5,727 Shares in Okta, Inc. $OKTA Purchased by Concurrent Investment Advisors LLC

Key Points

• Concurrent Investment Advisors LLC purchased 5,727 shares of Okta, Inc. valued at approximately $573,000 during the second quarter, highlighting increasing institutional interest in the company.
• Okta's earnings per share reached $0.91 for the quarter, surpassing expectations and reflecting a 12.7% increase in quarterly revenue compared to the same period last year.
• Several analysts have upgraded Okta's ratings, with price targets adjusted between $105.00 and $135.00, indicating positive sentiment among market experts.

Concurrent Investment Advisors LLC bought a new position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 5,727 shares of the company's stock, valued at approximately $573,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Apollon Wealth Management LLC acquired a new stake in Okta during the second quarter worth about $234,000. Fifth Third Wealth Advisors LLC acquired a new stake in Okta during the second quarter worth about $435,000. Aberdeen Group plc grew its holdings in Okta by 6.8% during the second quarter. Aberdeen Group plc now owns 110,742 shares of the company's stock worth $11,071,000 after acquiring an additional 7,088 shares during the period. Blue Zone Wealth Advisors LLC grew its holdings in Okta by 9.2% during the second quarter. Blue Zone Wealth Advisors LLC now owns 22,687 shares of the company's stock worth $2,268,000 after acquiring an additional 1,917 shares during the period. Finally, Costello Asset Management INC acquired a new stake in Okta during the second quarter worth about $70,000. 86.64% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Larissa Schwartz sold 3,348 shares of Okta stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $90.17, for a total transaction of $301,889.16. Following the transaction, the insider owned 39,155 shares in the company, valued at approximately $3,530,606.35. This trade represents a 7.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Eric Robert Kelleher sold 8,522 shares of Okta stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of $92.62, for a total value of $789,307.64. Following the transaction, the insider owned 9,174 shares in the company, valued at approximately $849,695.88. The trade was a 48.16% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 104,249 shares of company stock valued at $9,809,471. 5.68% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

OKTA has been the topic of several analyst reports. Canaccord Genuity Group raised Okta from a "hold" rating to a "buy" rating and raised their target price for the stock from $115.00 to $120.00 in a report on Tuesday, August 26th. Robert W. Baird lowered their price target on Okta from $142.00 to $135.00 and set an "outperform" rating on the stock in a research report on Monday, September 29th. Truist Financial upgraded Okta from a "hold" rating to a "buy" rating and increased their price target for the stock from $100.00 to $125.00 in a research report on Monday, August 25th. Jefferies Financial Group increased their price target on Okta from $100.00 to $105.00 and gave the stock a "hold" rating in a research report on Wednesday, August 27th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $115.00 price target on shares of Okta in a research report on Friday, September 26th. Twenty-two investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $118.94.

Okta Price Performance

NASDAQ OKTA opened at $87.43 on Friday. The company has a market cap of $15.31 billion, a PE ratio of 102.86, a price-to-earnings-growth ratio of 4.31 and a beta of 0.84. The stock's 50 day simple moving average is $91.23 and its 200-day simple moving average is $99.18. Okta, Inc. has a 1-year low of $70.92 and a 1-year high of $127.57.

Okta (NASDAQ:OKTA - Get Free Report) last released its earnings results on Tuesday, August 26th. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.07. The business had revenue of $728,000 billion for the quarter, compared to the consensus estimate of $711.84 million. Okta had a return on equity of 3.31% and a net margin of 6.08%.The business's quarterly revenue was up 12.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.72 earnings per share. Okta has set its FY 2026 guidance at 3.330-3.380 EPS. Q3 2026 guidance at 0.740-0.750 EPS. On average, equities research analysts anticipate that Okta, Inc. will post 0.42 EPS for the current fiscal year.

About Okta

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.

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