OP Asset Management Ltd Invests $1.42 Million in Okta, Inc. $OKTA

OP Asset Management Ltd acquired a new position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 18,052 shares of the company's stock, valued at approximately $1,421,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Norges Bank bought a new position in Okta during the 4th quarter worth about $175,193,000. First Trust Advisors LP lifted its holdings in shares of Okta by 28.2% in the fourth quarter. First Trust Advisors LP now owns 6,030,090 shares of the company's stock valued at $521,422,000 after purchasing an additional 1,326,051 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Okta by 113.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,067,128 shares of the company's stock valued at $172,895,000 after purchasing an additional 1,099,962 shares in the last quarter. Alyeska Investment Group L.P. boosted its position in shares of Okta by 276.9% during the third quarter. Alyeska Investment Group L.P. now owns 1,403,499 shares of the company's stock worth $128,701,000 after buying an additional 1,031,083 shares during the period. Finally, Swedbank AB boosted its position in shares of Okta by 124.3% during the fourth quarter. Swedbank AB now owns 1,819,081 shares of the company's stock worth $157,296,000 after buying an additional 1,007,915 shares during the period. 86.64% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

OKTA has been the topic of several research reports. Berenberg Bank boosted their target price on Okta from $120.00 to $135.00 and gave the company a "buy" rating in a research note on Friday, May 29th. Wells Fargo & Company raised their price target on shares of Okta from $85.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Friday, May 29th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Okta from $85.00 to $80.00 and set a "hold" rating on the stock in a report on Thursday, March 5th. KeyCorp boosted their price objective on shares of Okta from $120.00 to $130.00 and gave the stock an "overweight" rating in a research report on Thursday. Finally, Raymond James Financial upgraded shares of Okta from a "market perform" rating to an "outperform" rating and set a $85.00 target price for the company in a report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $116.83.

Okta Stock Up 5.7%

NASDAQ:OKTA opened at $131.31 on Tuesday. The firm has a market capitalization of $22.82 billion, a price-to-earnings ratio of 95.15, a price-to-earnings-growth ratio of 4.47 and a beta of 0.80. Okta, Inc. has a twelve month low of $62.66 and a twelve month high of $142.35. The stock's 50 day moving average price is $99.13 and its two-hundred day moving average price is $88.61.

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

Insider Transactions at Okta

In other Okta news, insider Eric Robert Kelleher sold 3,977 shares of the stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $114.10, for a total value of $453,775.70. Following the completion of the sale, the insider owned 19,618 shares in the company, valued at $2,238,413.80. This trade represents a 16.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director David Schellhase acquired 3,712 shares of the firm's stock in a transaction dated Thursday, April 16th. The stock was purchased at an average cost of $72.04 per share, with a total value of $267,412.48. Following the transaction, the director owned 3,712 shares in the company, valued at approximately $267,412.48. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 114,074 shares of company stock valued at $13,128,242. 4.61% of the stock is owned by company insiders.

Okta Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.