S&CO Inc. Makes New Investment in Okta, Inc. $OKTA

Key Points

• S&CO Inc. bought 19,699 Okta shares worth approximately $2.69 million in the second quarter, while institutional investors collectively own 86.64% of the company.
• Okta insiders have recently sold substantial holdings, including CEO Todd McKinnon’s $10.1 million sale; insiders sold 167,847 shares worth about $22 million over the past three months.
• Analysts remain generally positive, with Okta carrying a “Moderate Buy” consensus rating and an average price target of $125.51. The company recently beat quarterly earnings and revenue expectations, reporting 11.2% year-over-year revenue growth.

S&CO Inc. bought a new stake in Okta, Inc. (NASDAQ:OKTA - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 19,699 shares of the company's stock, valued at approximately $2,687,000.

Several other large investors also recently modified their holdings of the business. SHP Wealth Management acquired a new position in shares of Okta in the 4th quarter valued at approximately $27,000. Torren Management LLC bought a new stake in Okta during the 4th quarter worth approximately $32,000. MassMutual Private Wealth & Trust FSB raised its holdings in Okta by 279.5% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 296 shares of the company's stock worth $40,000 after buying an additional 218 shares during the period. Assetmark Inc. raised its holdings in Okta by 81.1% during the 1st quarter. Assetmark Inc. now owns 719 shares of the company's stock worth $57,000 after buying an additional 322 shares during the period. Finally, SJS Investment Consulting Inc. lifted its stake in Okta by 1,265.5% in the first quarter. SJS Investment Consulting Inc. now owns 751 shares of the company's stock valued at $59,000 after buying an additional 696 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Todd Mckinnon sold 68,936 shares of the company's stock in a transaction that occurred on 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 sale, 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. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Shellye L. Archambeau sold 2,500 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $85.00, for a total value of $212,500.00. Following the completion of the sale, the director directly owned 9,192 shares of the company's stock, valued at approximately $781,320. The trade was a 21.38% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 167,847 shares of company stock worth $22,039,842. Corporate insiders own 4.61% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on OKTA. JPMorgan Chase & Co. increased their price objective on shares of Okta from $103.00 to $114.00 and gave the stock an "overweight" rating in a research report on Thursday, May 28th. Mizuho cut shares of Okta from an "outperform" rating to a "neutral" rating and boosted their price objective for the company from $110.00 to $125.00 in a research report on Tuesday, June 2nd. Cantor Fitzgerald upped their target price on shares of Okta from $110.00 to $125.00 and gave the stock an "overweight" rating in a research note on Friday, May 29th. HC Wainwright initiated coverage on Okta in a report on Monday, July 6th. They set a "buy" rating for the company. Finally, BTIG Research lifted their price target on Okta from $119.00 to $136.00 and gave the company a "buy" rating in a research note on Thursday, June 25th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $125.51.

Okta Price Performance

Shares of NASDAQ OKTA opened at $147.43 on Friday. The business has a 50-day moving average of $136.05 and a 200-day moving average of $101.57. The stock has a market capitalization of $25.62 billion, a price-to-earnings ratio of 106.83, a PEG ratio of 5.30 and a beta of 0.77. Okta, Inc. has a fifty-two week low of $62.66 and a fifty-two week high of $157.00.

Okta (NASDAQ:OKTA - Get Free Report) last released its earnings results on Thursday, May 28th. The company reported $0.91 earnings per share (EPS) for the quarter, topping 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 business had revenue of $765.00 million for the quarter, compared to analyst estimates of $751.84 million. During the same quarter in the prior year, the company posted $0.86 earnings per share. Okta's revenue was up 11.2% on a year-over-year basis. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. On average, sell-side analysts expect that Okta, Inc. will post 1.75 EPS for the current year.

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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