National Pension Service Has $5.99 Million Position in Okta, Inc. $OKTA

Key Points

• National Pension Service increased its Okta stake by 23.2% in the second quarter, bringing its holdings to 43,893 shares valued at approximately $5.99 million. Institutional investors and hedge funds collectively own 86.64% of Okta.
• Okta reported quarterly EPS of $1.05, exceeding estimates of $0.96, while revenue rose 10.6% year over year to $805 million. The stock opened at $166.50, near its 12-month high of $179.44.
• Analyst sentiment remains positive: Okta has a “Moderate Buy” consensus rating and an average price target of $172.92, with several firms recently raising targets to between $190 and $203. Insiders, however, sold $23.7 million of shares during the latest quarter.

National Pension Service raised its stake in Okta, Inc. (NASDAQ:OKTA - Free Report) by 23.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 43,893 shares of the company's stock after buying an additional 8,257 shares during the period. National Pension Service's holdings in Okta were worth $5,989,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in OKTA. NewEdge Advisors LLC lifted its stake in shares of Okta by 521.5% in the second quarter. NewEdge Advisors LLC now owns 2,828 shares of the company's stock worth $386,000 after acquiring an additional 2,373 shares during the period. GFG Capital LLC increased its position in Okta by 12.0% during the 2nd quarter. GFG Capital LLC now owns 33,971 shares of the company's stock valued at $4,635,000 after purchasing an additional 3,639 shares during the period. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD bought a new position in Okta during the 2nd quarter worth approximately $3,444,000. Baird Financial Group Inc. raised its holdings in Okta by 3.4% during the 2nd quarter. Baird Financial Group Inc. now owns 10,918 shares of the company's stock worth $1,490,000 after purchasing an additional 362 shares during the last quarter. Finally, Allworth Financial LP lifted its position in shares of Okta by 51.0% in the 2nd quarter. Allworth Financial LP now owns 3,005 shares of the company's stock worth $410,000 after purchasing an additional 1,015 shares during the period. Institutional investors and hedge funds own 86.64% of the company's stock.

Okta Stock Down 2.7%

NASDAQ:OKTA opened at $166.50 on Friday. Okta, Inc. has a twelve month low of $62.66 and a twelve month high of $179.44. The company has a fifty day moving average of $149.44 and a 200-day moving average of $111.45. The firm has a market capitalization of $29.11 billion, a P/E ratio of 100.30, a P/E/G ratio of 5.18 and a beta of 0.79.

Okta (NASDAQ:OKTA - Get Free Report) last issued its earnings results on Wednesday, August 26th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.09. The business had revenue of $805.00 million for the quarter, compared to analyst estimates of $793.00 million. Okta had a net margin of 9.63% and a return on equity of 4.50%. Okta's revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 earnings per share. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. On average, analysts anticipate that Okta, Inc. will post 1.92 EPS for the current fiscal year.

Insider Activity at Okta

In other news, insider Eric Kelleher sold 3,977 shares of the firm's stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $114.10, for a total value of $453,775.70. Following the completion of the sale, the insider directly owned 19,618 shares in the company, valued at $2,238,413.80. This trade represents a 16.86% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Larissa Schwartz sold 2,463 shares of the firm's stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $120.00, for a total value of $295,560.00. Following the completion of the sale, the insider owned 25,241 shares of the company's stock, valued at approximately $3,028,920. This represents a 8.89% decrease in their ownership of the stock. 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. Insiders sold 155,376 shares of company stock worth $23,734,135 over the last quarter. Company insiders own 4.61% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of Okta from $165.00 to $190.00 and gave the company an "overweight" rating in a research note on Thursday, August 27th. Arete Research set a $127.00 target price on shares of Okta and gave the company a "buy" rating in a report on Tuesday, May 26th. Morgan Stanley boosted their target price on shares of Okta from $180.00 to $200.00 and gave the company an "overweight" rating in a report on Thursday, August 27th. Royal Bank Of Canada upped their price target on shares of Okta from $166.00 to $195.00 and gave the company an "outperform" rating in a research report on Thursday, August 27th. Finally, The Goldman Sachs Group increased their price target on Okta from $126.00 to $203.00 and gave the stock a "buy" rating in a report on Friday, August 28th. One investment analyst has rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, Okta presently has a consensus rating of "Moderate Buy" and a consensus price target of $172.92.

Okta Profile

Okta, Inc provides cloud-based identity and access management solutions for organizations. Its platform helps businesses securely connect employees, customers, partners and applications while managing authentication, authorization and user access across cloud, on-premises and mobile environments.

The company's offerings include single sign-on, multifactor authentication, adaptive access controls, lifecycle management, identity governance and privileged access capabilities. Through its Customer Identity Cloud, powered by Auth0, Okta also provides tools for developers and businesses to embed authentication and authorization features into applications and digital services.

Founded in 2009 by Todd McKinnon and Frederic Kerrest, Okta completed its initial public offering in 2017.

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