Principal Financial Group Inc. Increases Holdings in Okta, Inc. $OKTA

Key Points

• Principal Financial Group boosted its Okta stake by 4.9% in Q1, ending with 379,433 shares valued at about $29.9 million.
• Okta posted a strong quarterly report, with EPS of $0.91 topping estimates and revenue of $765 million, up 11.2% year over year.
• Wall Street sentiment remains constructive: analysts hold a Moderate Buy consensus, with several firms raising price targets even as some insiders have recently sold shares.

Principal Financial Group Inc. increased its position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 4.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 379,433 shares of the company's stock after purchasing an additional 17,757 shares during the quarter. Principal Financial Group Inc. owned 0.21% of Okta worth $29,865,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of OKTA. International Assets Investment Management LLC raised its position in Okta by 143.0% during the 1st quarter. International Assets Investment Management LLC now owns 3,528 shares of the company's stock worth $279,000 after buying an additional 2,076 shares during the last quarter. Diversify Wealth Management LLC acquired a new stake in shares of Okta in the first quarter worth $2,077,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of Okta by 0.7% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 42,459 shares of the company's stock worth $3,342,000 after acquiring an additional 304 shares during the period. Fifth Third Bancorp raised its holdings in shares of Okta by 1,901.1% during the first quarter. Fifth Third Bancorp now owns 47,245 shares of the company's stock worth $3,719,000 after purchasing an additional 44,884 shares during the last quarter. Finally, American Trust raised its holdings in shares of Okta by 12.8% during the first quarter. American Trust now owns 2,865 shares of the company's stock worth $226,000 after purchasing an additional 325 shares during the last quarter. Hedge funds and other institutional investors own 86.64% of the company's stock.

Okta Stock Performance

OKTA stock opened at $149.35 on Monday. The firm has a market cap of $25.96 billion, a PE ratio of 108.23, a P/E/G ratio of 5.37 and a beta of 0.77. The firm's fifty day moving average is $118.22 and its 200 day moving average is $94.11. Okta, Inc. has a one year low of $62.66 and a one year high of $157.00.

Okta (NASDAQ:OKTA - Get Free Report) last released its quarterly earnings data on Thursday, May 28th. The company reported $0.91 earnings per share for the quarter, beating analysts' consensus estimates of $0.85 by $0.06. The company had revenue of $765.00 million during the quarter, compared to analysts' expectations of $751.84 million. Okta had a net margin of 8.24% and a return on equity of 4.15%. The firm's revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter in the previous 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 predict that Okta, Inc. will post 1.75 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have commented on OKTA. JPMorgan Chase & Co. upped their price target on shares of Okta from $103.00 to $114.00 and gave the company an "overweight" rating in a report on Thursday, May 28th. Oppenheimer lifted their price objective on Okta from $110.00 to $125.00 and gave the company an "outperform" rating in a research note on Friday, May 29th. Seaport Research Partners cut Okta to a "neutral" rating in a report on Thursday, April 16th. Berenberg Bank upped their target price on Okta from $120.00 to $135.00 and gave the stock a "buy" rating in a research note on Friday, May 29th. Finally, Wells Fargo & Company raised their target price on Okta from $85.00 to $100.00 and gave the stock an "equal weight" rating in a report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $120.42.

Insider Activity

In other Okta news, insider Larissa Schwartz sold 2,463 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $120.00, for a total transaction of $295,560.00. Following the transaction, the insider owned 25,241 shares in the company, valued at approximately $3,028,920. This represents a 8.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through 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 stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $146.62, for a total value of $10,107,396.32. Following 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 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 three months, insiders sold 174,224 shares of company stock worth $22,534,353. 4.61% of the stock is currently owned by corporate 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.

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