NewEdge Wealth LLC Sells 19,850 Shares of Okta, Inc. $OKTA

Key Points

• NewEdge Wealth LLC reduced its Okta stake by 26.1% in the first quarter, selling 19,850 shares and leaving it with 56,204 shares worth about $4.42 million.
• Okta beat earnings and revenue expectations in its latest quarter, reporting EPS of $0.91 versus $0.85 expected and revenue of $765 million, up 11.2% year over year.
• Analysts remain broadly positive on Okta, with a consensus rating of “Moderate Buy” and an average price target of $121.81, while several firms recently raised their targets.

NewEdge Wealth LLC lowered its stake in Okta, Inc. (NASDAQ:OKTA - Free Report) by 26.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,204 shares of the company's stock after selling 19,850 shares during the period. NewEdge Wealth LLC's holdings in Okta were worth $4,424,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. SHP Wealth Management bought a new stake in shares of Okta in the 4th quarter valued at approximately $27,000. Torren Management LLC bought a new position in shares of Okta during the 4th quarter valued at approximately $32,000. Spire Wealth Management increased its position in shares of Okta by 30.8% during the 4th quarter. Spire Wealth Management now owns 505 shares of the company's stock valued at $44,000 after purchasing an additional 119 shares during the last quarter. V Square Quantitative Management LLC purchased a new stake in Okta during the 4th quarter valued at $56,000. Finally, EFG International AG purchased a new stake in Okta during the 4th quarter valued at $61,000. 86.64% of the stock is owned by institutional investors.

Okta Stock Up 1.8%

OKTA stock opened at $138.50 on Friday. The business's fifty day simple moving average is $124.19 and its two-hundred day simple moving average is $95.95. Okta, Inc. has a twelve month low of $62.66 and a twelve month high of $157.00. The firm has a market cap of $24.07 billion, a price-to-earnings ratio of 100.36, a PEG ratio of 4.89 and a beta of 0.77.

Okta (NASDAQ:OKTA - Get Free Report) last released its earnings results on Thursday, May 28th. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.06. The business had revenue of $765.00 million during the quarter, compared to the consensus estimate of $751.84 million. Okta had a return on equity of 4.15% and a net margin of 8.24%.The business's revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period last year, the company earned $0.86 earnings per share. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. Research analysts expect that Okta, Inc. will post 1.75 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. UBS Group lifted their price objective on shares of Okta from $115.00 to $150.00 and gave the stock a "buy" rating in a research note on Tuesday, June 9th. Piper Sandler raised their target price on shares of Okta from $82.00 to $105.00 and gave the stock a "neutral" rating in a report on Friday, May 29th. BMO Capital Markets lifted their price target on shares of Okta from $95.00 to $120.00 and gave the stock an "outperform" rating in a research note on Friday, May 29th. The Goldman Sachs Group started coverage on shares of Okta in a report on Monday, July 6th. They set a "buy" rating on the stock. Finally, Jefferies Financial Group raised shares of Okta from a "buy" rating to a "buy" rating in a research report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Okta presently has an average rating of "Moderate Buy" and a consensus target price of $121.81.

Insider Activity at Okta

In other Okta news, Director Shellye L. Archambeau sold 2,500 shares of the company's stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $85.00, for a total value of $212,500.00. Following the transaction, the director directly owned 9,192 shares in the company, valued at $781,320. This represents a 21.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Mckinnon sold 68,936 shares of the company's stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $146.62, for a total transaction of $10,107,396.32. Following the completion of the transaction, the chief executive officer owned 38,484 shares in the company, valued at $5,642,524.08. This represents a 64.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 174,224 shares of company stock worth $22,534,353 over the last ninety days. 4.61% of the stock is currently owned by company insiders.

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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