4,342 Shares in Okta, Inc. $OKTA Acquired by Sheets Smith Wealth Management

Sheets Smith Wealth Management bought a new stake in Okta, Inc. (NASDAQ:OKTA) during the 1st quarter, Holdings Channel.com reports. The institutional investor bought 4,342 shares of the company’s stock, valued at approximately $342,000.

Several other institutional investors have also recently added to or reduced their stakes in OKTA. BI Asset Management Fondsmaeglerselskab A S increased its holdings in shares of Okta by 30.6% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 27,631 shares of the company’s stock worth $2,175,000 after buying an additional 6,481 shares in the last quarter. Diversified Trust Co boosted its holdings in shares of Okta by 3.0% in the 1st quarter. Diversified Trust Co now owns 13,683 shares of the company’s stock worth $1,077,000 after acquiring an additional 399 shares in the last quarter. Corient Private Wealth LLC boosted its holdings in shares of Okta by 60.2% in the 4th quarter. Corient Private Wealth LLC now owns 17,914 shares of the company’s stock worth $1,549,000 after acquiring an additional 6,732 shares in the last quarter. Hsbc Holdings PLC grew its position in Okta by 12.1% during the 4th quarter. Hsbc Holdings PLC now owns 381,546 shares of the company’s stock worth $33,038,000 after acquiring an additional 41,162 shares during the last quarter. Finally, SHP Wealth Management acquired a new stake in Okta during the 4th quarter valued at $27,000. 86.64% of the stock is owned by institutional investors.

Okta Price Performance

Shares of OKTA stock opened at $117.81 on Monday. The firm has a market cap of $20.48 billion, a price-to-earnings ratio of 85.37, a PEG ratio of 4.27 and a beta of 0.80. Okta, Inc. has a 12 month low of $62.66 and a 12 month high of $142.35. The stock has a 50-day moving average price of $92.57 and a 200 day moving average price of $87.11.

Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Thursday, May 28th. The company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.06. Okta had a net margin of 8.24% and a return on equity of 4.15%. The firm had revenue of $765.00 million for the quarter, compared to analysts’ expectations of $751.84 million. During the same period last year, the firm earned $0.86 earnings per share. The business’s revenue for the quarter 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. Sell-side analysts predict that Okta, Inc. will post 1.74 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. BMO Capital Markets lifted their price objective on Okta from $95.00 to $120.00 and gave the company an “outperform” rating in a research report on Friday, May 29th. Raymond James Financial upgraded Okta from a “market perform” rating to an “outperform” rating and set a $85.00 target price for the company in a research note on Thursday, April 16th. Berenberg Bank lifted their price target on Okta from $120.00 to $135.00 and gave the company a “buy” rating in a report on Friday, May 29th. Mizuho downgraded shares of Okta from an “outperform” rating to a “neutral” rating and upped their price target for the stock from $110.00 to $125.00 in a research report on Tuesday, June 2nd. Finally, Seaport Research Partners downgraded shares of Okta to a “neutral” rating in a research note on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $114.14.

Insider Activity

In other news, insider Larissa Schwartz sold 24,971 shares of the business’s stock in a transaction dated 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 transaction, the insider directly owned 23,477 shares in the company, valued at approximately $3,148,970.01. The trade was a 51.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Shellye L. Archambeau sold 2,500 shares of the company’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $85.00, for a total transaction of $212,500.00. Following the completion of the sale, the director owned 9,192 shares of the company’s stock, valued at approximately $781,320. This represents a 21.38% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 130,938 shares of company stock valued at $14,191,725. Insiders own 4.61% of the company’s stock.

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.