Assenagon Asset Management S.A. Acquires 45,498 Shares of Okta, Inc. $OKTA

Key Points

• Assenagon Asset Management increased its Okta position by 32.2% in the second quarter, purchasing 45,498 shares to hold 186,635 shares valued at approximately $25.5 million.
• Okta reported quarterly revenue of $765 million, up 11.2% year over year, and adjusted earnings of $0.91 per share, exceeding analyst expectations.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and a $121.81 target price, although shares were trading at $148.32 and insiders sold $22.0 million of stock over the past 90 days.

Assenagon Asset Management S.A. boosted its holdings in Okta, Inc. (NASDAQ:OKTA - Free Report) by 32.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 186,635 shares of the company's stock after buying an additional 45,498 shares during the period. Assenagon Asset Management S.A. owned approximately 0.11% of Okta worth $25,466,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Okta by 279.5% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 296 shares of the company's stock worth $40,000 after buying an additional 218 shares during the period. SHP Wealth Management bought a new stake in shares of Okta in the 4th quarter worth approximately $27,000. Torren Management LLC purchased a new stake in Okta in the fourth quarter worth $32,000. V Square Quantitative Management LLC bought a new stake in Okta in the fourth quarter valued at $56,000. Finally, EFG International AG bought a new stake in Okta in the fourth quarter valued at $61,000. Hedge funds and other institutional investors own 86.64% of the company's stock.

Okta Price Performance

Shares of OKTA stock opened at $148.32 on Monday. The company has a market capitalization of $25.78 billion, a price-to-earnings ratio of 107.48, a PEG ratio of 5.33 and a beta of 0.77. Okta, Inc. has a one year low of $62.66 and a one year high of $157.00. The company's fifty day moving average price is $133.88 and its 200-day moving average price is $99.52.

Okta (NASDAQ:OKTA - Get Free Report) last released its 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 net margin of 8.24% and a return on equity of 4.15%. The company had revenue of $765.00 million for the quarter, compared to analysts' expectations of $751.84 million. During the same quarter in the previous year, the company earned $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. Equities research analysts expect that Okta, Inc. will post 1.75 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Evercore initiated coverage on shares of Okta in a research note on Monday, July 6th. They issued an "outperform" rating for the company. DA Davidson boosted their target price on shares of Okta from $110.00 to $130.00 and gave the company a "buy" rating in a report on Friday, May 29th. KeyCorp upped their target price on shares of Okta from $130.00 to $175.00 and gave the stock an "overweight" rating in a research report on Friday, July 10th. UBS Group increased their price target on shares of Okta from $115.00 to $150.00 and gave the stock a "buy" rating in a research note on Tuesday, June 9th. Finally, Raymond James Financial downgraded Okta from a "buy" rating to a "strong sell" rating in a report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $121.81.

Insider Transactions at Okta

In other news, 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 sale, the insider directly owned 25,241 shares in the company, valued at $3,028,920. The trade was a 8.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Mckinnon sold 68,936 shares of Okta stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 38,484 shares of the company's stock, valued at approximately $5,642,524.08. This represents a 64.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 167,847 shares of company stock valued at $22,039,842. 4.61% of the stock is owned by insiders.

Okta Company 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.

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