OP Asset Management Ltd Purchases New Stake in Okta, Inc. $OKTA

OP Asset Management Ltd purchased a new stake in shares of Okta, Inc. (NASDAQ:OKTA) in the 1st quarter, Holdings Channel reports. The fund purchased 18,052 shares of the company’s stock, valued at approximately $1,421,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Banque Cantonale Vaudoise increased its holdings in shares of Okta by 14.6% in the first quarter. Banque Cantonale Vaudoise now owns 32,756 shares of the company’s stock valued at $2,578,000 after purchasing an additional 4,170 shares during the last quarter. LMG Wealth Partners LLC lifted its stake in shares of Okta by 5.3% during the 1st quarter. LMG Wealth Partners LLC now owns 27,385 shares of the company’s stock worth $2,155,000 after buying an additional 1,387 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of Okta by 641.7% during the 1st quarter. SG Americas Securities LLC now owns 392,421 shares of the company’s stock worth $30,887,000 after buying an additional 339,515 shares during the period. Sheets Smith Wealth Management bought a new stake in shares of Okta during the 1st quarter worth about $342,000. Finally, BI Asset Management Fondsmaeglerselskab A S grew its stake in Okta by 30.6% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 27,631 shares of the company’s stock valued at $2,175,000 after buying an additional 6,481 shares during the last quarter. 86.64% of the stock is owned by institutional investors.

Okta Stock Up 5.7%

Shares of NASDAQ:OKTA opened at $131.31 on Tuesday. The company’s 50 day moving average price is $99.13 and its two-hundred day moving average price is $88.61. Okta, Inc. has a 12-month low of $62.66 and a 12-month high of $142.35. The firm has a market cap of $22.82 billion, a PE ratio of 95.15, a PEG ratio of 4.47 and a beta of 0.80.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Thursday, May 28th. The company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.06. The company had revenue of $765.00 million during the quarter, compared to the consensus estimate of $751.84 million. Okta had a net margin of 8.24% and a return on equity of 4.15%. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.86 earnings per share. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. On average, research analysts expect that Okta, Inc. will post 1.75 EPS for the current year.

Insider Activity

In other Okta news, insider Eric Robert 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 value of $453,775.70. Following the completion of the transaction, the insider directly owned 19,618 shares of the company’s stock, valued at $2,238,413.80. The trade was a 16.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director David Schellhase bought 3,712 shares of the business’s stock in a transaction dated Thursday, April 16th. The shares were bought at an average price of $72.04 per share, with a total value of $267,412.48. Following the completion of the transaction, the director owned 3,712 shares in the company, valued at approximately $267,412.48. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 114,074 shares of company stock worth $13,128,242. 4.61% of the stock is currently owned by insiders.

Analyst Ratings Changes

OKTA has been the topic of several research analyst reports. Wells Fargo & Company increased their price target on shares of Okta from $85.00 to $100.00 and gave the company an “equal weight” rating in a report on Friday, May 29th. Berenberg Bank boosted their price objective on Okta from $120.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, May 29th. Mizuho downgraded Okta from an “outperform” rating to a “neutral” rating and upped their target price for the company from $110.00 to $125.00 in a research report on Tuesday, June 2nd. Cantor Fitzgerald increased their target price on Okta from $110.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, May 29th. Finally, Truist Financial lifted their price target on Okta from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $116.83.

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.