Smith Group Asset Management LLC Has $29.68 Million Position in Okta, Inc. $OKTA

Smith Group Asset Management LLC grew its position in shares of Okta, Inc. (NASDAQ:OKTA) by 9.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 377,105 shares of the company’s stock after purchasing an additional 32,078 shares during the quarter. Smith Group Asset Management LLC’s holdings in Okta were worth $29,682,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Integrated Wealth Concepts LLC acquired a new stake in Okta during the 1st quarter worth approximately $225,000. NewEdge Advisors LLC increased its position in Okta by 853.4% in the 1st quarter. NewEdge Advisors LLC now owns 5,530 shares of the company’s stock valued at $582,000 after acquiring an additional 4,950 shares during the period. Sivia Capital Partners LLC acquired a new position in Okta in the 2nd quarter valued at approximately $244,000. Invesco Ltd. raised its stake in shares of Okta by 34.1% during the second quarter. Invesco Ltd. now owns 430,844 shares of the company’s stock valued at $43,071,000 after acquiring an additional 109,614 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake 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 acquiring an additional 893 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors.

Okta Stock Down 0.9%

OKTA opened at $136.21 on Wednesday. Okta, Inc. has a twelve month low of $62.66 and a twelve month high of $157.00. The company has a fifty day moving average of $126.21 and a 200-day moving average of $96.64. The stock has a market cap of $23.67 billion, a PE ratio of 98.70, a price-to-earnings-growth ratio of 4.94 and a beta of 0.77.

Okta (NASDAQ:OKTA) last released its 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 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%. Okta’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter 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. Sell-side analysts anticipate that Okta, Inc. will post 1.75 EPS for the current fiscal year.

Insider Transactions at Okta

In other news, insider Eric Robert Kelleher sold 3,977 shares of the business’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $114.10, for a total value of $453,775.70. Following 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 document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Larissa Schwartz sold 24,971 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $134.13, for a total value of $3,349,360.23. Following the sale, the insider owned 23,477 shares in the company, valued at approximately $3,148,970.01. The trade was a 51.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 174,224 shares of company stock worth $22,534,353. Corporate insiders own 4.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on OKTA shares. Raymond James Financial cut shares of Okta from a “buy” rating to a “strong sell” rating in a research note on Monday, July 6th. Arete Research set a $127.00 target price on Okta and gave the stock a “buy” rating in a research report on Tuesday, May 26th. HSBC downgraded Okta from a “buy” rating to a “hold” rating in a report on Monday, July 6th. BTIG Research upped their price target on Okta from $119.00 to $136.00 and gave the company a “buy” rating in a research report on Thursday, June 25th. Finally, Canaccord Genuity Group increased their price target on Okta from $95.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $121.81.

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.