E. Ohman J or Asset Management AB Has $19.94 Million Position in Okta, Inc. $OKTA

E. Ohman J or Asset Management AB lifted its position in shares of Okta, Inc. (NASDAQ:OKTA) by 2,395.8% in the second quarter, HoldingsChannel.com reports. The fund owned 146,156 shares of the company’s stock after buying an additional 140,300 shares during the period. E. Ohman J or Asset Management AB’s holdings in Okta were worth $19,943,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Integrated Wealth Concepts LLC bought a new stake in Okta during the first quarter worth $225,000. NewEdge Advisors LLC increased its stake in shares of 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 purchasing an additional 4,950 shares during the last quarter. Sivia Capital Partners LLC bought a new position in shares of Okta in the 2nd quarter valued at $244,000. Invesco Ltd. increased its stake in shares of Okta by 34.1% in the 2nd quarter. Invesco Ltd. now owns 430,844 shares of the company’s stock valued at $43,071,000 after purchasing an additional 109,614 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Okta by 122.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,621 shares of the company’s stock worth $162,000 after buying an additional 893 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on OKTA. JPMorgan Chase & Co. raised their price objective on Okta from $103.00 to $114.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. UBS Group boosted their target price on Okta from $115.00 to $150.00 and gave the stock a “buy” rating in a research note on Tuesday, June 9th. Morgan Stanley began coverage on shares of Okta in a report on Monday, July 6th. They issued a “neutral” rating for the company. BTIG Research raised their price target on shares of Okta from $119.00 to $136.00 and gave the company a “buy” rating in a research note on Thursday, June 25th. Finally, Weiss Ratings raised shares of Okta from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, June 3rd. One research 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 assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $121.81.

Okta Stock Up 1.7%

NASDAQ OKTA opened at $150.77 on Tuesday. The company has a market capitalization of $26.21 billion, a price-to-earnings ratio of 109.25, a PEG ratio of 5.33 and a beta of 0.77. Okta, Inc. has a twelve month low of $62.66 and a twelve month high of $157.00. The stock has a fifty day simple moving average of $134.10 and a 200 day simple moving average of $99.97.

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

Insider Activity at Okta

In related news, CEO Todd Mckinnon sold 68,936 shares of Okta stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $146.62, for a total value of $10,107,396.32. Following the transaction, the chief executive officer directly owned 38,484 shares of the company’s stock, valued at $5,642,524.08. The trade was a 64.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 that occurred on Monday, May 18th. The shares were sold at an average price of $85.00, for a total value of $212,500.00. Following the completion of the sale, the director owned 9,192 shares in the company, valued at $781,320. The trade was a 21.38% 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. Insiders sold 167,847 shares of company stock valued at $22,039,842 over the last ninety days. 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.