Staley Capital Advisers Inc. Decreases Position in Okta, Inc. $OKTA

Key Points

• Staley Capital Advisers cut its Okta stake by 91% in the first quarter, selling 224,014 shares and leaving it with 22,084 shares worth about $1.74 million.
• Okta’s recent operating results were solid, with Q1 EPS of $0.91 and revenue of $765 million, both above analyst estimates, while revenue rose 11.2% year over year.
• Sentiment remains mixed but generally constructive: analysts have a Moderate Buy consensus and an average price target of $117.69, while the stock has also benefited from AI-security enthusiasm and recently traded near its 52-week high.

Staley Capital Advisers Inc. lessened its position in Okta, Inc. (NASDAQ:OKTA - Free Report) by 91.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,084 shares of the company's stock after selling 224,014 shares during the quarter. Staley Capital Advisers Inc.'s holdings in Okta were worth $1,738,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of OKTA. Resonant Capital Advisors LLC boosted its holdings in shares of Okta by 8.3% during the 1st quarter. Resonant Capital Advisors LLC now owns 5,521 shares of the company's stock worth $435,000 after purchasing an additional 421 shares during the last quarter. Swedbank AB increased its stake in Okta by 21.9% during the first quarter. Swedbank AB now owns 2,216,588 shares of the company's stock worth $174,468,000 after acquiring an additional 397,507 shares during the last quarter. Avory & Company LLC acquired a new stake in shares of Okta during the 1st quarter worth about $1,593,000. Stephens Inc. AR increased its position in shares of Okta by 334.3% during the first quarter. Stephens Inc. AR now owns 24,243 shares of the company's stock valued at $1,908,000 after acquiring an additional 18,661 shares during the last quarter. Finally, Stephens Investment Management Group LLC increased its holdings in Okta by 1.4% in the 1st quarter. Stephens Investment Management Group LLC now owns 443,827 shares of the company's stock valued at $34,934,000 after purchasing an additional 6,192 shares during the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Key Okta News

Here are the key news stories impacting Okta this week:

• Positive Sentiment: Okta has been highlighted for its potential role in AI-driven cybersecurity, and a recent analyst upgrade helped fuel bullish sentiment around the company’s long-term growth story. Why Okta (OKTA) Is Up 13.2% After Index Removal And AI Cybersecurity Upgrade - And What's Next
• Positive Sentiment: Okta remains near a 52-week high, reflecting strong momentum and continued investor interest in the identity-security name. Okta NASDAQ: OKTA Reaches New 52-Week High - Time to Buy?
• Positive Sentiment: Vonage launched a Protection Suite for Okta that adds fraud-protected MFA delivery, reinforcing Okta’s ecosystem and customer security value proposition. Vonage Launches Protection Suite for Okta for Secure MFA Delivery
• Neutral Sentiment: Okta was removed from several Russell growth indexes, a technical change that can affect index-linked flows and may create short-term volatility without changing the company’s core business outlook. Okta (OKTA) Left Russell Growth Indexes, Is The Stock Fairly Valued?
• Negative Sentiment: Recent commentary notes Okta has been slipping after a strong advance, suggesting some investors are locking in gains and reassessing valuation after the run-up. Okta (OKTA) Suffers a Larger Drop Than the General Market: Key Insights

Okta Price Performance

Shares of NASDAQ OKTA opened at $146.77 on Thursday. The stock has a fifty day moving average price of $108.55 and a 200 day moving average price of $91.25. Okta, Inc. has a 1-year low of $62.66 and a 1-year high of $153.20. The company has a market cap of $25.51 billion, a PE ratio of 106.36, a P/E/G ratio of 5.34 and a beta of 0.77.

Okta (NASDAQ:OKTA - Get Free Report) last announced its quarterly earnings data on Thursday, May 28th. The company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.06. The company had revenue of $765.00 million for 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%. Okta's revenue was up 11.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.86 EPS. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. Analysts anticipate that Okta, Inc. will post 1.75 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. KeyCorp boosted their price target on shares of Okta from $120.00 to $130.00 and gave the stock an "overweight" rating in a research note on Thursday, June 25th. Berenberg Bank raised their price target on Okta from $120.00 to $135.00 and gave the company a "buy" rating in a research note on Friday, May 29th. Truist Financial boosted their price objective on shares of Okta from $100.00 to $120.00 and gave the stock a "buy" rating in a research report on Friday, May 29th. Mizuho downgraded Okta from an "outperform" rating to a "neutral" rating and boosted their target price for the company from $110.00 to $125.00 in a report on Tuesday, June 2nd. Finally, DA Davidson boosted their target price on Okta from $110.00 to $130.00 and gave the company a "buy" rating in a report on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $117.69.

Insider Activity at Okta

In related news, insider Eric Robert Kelleher sold 3,977 shares of Okta stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $114.10, for a total value of $453,775.70. Following the sale, the insider directly owned 19,618 shares in the company, valued at $2,238,413.80. The trade was a 16.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Larissa Schwartz sold 24,971 shares of the company's stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $134.13, for a total value of $3,349,360.23. Following the transaction, the insider directly owned 23,477 shares in the company, valued at $3,148,970.01. This represents a 51.54% decrease in their position. 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 105,288 shares of company stock worth $12,426,956 in the last three months. 4.61% of the stock is currently owned by corporate 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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