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

Independent Financial Group LLC purchased a new position in shares of Okta, Inc. (NASDAQ:OKTA) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 6,796 shares of the company’s stock, valued at approximately $535,000.

A number of other hedge funds also recently made changes to their positions in the company. SHP Wealth Management purchased a new stake in Okta during the 4th quarter worth $27,000. Torren Management LLC purchased a new position in Okta in the 4th quarter valued at about $32,000. Spire Wealth Management lifted its stake in shares of Okta by 30.8% in the fourth quarter. Spire Wealth Management now owns 505 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares in the last quarter. V Square Quantitative Management LLC acquired a new stake in Okta during the 4th quarter valued at approximately $56,000. Finally, SJS Investment Consulting Inc. grew its stake in Okta by 1,265.5% during the 1st quarter. SJS Investment Consulting Inc. now owns 751 shares of the company’s stock valued at $59,000 after purchasing an additional 696 shares in the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Insider Buying and Selling at Okta

In related news, CFO Brett Tighe sold 65,000 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $117.25, for a total transaction of $7,621,250.00. Following the transaction, the chief financial officer directly owned 119,680 shares of the company’s stock, valued at approximately $14,032,480. The trade was a 35.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Larissa Schwartz sold 2,463 shares of the business’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $120.00, for a total value of $295,560.00. Following the completion of the transaction, the insider owned 25,241 shares in the company, valued at $3,028,920. This trade represents a 8.89% 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. Insiders sold a total of 174,224 shares of company stock valued at $22,534,353 in the last 90 days. Corporate insiders own 4.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on OKTA. BMO Capital Markets upped their target price on Okta from $95.00 to $120.00 and gave the company an “outperform” rating in a research report on Friday, May 29th. Morgan Stanley initiated coverage on shares of Okta in a report on Monday, July 6th. They issued a “neutral” rating on the stock. DA Davidson lifted their target price on Okta from $110.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, May 29th. Sanford C. Bernstein lowered shares of Okta from an “outperform” rating to a “hold” rating in a research note on Monday, July 6th. Finally, JPMorgan Chase & Co. lifted their price target on Okta from $103.00 to $114.00 and gave the company an “overweight” rating in a report on Thursday, May 28th. One equities 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $121.81.

Okta Stock Down 0.4%

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

Okta (NASDAQ:OKTA) last released its quarterly earnings results 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. Okta had a return on equity of 4.15% and a net margin of 8.24%.The business had revenue of $765.00 million during the quarter, compared to analyst estimates of $751.84 million. During the same quarter last year, the company posted $0.86 EPS. Okta’s revenue for the quarter was up 11.2% on a year-over-year basis. 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 expect that Okta, Inc. will post 1.75 EPS for the current year.

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.