Edgestream Partners L.P. Cuts Stock Position in Okta, Inc. $OKTA

Key Points

• Edgestream Partners cut its Okta position by 57.4% in the first quarter, selling 27,490 shares and retaining 20,373 shares valued at approximately $1.6 million. Institutional investors collectively own 86.64% of Okta.
• Wall Street’s outlook remains generally positive: analysts assign Okta a consensus “Moderate Buy” rating with an average price target of $121.81, while recent target increases reached as high as $150.
• Okta exceeded quarterly expectations, reporting $0.91 in adjusted earnings per share versus an $0.85 estimate and revenue of $765 million, up 11.2% year over year. Shares opened at $141.57, near the company’s 52-week high of $157.

Edgestream Partners L.P. trimmed its holdings in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 57.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,373 shares of the company's stock after selling 27,490 shares during the period. Edgestream Partners L.P.'s holdings in Okta were worth $1,604,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. SHP Wealth Management purchased a new stake in Okta during the fourth quarter worth about $27,000. Torren Management LLC purchased a new position in Okta in the fourth quarter valued at about $32,000. V Square Quantitative Management LLC purchased a new position in Okta in the fourth quarter valued at about $56,000. Assetmark Inc. grew its position in shares of Okta by 81.1% during the 1st quarter. Assetmark Inc. now owns 719 shares of the company's stock valued at $57,000 after acquiring an additional 322 shares during the period. Finally, SJS Investment Consulting Inc. grew its position in shares of Okta by 1,265.5% during the 1st quarter. SJS Investment Consulting Inc. now owns 751 shares of the company's stock valued at $59,000 after acquiring an additional 696 shares during the period. 86.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on OKTA shares. Wells Fargo & Company lifted their price target on shares of Okta from $100.00 to $150.00 and gave the stock an "equal weight" rating in a report on Monday, July 20th. UBS Group increased their target price on shares of Okta from $115.00 to $150.00 and gave the stock a "buy" rating in a research report on Tuesday, June 9th. Royal Bank Of Canada lifted their target price on shares of Okta from $108.00 to $122.00 and gave the stock an "outperform" rating in a research note on Friday, May 29th. Susquehanna boosted their price target on shares of Okta from $80.00 to $110.00 and gave the company a "neutral" rating in a research report on Friday, May 29th. Finally, Wolfe Research began coverage on shares of Okta in a research note on Thursday, April 16th. They set an "outperform" rating on the stock. One analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Okta currently has an average rating of "Moderate Buy" and a consensus target price of $121.81.

Okta Stock Down 0.3%

Shares of NASDAQ OKTA opened at $141.57 on Tuesday. Okta, Inc. has a 52 week low of $62.66 and a 52 week high of $157.00. The business has a 50-day simple moving average of $130.17 and a two-hundred day simple moving average of $97.96. The company has a market cap of $24.61 billion, a P/E ratio of 102.59, a P/E/G ratio of 5.10 and a beta of 0.77.

Okta (NASDAQ:OKTA - Get Free Report) last announced its quarterly earnings results on Thursday, May 28th. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.06. Okta had a return on equity of 4.15% and a net margin of 8.24%.The firm had revenue of $765.00 million for the quarter, compared to analysts' expectations of $751.84 million. During the same period in the prior year, the business posted $0.86 earnings per share. The company's revenue 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 anticipate that Okta, Inc. will post 1.75 EPS for the current year.

Insider Buying and Selling at Okta

In other Okta news, insider Eric Robert Kelleher sold 3,977 shares of the firm's stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $114.10, for a total value of $453,775.70. Following the completion of the transaction, the insider directly owned 19,618 shares of the company's stock, valued at $2,238,413.80. This trade represents a 16.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Shellye L. Archambeau sold 2,500 shares of the business's stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $85.00, for a total value of $212,500.00. Following the transaction, 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 have sold a total of 174,224 shares of company stock worth $22,534,353 in the last ninety days. Insiders own 4.61% of the company's stock.

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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