Aware Super Pty Ltd as trustee of Aware Super Buys New Position in Okta, Inc. $OKTA

Key Points

• Aware Super opened a new position in Okta during the first quarter, buying 61,534 shares valued at about $4.84 million.
• Okta saw notable insider selling, including CFO Brett Tighe selling 65,000 shares for about $7.62 million; insiders sold 174,224 shares over the last quarter.
• Analyst sentiment remains constructive overall, with a Moderate Buy consensus and an average price target of $120.42, while Okta also reported stronger-than-expected quarterly results and raised guidance.

Aware Super Pty Ltd as trustee of Aware Super acquired a new stake in Okta, Inc. (NASDAQ:OKTA - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 61,534 shares of the company's stock, valued at approximately $4,843,000.

A number of other institutional investors also recently bought and sold shares of the stock. Elevation Wealth Partners LLC increased its stake in shares of Okta by 825.0% in the fourth quarter. Elevation Wealth Partners LLC now owns 296 shares of the company's stock worth $26,000 after acquiring an additional 264 shares during the period. SHP Wealth Management purchased a new stake in Okta in the fourth quarter valued at $27,000. Torren Management LLC acquired a new stake in Okta during the 4th quarter worth about $32,000. Spire Wealth Management grew its position in Okta by 30.8% during the 4th quarter. Spire Wealth Management now owns 505 shares of the company's stock worth $44,000 after purchasing an additional 119 shares during the period. Finally, Board of the Pension Protection Fund purchased a new position in shares of Okta during the 4th quarter valued at about $52,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO Brett Tighe sold 65,000 shares of the firm's stock in a transaction on 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 completion of the sale, the chief financial officer owned 119,680 shares in the company, valued at approximately $14,032,480. This trade represents a 35.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Robert Kelleher sold 3,977 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $114.10, for a total value of $453,775.70. Following the transaction, the insider directly owned 19,618 shares of the company's stock, valued at approximately $2,238,413.80. This trade represents a 16.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 174,224 shares of company stock worth $22,534,353 over the last quarter. 4.61% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

OKTA has been the topic of several analyst reports. Seaport Research Partners lowered Okta to a "neutral" rating in a report on Thursday, April 16th. Evercore initiated coverage on Okta in a report on Monday, July 6th. They issued an "outperform" rating for the company. Wedbush restated an "outperform" rating and issued a $60.00 price objective on shares of Okta in a research report on Friday, May 29th. Wall Street Zen cut shares of Okta from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Finally, HC Wainwright started coverage on shares of Okta in a report on Monday, July 6th. They set a "buy" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $120.42.

Okta Stock Up 1.1%

OKTA stock opened at $149.35 on Friday. The business has a fifty day moving average of $118.22 and a two-hundred day moving average of $94.07. The stock has a market cap of $25.96 billion, a price-to-earnings ratio of 108.23, a price-to-earnings-growth ratio of 5.31 and a beta of 0.77. Okta, Inc. has a 52-week low of $62.66 and a 52-week high of $157.00.

Okta (NASDAQ:OKTA - Get Free Report) last announced its earnings results on Thursday, May 28th. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.06. The firm had revenue of $765.00 million for the quarter, compared to the consensus estimate 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 firm earned $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, sell-side analysts anticipate that Okta, Inc. will post 1.75 EPS for the current year.

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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