Avory & Company LLC Purchases New Shares in Okta, Inc. $OKTA

Key Points

• Avory & Company LLC opened a new position in Okta during the first quarter, buying 20,236 shares worth about $1.59 million. The stake now represents 2.1% of the firm’s portfolio.
• Okta shares were up 5.1% in Tuesday trading and were near their 52-week high of $148.85, supported by a strong recent run above both its 50-day and 200-day moving averages.
• The company’s latest earnings beat expectations, with $0.91 EPS on $765 million in revenue, and analysts remain mostly constructive with a consensus rating of “Moderate Buy” and an average price target of $117.69.

Avory & Company LLC acquired a new stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm acquired 20,236 shares of the company's stock, valued at approximately $1,593,000. Okta makes up 2.1% of Avory & Company LLC's portfolio, making the stock its 15th largest position.

A number of other hedge funds have also recently bought and sold shares of OKTA. First Trust Advisors LP lifted its position in shares of Okta by 28.2% during the fourth quarter. First Trust Advisors LP now owns 6,030,090 shares of the company's stock valued at $521,422,000 after purchasing an additional 1,326,051 shares in the last quarter. Geode Capital Management LLC increased its stake in Okta by 1.8% in the 4th quarter. Geode Capital Management LLC now owns 3,261,303 shares of the company's stock valued at $281,246,000 after buying an additional 57,605 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Okta by 2.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,495,389 shares of the company's stock valued at $215,776,000 after buying an additional 69,653 shares during the last quarter. Pictet Asset Management Holding SA lifted its position in shares of Okta by 28.4% during the 1st quarter. Pictet Asset Management Holding SA now owns 2,490,681 shares of the company's stock worth $195,844,000 after buying an additional 550,328 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its position in shares of Okta by 9.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,226,676 shares of the company's stock worth $204,162,000 after buying an additional 189,036 shares in the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Okta Stock Up 5.1%

NASDAQ OKTA opened at $148.60 on Tuesday. The company's 50 day moving average is $105.68 and its 200-day moving average is $90.43. Okta, Inc. has a 12-month low of $62.66 and a 12-month high of $148.85. The firm has a market cap of $25.83 billion, a P/E ratio of 107.68, a price-to-earnings-growth ratio of 5.09 and a beta of 0.77.

Okta (NASDAQ:OKTA - Get Free Report) last released its quarterly earnings data on Thursday, May 28th. The company reported $0.91 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $751.84 million. During the same period last year, the firm 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 analysts expect that Okta, Inc. will post 1.75 EPS for the current year.

Insider Transactions at Okta

In related news, Director David Schellhase acquired 3,712 shares of the company's stock in a transaction that occurred on Thursday, April 16th. The shares were acquired at an average price of $72.04 per share, with a total value of $267,412.48. Following the acquisition, the director owned 3,712 shares of the company's stock, valued at approximately $267,412.48. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brett Tighe sold 65,000 shares of Okta stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $117.25, for a total value of $7,621,250.00. Following the transaction, the chief financial officer directly owned 119,680 shares of the company's stock, valued at $14,032,480. The trade was a 35.20% decrease in their position. 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. Over the last ninety days, insiders sold 105,288 shares of company stock valued at $12,426,956. 4.61% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

OKTA has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their target price on Okta from $85.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Friday, May 29th. Wedbush reaffirmed an "outperform" rating and set a $60.00 price target on shares of Okta in a research report on Friday, May 29th. BMO Capital Markets lifted their price target on Okta from $95.00 to $120.00 and gave the stock an "outperform" rating in a report on Friday, May 29th. DA Davidson boosted their price objective on Okta from $110.00 to $130.00 and gave the stock a "buy" rating in a research report on Friday, May 29th. Finally, Royal Bank Of Canada upped their price objective on Okta from $108.00 to $122.00 and gave the company an "outperform" rating in a research note on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Okta currently has a consensus rating of "Moderate Buy" and a consensus price target of $117.69.

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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