Envestnet Portfolio Solutions Inc. Purchases 20,894 Shares of Okta, Inc. $OKTA

Key Points

• Envestnet Portfolio Solutions increased its Okta stake by 30.1% in the fourth quarter, buying 20,894 additional shares and bringing its total holdings to 90,368 shares valued at about $7.8 million.
• Okta’s latest earnings beat expectations, with quarterly EPS of $0.90 versus estimates of $0.85 and revenue of $761 million topping forecasts, while revenue rose 11.6% year over year.
• Analyst sentiment remains constructive overall: several firms raised targets or upgraded the stock, and Okta currently has a Moderate Buy consensus with an average price target of about $101.19.

Envestnet Portfolio Solutions Inc. grew its position in Okta, Inc. (NASDAQ:OKTA - Free Report) by 30.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 90,368 shares of the company's stock after acquiring an additional 20,894 shares during the period. Envestnet Portfolio Solutions Inc. owned 0.05% of Okta worth $7,814,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Root Financial Partners LLC acquired a new position in Okta during the 3rd quarter worth about $26,000. Elevation Wealth Partners LLC lifted its position in Okta by 825.0% during the 4th quarter. Elevation Wealth Partners LLC now owns 296 shares of the company's stock worth $26,000 after buying an additional 264 shares in the last quarter. Torren Management LLC acquired a new position in Okta during the 4th quarter worth about $32,000. Aster Capital Management DIFC Ltd acquired a new position in Okta during the 3rd quarter worth about $34,000. Finally, Westside Investment Management Inc. boosted its position in Okta by 86.9% in the 3rd quarter. Westside Investment Management Inc. now owns 415 shares of the company's stock valued at $38,000 after buying an additional 193 shares during the last quarter. Institutional investors own 86.64% of the company's stock.

Analyst Upgrades and Downgrades

OKTA has been the topic of a number of recent research reports. BMO Capital Markets upgraded Okta from a "market perform" rating to an "outperform" rating and increased their price objective for the company from $83.00 to $97.00 in a research report on Friday, March 6th. KeyCorp lifted their price target on shares of Okta from $95.00 to $103.00 and gave the stock an "overweight" rating in a research report on Monday. Morgan Stanley lowered their price target on shares of Okta from $110.00 to $101.00 and set an "overweight" rating for the company in a research report on Thursday, March 5th. Wells Fargo & Company started coverage on shares of Okta in a research report on Tuesday, March 3rd. They set an "equal weight" rating and a $76.00 price target for the company. Finally, Truist Financial dropped their price objective on Okta from $115.00 to $100.00 and set a "buy" rating for the company in a report on Thursday, March 5th. Twenty-nine equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $101.19.

Okta Trading Up 3.9%

Shares of NASDAQ OKTA opened at $89.04 on Thursday. The firm has a market cap of $15.75 billion, a PE ratio of 67.97, a PEG ratio of 3.34 and a beta of 0.59. Okta, Inc. has a 1-year low of $62.66 and a 1-year high of $127.52. The company has a fifty day moving average price of $77.45 and a 200 day moving average price of $82.52.

Okta (NASDAQ:OKTA - Get Free Report) last announced its earnings results on Wednesday, March 4th. The company reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.85 by $0.05. The firm had revenue of $761.00 million during the quarter, compared to analyst estimates of $749.87 million. Okta had a net margin of 8.05% and a return on equity of 4.18%. The company's revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.78 EPS. Okta has set its FY 2027 guidance at 3.740-3.820 EPS and its Q1 2027 guidance at 0.840-0.860 EPS. Equities research analysts forecast that Okta, Inc. will post 1.61 EPS for the current year.

Insiders Place Their Bets

In other news, insider Larissa Schwartz sold 1,054 shares of the firm's stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $80.00, for a total value of $84,320.00. Following the completion of the transaction, the insider owned 48,448 shares in the company, valued at $3,875,840. This trade represents a 2.13% 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 David Schellhase acquired 3,712 shares of the firm's stock in a transaction dated Thursday, April 16th. The stock was bought at an average price of $72.04 per share, with a total value of $267,412.48. Following the acquisition, the director directly owned 3,712 shares in the company, valued at $267,412.48. This represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 70,884 shares of company stock valued at $5,625,648 over the last 90 days. 4.61% of the stock is currently owned by company insiders.

Key Okta News

Here are the key news stories impacting Okta this week:

• Positive Sentiment: Okta gained traction after broader software names rebounded, as investors became less concerned that AI will be an “existential” threat to traditional software companies. US software stocks rebound, seeking to loosen AI's grip
• Positive Sentiment: Jefferies said Okta is likely to beat its first-quarter bookings target and kept a Buy rating with a $105 price target, arguing the stock still looks compelling on valuation. Okta set to beat Q1 bookings target but Q2 outlook may disappoint, Jefferies says
• Positive Sentiment: Oppenheimer also said Okta could deliver modest upside to fiscal Q1 revenue estimates, adding to expectations for a solid upcoming report. Okta Likely to Deliver Modest Fiscal Q1 Revenue Upside, Oppenheimer Says
• Neutral Sentiment: TD Cowen reiterated a Hold rating on Okta, which signals a more cautious stance but does not materially change the bullish narrative. TD Cowen Keeps Their Hold Rating on Okta (OKTA)
• Negative Sentiment: Company director Shellye L. Archambeau sold 2,500 shares in a pre-arranged Rule 10b5-1 transaction, which may be viewed as a modest insider selling signal. SEC filing

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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