Northwestern Mutual Wealth Management Co. Has $2.87 Million Stock Holdings in Okta, Inc. $OKTA

Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 74.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 33,235 shares of the company’s stock after buying an additional 14,138 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Okta were worth $2,874,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Elevation Wealth Partners LLC raised its holdings in shares of Okta by 825.0% in the fourth quarter. Elevation Wealth Partners LLC now owns 296 shares of the company’s stock valued at $26,000 after purchasing an additional 264 shares during the last quarter. Torren Management LLC purchased a new stake in shares of Okta in the fourth quarter valued at about $32,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Okta in the third quarter valued at about $34,000. Westside Investment Management Inc. raised its holdings in shares of Okta by 86.9% in the third quarter. Westside Investment Management Inc. now owns 415 shares of the company’s stock valued at $38,000 after purchasing an additional 193 shares during the last quarter. Finally, Spire Wealth Management raised its holdings in shares of Okta by 30.8% in the fourth quarter. Spire Wealth Management now owns 505 shares of the company’s stock valued at $44,000 after purchasing an additional 119 shares during the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

Okta Stock Down 3.9%

Shares of NASDAQ:OKTA opened at $118.72 on Friday. The firm has a market capitalization of $21.00 billion, a PE ratio of 86.03, a P/E/G ratio of 4.75 and a beta of 0.80. Okta, Inc. has a twelve month low of $62.66 and a twelve month high of $142.35. The company has a 50-day moving average price of $84.84 and a two-hundred day moving average price of $84.50.

Okta (NASDAQ:OKTA) last issued its earnings results on Thursday, May 28th. The company reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.06. The firm had revenue of $765.00 million during 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%. The company’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter last 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. Analysts anticipate that Okta, Inc. will post 1.63 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. HSBC upgraded shares of Okta to a “buy” rating in a report on Thursday, April 16th. UBS Group set a $85.00 target price on shares of Okta in a report on Thursday, April 16th. Morgan Stanley increased their target price on shares of Okta from $101.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, May 29th. BTIG Research raised their price objective on shares of Okta from $105.00 to $119.00 and gave the stock a “buy” rating in a report on Friday, May 29th. Finally, Piper Sandler raised their price objective on shares of Okta from $82.00 to $105.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Okta has an average rating of “Moderate Buy” and a consensus target price of $112.29.

Insider Activity

In other Okta news, CRO Jonathan James Addison sold 23,304 shares of the stock in a transaction dated Wednesday, March 25th. The shares were sold at an average price of $77.79, for a total transaction of $1,812,818.16. Following the completion of the transaction, the executive owned 4,364 shares in the company, valued at $339,475.56. This trade represents a 84.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Larissa Schwartz sold 24,971 shares of the 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 transaction, the insider owned 23,477 shares of the company’s stock, valued at $3,148,970.01. This represents a 51.54% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 95,855 shares of company stock valued at $8,975,008. 4.61% of the stock is currently owned by corporate insiders.

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.