyst estimates of $751.84 million. Okta had a net margin of 8.24% and a return on equity of 4.15%. The business’s quarterly revenue was up 11.2% on a year-over-year basis. During the same period last year, the business posted $0.86 EPS. 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, sell-side analysts expect that Okta, Inc. will post 1.74 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on OKTA shares. Scotiabank lifted their target price on shares of Okta from $80.00 to $105.00 and gave the stock a “sector perform” rating in a report on Friday, May 29th. Stifel Nicolaus dropped their target price on shares of Okta from $121.00 to $92.00 and set a “buy” rating on the stock in a report on Thursday, March 5th. Cantor Fitzgerald lifted their target price on shares of Okta from $110.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, May 29th. BTIG Research lifted their target price on shares of Okta from $105.00 to $119.00 and gave the stock a “buy” rating in a report on Friday, May 29th. Finally, Berenberg Bank lifted their target price on shares of Okta from $120.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $114.14.

Insider Buying and Selling

In other Okta news, insider Eric Robert Kelleher sold 2,409 shares of the firm’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $80.00, for a total value of $192,720.00. Following the sale, the insider directly owned 15,470 shares in the company, valued at $1,237,600. This trade represents a 13.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Larissa Schwartz sold 24,971 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $134.13, for a total transaction of $3,349,360.23. Following the completion of the sale, the insider owned 23,477 shares in the company, valued at $3,148,970.01. This represents a 51.54% 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. Over the last ninety days, insiders sold 142,201 shares of company stock worth $15,104,140. 4.61% of the stock is currently owned by corporate 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.