Entropy Technologies LP Makes New Investment in Okta, Inc. $OKTA

Entropy Technologies LP bought a new position in Okta, Inc. (NASDAQ:OKTA) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 34,143 shares of the company’s stock, valued at approximately $2,952,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of OKTA. Integrated Wealth Concepts LLC purchased a new stake in Okta in the 1st quarter worth approximately $225,000. NewEdge Advisors LLC grew its stake in Okta by 853.4% in the 1st quarter. NewEdge Advisors LLC now owns 5,530 shares of the company’s stock worth $582,000 after acquiring an additional 4,950 shares during the period. Sivia Capital Partners LLC purchased a new stake in shares of Okta during the 2nd quarter valued at $244,000. Invesco Ltd. grew its stake in shares of Okta by 34.1% during the 2nd quarter. Invesco Ltd. now owns 430,844 shares of the company’s stock valued at $43,071,000 after buying an additional 109,614 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake 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 valued at $162,000 after buying an additional 893 shares during the period. 86.64% of the stock is owned by hedge funds and other institutional investors.

Okta Price Performance

NASDAQ:OKTA opened at $116.29 on Monday. The firm has a 50-day moving average of $88.83 and a two-hundred day moving average of $85.85. The stock has a market cap of $20.21 billion, a P/E ratio of 84.27, a PEG ratio of 4.21 and a beta of 0.80. Okta, Inc. has a 1-year low of $62.66 and a 1-year high of $142.35.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data 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 analysts’ expectations of $751.84 million. Okta had a net margin of 8.24% and a return on equity of 4.15%. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.86 EPS. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. As a group, equities analysts expect that Okta, Inc. will post 1.74 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on OKTA. Truist Financial boosted their price objective on shares of Okta from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, May 29th. Susquehanna boosted their price objective on shares of Okta from $80.00 to $110.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Barclays boosted their price objective on shares of Okta from $93.00 to $120.00 and gave the company an “overweight” rating in a research note on Friday, May 29th. Berenberg Bank boosted their price objective on shares of Okta from $120.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, May 29th. Finally, DA Davidson boosted their price objective on shares of Okta from $110.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Okta presently has an average rating of “Moderate Buy” and an average price target of $114.14.

Insider Buying and Selling

In other Okta news, CEO Todd Mckinnon sold 11,263 shares of the company’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $81.01, for a total value of $912,415.63. Following the completion of the transaction, the chief executive officer directly owned 97,083 shares of the company’s stock, valued at $7,864,693.83. This represents a 10.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 transaction of $3,349,360.23. Following the completion of the transaction, the insider directly owned 23,477 shares of the company’s stock, valued at approximately $3,148,970.01. The trade was a 51.54% decrease in their ownership of the stock. 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. Insiders sold a total of 159,019 shares of company stock worth $16,449,580 over the last quarter. Company 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.