Glenmede Trust Co. NA Grows Stake in Okta, Inc. $OKTA

Glenmede Trust Co. NA lifted its stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 7.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 540,947 shares of the company's stock after purchasing an additional 35,324 shares during the period. Glenmede Trust Co. NA owned 0.31% of Okta worth $42,578,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of OKTA. Integrated Wealth Concepts LLC bought a new position in Okta during the first quarter valued at $225,000. NewEdge Advisors LLC increased its position in Okta by 853.4% in the first quarter. NewEdge Advisors LLC now owns 5,530 shares of the company's stock worth $582,000 after buying an additional 4,950 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Okta in the second quarter valued at $244,000. Invesco Ltd. raised its stake in shares of Okta by 34.1% in the second quarter. Invesco Ltd. now owns 430,844 shares of the company's stock valued at $43,071,000 after buying an additional 109,614 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Okta by 122.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,621 shares of the company's stock valued at $162,000 after buying an additional 893 shares during the last quarter. Institutional investors own 86.64% of the company's stock.

Okta News Summary

Here are the key news stories impacting Okta this week:

• Positive Sentiment: Strategic expansion into AI and cloud identity security: Permiso’s behavioral analytics, identity-risk signals and threat-detection capabilities should strengthen Okta’s identity management platform as businesses deploy more autonomous AI agents and other non-human identities across multi-cloud environments. Okta buys AI security startup Permiso
• Positive Sentiment: Potential to broaden Okta’s growth opportunity: The acquisition adds identity threat detection and response to Okta’s existing platform, potentially increasing its value to enterprise customers seeking unified protection for users, workloads and AI agents. The deal is expected to close in the third quarter. Okta Inks Permiso Purchase
• Neutral Sentiment: Reported acquisition price: Sources put the transaction value at approximately $200 million. The strategic rationale is favorable, but Okta has not publicly detailed the deal’s financial terms, expected revenue contribution or impact on guidance. Okta to acquire Permiso Security in reported $200M deal
• Negative Sentiment: Execution and valuation risks remain: Okta will need to integrate Permiso’s technology and retain its talent while demonstrating that the purchase can generate meaningful growth. With the stock trading at a high earnings valuation and near its recent high, investors may expect strong execution from the acquisition.

Okta Stock Performance

Shares of NASDAQ OKTA opened at $141.93 on Friday. Okta, Inc. has a fifty-two week low of $62.66 and a fifty-two week high of $157.00. The stock has a market cap of $24.67 billion, a PE ratio of 102.85, a price-to-earnings-growth ratio of 5.05 and a beta of 0.77. The stock has a fifty day moving average of $129.18 and a 200-day moving average of $97.60.

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

Insider Activity

In other news, CFO Brett Tighe sold 65,000 shares of the firm's stock in a transaction that occurred 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 transaction, the chief financial officer directly owned 119,680 shares in the company, valued at approximately $14,032,480. This trade represents a 35.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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 business's stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $85.00, for a total transaction of $212,500.00. Following the transaction, the director directly owned 9,192 shares of the company's stock, valued at approximately $781,320. This represents a 21.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 174,224 shares of company stock valued at $22,534,353. 4.61% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on OKTA. Arete Research set a $127.00 price target on Okta and gave the stock a "buy" rating in a research note on Tuesday, May 26th. HC Wainwright began coverage on Okta in a research note on Monday, July 6th. They issued a "buy" rating on the stock. Susquehanna upped their price objective on shares of Okta from $80.00 to $110.00 and gave the company a "neutral" rating in a report on Friday, May 29th. Seaport Research Partners lowered shares of Okta to a "neutral" rating in a research report on Thursday, April 16th. Finally, KeyCorp lifted their target price on shares of Okta from $130.00 to $175.00 and gave the stock an "overweight" rating in a research note on Friday, July 10th. One research 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 issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $121.81.

About Okta

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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