E. Ohman J or Asset Management AB Has $19.94 Million Stock Position in Okta, Inc. $OKTA

Key Points

• E. Ohman J or Asset Management AB increased its Okta stake by 2,395.8% in the second quarter, reaching 146,156 shares valued at approximately $19.94 million. Institutional investors collectively own 86.64% of Okta.
• Analysts maintain a generally positive outlook, with Okta holding a consensus “Moderate Buy” rating and an average price target of $121.81, despite some recent downgrades to “Hold.”
• Okta’s latest quarterly results exceeded expectations, with adjusted earnings of $0.91 per share and revenue of $765 million, up 11.2% year over year. However, insiders sold 167,847 shares worth about $22.04 million during the last quarter.

E. Ohman J or Asset Management AB lifted its stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 2,395.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 146,156 shares of the company's stock after purchasing an additional 140,300 shares during the period. E. Ohman J or Asset Management AB owned 0.08% of Okta worth $19,943,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. MassMutual Private Wealth & Trust FSB increased its holdings in Okta by 279.5% during 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 last quarter. SHP Wealth Management acquired a new stake in Okta in the fourth quarter valued at $27,000. Torren Management LLC acquired a new stake in Okta in the fourth quarter valued at $32,000. V Square Quantitative Management LLC bought a new position in shares of Okta in the 4th quarter valued at about $56,000. Finally, EFG International AG bought a new position in shares of Okta in the 4th quarter valued at about $61,000. Institutional investors and hedge funds own 86.64% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on OKTA shares. Sanford C. Bernstein cut shares of Okta from an "outperform" rating to a "hold" rating in a report on Monday, July 6th. Citigroup reiterated an "outperform" rating on shares of Okta in a report on Friday, May 29th. Needham & Company LLC boosted their price target on Okta from $120.00 to $140.00 and gave the stock a "buy" rating in a research report on Wednesday, June 24th. Mizuho lowered Okta from an "outperform" rating to a "neutral" rating and upped their price objective for the company from $110.00 to $125.00 in a research note on Tuesday, June 2nd. Finally, Barclays upped their price objective on Okta from $93.00 to $120.00 and gave the company an "overweight" rating in a research note on Friday, May 29th. 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 given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $121.81.

Insider Buying and Selling

In other Okta news, insider Larissa Schwartz sold 2,463 shares of Okta stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $120.00, for a total value of $295,560.00. Following the completion of the transaction, the insider directly owned 25,241 shares of the company's stock, valued at $3,028,920. The trade was a 8.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Shellye L. Archambeau sold 2,500 shares of the company's stock in a transaction on Monday, May 18th. The shares were sold at an average price of $85.00, for a total value of $212,500.00. Following the sale, the director owned 9,192 shares of the company's stock, valued at approximately $781,320. The trade was a 21.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 167,847 shares of company stock valued at $22,039,842 in the last quarter. Corporate insiders own 4.61% of the company's stock.

Okta Stock Performance

Shares of Okta stock opened at $150.77 on Tuesday. The firm has a 50-day moving average of $134.10 and a 200-day moving average of $99.97. Okta, Inc. has a 52-week low of $62.66 and a 52-week high of $157.00. The stock has a market cap of $26.21 billion, a PE ratio of 109.25, a PEG ratio of 5.33 and a beta of 0.77.

Okta (NASDAQ:OKTA - Get Free Report) last released its quarterly earnings results on Thursday, May 28th. The company reported $0.91 EPS for the quarter, topping analysts' consensus estimates of $0.85 by $0.06. The business had revenue of $765.00 million for the quarter, compared to analyst estimates of $751.84 million. Okta had a net margin of 8.24% and a return on equity of 4.15%. Okta's revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period last year, the firm earned $0.86 earnings per share. 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 predict that Okta, Inc. will post 1.75 earnings per share for the current fiscal 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.

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