Independent Financial Group LLC Purchases New Holdings in Okta, Inc. $OKTA

Independent Financial Group LLC purchased a new position in shares of Okta, Inc. (NASDAQ:OKTA) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 6,796 shares of the company’s stock, valued at approximately $535,000.

Several other large investors also recently modified their holdings of OKTA. First Trust Advisors LP boosted its stake in shares of Okta by 28.2% in 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. Geode Capital Management LLC grew its stake in shares of Okta by 1.8% during the fourth quarter. Geode Capital Management LLC now owns 3,261,303 shares of the company’s stock valued at $281,246,000 after purchasing an additional 57,605 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Okta by 2.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,495,389 shares of the company’s stock valued at $215,776,000 after acquiring an additional 69,653 shares during the last quarter. Pictet Asset Management Holding SA lifted its stake in shares of Okta by 28.4% in the 1st quarter. Pictet Asset Management Holding SA now owns 2,490,681 shares of the company’s stock valued at $195,844,000 after purchasing an additional 550,328 shares during the period. Finally, Ameriprise Financial Inc. lifted its stake in shares of Okta by 9.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,226,676 shares of the company’s stock valued at $204,162,000 after purchasing an additional 189,036 shares during the period. 86.64% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on OKTA. BMO Capital Markets upped their price objective on shares of Okta from $95.00 to $120.00 and gave the company an “outperform” rating in a research report on Friday, May 29th. Scotiabank upgraded shares of Okta from a “sector perform” rating to a “sector outperform” rating and increased their target price for the stock from $135.00 to $165.00 in a report on Monday, July 6th. Capital One Financial set a $171.00 price target on Okta and gave the company an “overweight” rating in a research report on Thursday, July 16th. Morgan Stanley began coverage on shares of Okta in a report on Monday, July 6th. They issued a “neutral” rating on the stock. Finally, Evercore initiated coverage on Okta in a report on Monday, July 6th. They set an “outperform” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $121.81.

Okta Trading Down 0.4%

Shares of OKTA opened at $136.10 on Friday. Okta, Inc. has a 12 month low of $62.66 and a 12 month high of $157.00. The firm’s 50 day moving average is $123.08 and its 200-day moving average is $95.65. The stock has a market capitalization of $23.66 billion, a PE ratio of 98.62, a P/E/G ratio of 4.91 and a beta of 0.77.

Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Thursday, May 28th. The company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.06. The business had revenue of $765.00 million during the quarter, compared to analysts’ expectations of $751.84 million. Okta had a return on equity of 4.15% and a net margin of 8.24%.The firm’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period in the previous year, the company posted $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. Equities research analysts predict that Okta, Inc. will post 1.75 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Brett Tighe sold 65,000 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $117.25, for a total transaction of $7,621,250.00. Following the sale, the chief financial officer directly owned 119,680 shares of the company’s stock, valued at approximately $14,032,480. This represents a 35.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $85.00, for a total value of $212,500.00. Following the completion of the transaction, the director owned 9,192 shares in the company, valued at $781,320. The trade was 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 quarter, insiders sold 174,224 shares of company stock worth $22,534,353. 4.61% of the stock is owned by insiders.

Okta Company 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.