Federated Hermes Inc. Acquires 14,613 Shares of Okta, Inc. (NASDAQ:OKTA)

Key Points

• Federated Hermes Inc. increased its position in Okta, Inc. by 14.4% during the first quarter, owning approximately 0.07% of the company's stock valued at $12.2 million.
• Okta reported quarterly earnings of $0.86 per share, exceeding expectations, with a revenue of $688 million, demonstrating an 11.5% year-over-year increase.
• Insiders have sold a significant amount of Okta stock recently, with CRO Jonathan James Addison selling 9,000 shares and CEO Todd Mckinnon selling 31,592 shares, reflecting a decrease in their positions.

Federated Hermes Inc. increased its position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 14.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 115,957 shares of the company's stock after buying an additional 14,613 shares during the period. Federated Hermes Inc. owned 0.07% of Okta worth $12,201,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. TD Private Client Wealth LLC increased its holdings in Okta by 19.6% during the first quarter. TD Private Client Wealth LLC now owns 561 shares of the company's stock worth $59,000 after buying an additional 92 shares during the last quarter. Allworth Financial LP increased its holdings in shares of Okta by 5.7% in the first quarter. Allworth Financial LP now owns 1,708 shares of the company's stock valued at $173,000 after purchasing an additional 92 shares during the last quarter. GPS Wealth Strategies Group LLC increased its holdings in shares of Okta by 7.2% in the first quarter. GPS Wealth Strategies Group LLC now owns 1,484 shares of the company's stock valued at $156,000 after purchasing an additional 100 shares during the last quarter. First Horizon Advisors Inc. increased its holdings in shares of Okta by 18.9% in the first quarter. First Horizon Advisors Inc. now owns 678 shares of the company's stock valued at $71,000 after purchasing an additional 108 shares during the last quarter. Finally, Stephens Inc. AR increased its holdings in shares of Okta by 3.7% in the first quarter. Stephens Inc. AR now owns 3,417 shares of the company's stock valued at $360,000 after purchasing an additional 121 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Okta Stock Up 2.7%

NASDAQ:OKTA traded up $2.59 during trading hours on Monday, hitting $97.72. 1,606,871 shares of the company traded hands, compared to its average volume of 3,577,817. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.05. The firm's 50-day simple moving average is $99.73 and its 200-day simple moving average is $102.49. Okta, Inc. has a one year low of $70.56 and a one year high of $127.57. The company has a market cap of $17.11 billion, a PE ratio of 155.11, a PEG ratio of 4.59 and a beta of 0.80.

Okta (NASDAQ:OKTA - Get Free Report) last released its earnings results on Tuesday, May 27th. The company reported $0.86 EPS for the quarter, topping analysts' consensus estimates of $0.77 by $0.09. The company had revenue of $688.00 million for the quarter, compared to analysts' expectations of $680.14 million. Okta had a return on equity of 2.79% and a net margin of 4.85%. The business's revenue for the quarter was up 11.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.65 EPS. Equities analysts predict that Okta, Inc. will post 0.42 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. UBS Group decreased their price objective on shares of Okta from $150.00 to $130.00 and set a "buy" rating on the stock in a report on Wednesday, May 28th. Guggenheim reduced their target price on shares of Okta from $140.00 to $138.00 and set a "buy" rating for the company in a research report on Wednesday, May 28th. BTIG Research reissued a "buy" rating on shares of Okta in a research report on Thursday, May 22nd. Roth Capital reissued a "buy" rating and issued a $119.00 target price on shares of Okta in a research report on Wednesday, May 28th. Finally, Royal Bank Of Canada reduced their target price on shares of Okta from $143.00 to $135.00 and set an "outperform" rating for the company in a research report on Wednesday, May 28th. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-one have assigned a buy rating to the company's stock. According to MarketBeat, Okta presently has a consensus rating of "Hold" and a consensus target price of $118.61.

Insider Activity at Okta

In other news, Director Jacques Frederic Kerrest sold 581 shares of Okta stock in a transaction on Friday, June 20th. The stock was sold at an average price of $100.29, for a total transaction of $58,268.49. Following the sale, the director directly owned 2,832 shares in the company, valued at $284,021.28. The trade was a 17.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CRO Jonathan James Addison sold 9,000 shares of Okta stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $100.00, for a total value of $900,000.00. Following the completion of the sale, the executive directly owned 7,067 shares of the company's stock, valued at approximately $706,700. This trade represents a 56.02% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 88,594 shares of company stock worth $8,382,790. 5.68% of the stock is owned by company insiders.

Okta Company Profile

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.