Kestra Private Wealth Services LLC Invests $568,000 in Okta, Inc. (NASDAQ:OKTA)

Key Points

• Kestra Private Wealth Services LLC purchased a new stake of 5,398 shares in Okta, valued at approximately $568,000 in the first quarter.
• Okta reported a quarterly revenue rise of 11.5% year-over-year, achieving $688 million in revenue and an EPS of $0.86, exceeding expectations.
• Institutional investors own 86.64% of Okta's stock, and several analysts have set target prices for the shares ranging from $115 to $138, with an average target of $118.61.

Kestra Private Wealth Services LLC purchased a new position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 5,398 shares of the company's stock, valued at approximately $568,000.

A number of other large investors have also recently bought and sold shares of the company. Private Advisor Group LLC raised its stake in shares of Okta by 8.3% during the 1st quarter. Private Advisor Group LLC now owns 30,366 shares of the company's stock worth $3,195,000 after purchasing an additional 2,325 shares in the last quarter. Jackson Creek Investment Advisors LLC bought a new stake in shares of Okta during the 1st quarter worth approximately $536,000. Migdal Insurance & Financial Holdings Ltd. raised its stake in shares of Okta by 912.0% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 234,005 shares of the company's stock worth $24,622,000 after purchasing an additional 210,881 shares in the last quarter. LMG Wealth Partners LLC raised its stake in shares of Okta by 3.2% during the 1st quarter. LMG Wealth Partners LLC now owns 23,223 shares of the company's stock worth $2,444,000 after purchasing an additional 716 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of Okta by 67.8% during the 1st quarter. Victory Capital Management Inc. now owns 35,494 shares of the company's stock worth $3,735,000 after purchasing an additional 14,340 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company's stock.

Insider Activity at Okta

In related news, insider Eric Robert Kelleher sold 16,018 shares of Okta stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $91.81, for a total transaction of $1,470,612.58. Following the sale, the insider directly owned 7,044 shares in the company, valued at $646,709.64. The trade was a 69.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CRO Jonathan James Addison sold 6,027 shares of Okta stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $92.01, for a total value of $554,544.27. Following the sale, the executive owned 19,067 shares in the company, valued at $1,754,354.67. This represents a 24.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 79,594 shares of company stock worth $7,482,790 in the last quarter. 5.68% of the stock is owned by company insiders.

Okta Price Performance

Shares of NASDAQ:OKTA traded up $0.12 on Tuesday, hitting $97.96. The company's stock had a trading volume of 828,490 shares, compared to its average volume of 3,617,474. The company has a 50-day simple moving average of $101.80 and a 200 day simple moving average of $102.11. Okta, Inc. has a 1 year low of $70.56 and a 1 year high of $127.57. The company has a market capitalization of $17.15 billion, a PE ratio of 155.43, a PEG ratio of 4.89 and a beta of 0.82. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.47 and a quick ratio of 1.47.

Okta (NASDAQ:OKTA - Get Free Report) last released its quarterly earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.09. The firm 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 company's revenue was up 11.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.65 EPS. Sell-side analysts forecast that Okta, Inc. will post 0.42 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Canaccord Genuity Group increased their price target on Okta from $100.00 to $115.00 and gave the company a "hold" rating in a research note on Wednesday, May 28th. Cantor Fitzgerald started coverage on Okta in a report on Monday, March 31st. They issued an "overweight" rating and a $130.00 price objective on the stock. Westpark Capital reissued a "buy" rating and set a $140.00 target price on shares of Okta in a report on Wednesday, May 28th. Jefferies Financial Group reduced their target price on Okta from $130.00 to $105.00 and set a "hold" rating on the stock in a report on Thursday, July 24th. Finally, Scotiabank raised their price objective on Okta from $109.00 to $115.00 and gave the company a "sector perform" rating in a research note on Wednesday, May 28th. Three analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and twenty have given a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $118.61.

Okta 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.