SteelPeak Wealth LLC Takes $547,000 Position in Okta, Inc. $OKTA

Key Points

• SteelPeak Wealth LLC has acquired a new position in Okta, Inc., purchasing 5,470 shares valued at approximately $547,000 in the second quarter of 2023.
• Insider selling has been notable, with CEO Todd Mckinnon selling nearly 32,000 shares for about $2.95 million, contributing to a total of 147,003 shares sold by insiders worth roughly $13.77 million in the past 90 days.
• Okta's stock has a market cap of $16.22 billion, with its shares trading at $92.63 and analysts projecting an average target price of $118.94 based on recent evaluations.

SteelPeak Wealth LLC acquired a new stake in Okta, Inc. (NASDAQ:OKTA - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 5,470 shares of the company's stock, valued at approximately $547,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of OKTA. TD Private Client Wealth LLC increased its stake in shares of Okta by 19.6% in the first quarter. TD Private Client Wealth LLC now owns 561 shares of the company's stock valued at $59,000 after buying an additional 92 shares in the last quarter. Allworth Financial LP increased its stake in shares of Okta by 5.7% in the first quarter. Allworth Financial LP now owns 1,708 shares of the company's stock valued at $173,000 after buying an additional 92 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in shares of Okta by 12.6% in the first quarter. Smartleaf Asset Management LLC now owns 824 shares of the company's stock valued at $89,000 after buying an additional 92 shares in the last quarter. GPS Wealth Strategies Group LLC increased its stake in shares of Okta by 7.2% in the first quarter. GPS Wealth Strategies Group LLC now owns 1,484 shares of the company's stock valued at $156,000 after buying an additional 100 shares in the last quarter. Finally, First Horizon Advisors Inc. increased its stake in shares of Okta by 18.9% in the first quarter. First Horizon Advisors Inc. now owns 678 shares of the company's stock valued at $71,000 after buying an additional 108 shares in the last quarter. 86.64% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Okta news, CEO Todd Mckinnon sold 31,968 shares of the firm's stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $92.33, for a total transaction of $2,951,605.44. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Eric Robert Kelleher sold 16,018 shares of the firm's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $91.81, for a total value of $1,470,612.58. Following the transaction, the insider owned 7,044 shares in the company, valued at approximately $646,709.64. This trade represents a 69.46% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 147,003 shares of company stock worth $13,769,238 in the last ninety days. 5.68% of the stock is currently owned by corporate insiders.

Okta Trading Up 1.9%

Shares of OKTA opened at $92.63 on Thursday. Okta, Inc. has a 1 year low of $70.92 and a 1 year high of $127.57. The stock has a market cap of $16.22 billion, a P/E ratio of 108.98, a price-to-earnings-growth ratio of 4.46 and a beta of 0.84. The stock's 50-day moving average price is $92.11 and its two-hundred day moving average price is $100.21.

Okta (NASDAQ:OKTA - Get Free Report) last issued its earnings results on Tuesday, August 26th. The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.84 by $0.07. Okta had a return on equity of 3.31% and a net margin of 6.08%.The firm had revenue of $728,000 billion for the quarter, compared to analysts' expectations of $711.84 million. During the same quarter last year, the business earned $0.72 earnings per share. The company's revenue was up 12.7% compared to the same quarter last year. Okta has set its FY 2026 guidance at 3.330-3.380 EPS. Q3 2026 guidance at 0.740-0.750 EPS. As a group, equities analysts forecast that Okta, Inc. will post 0.42 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on OKTA shares. Scotiabank lowered their target price on Okta from $115.00 to $105.00 and set a "sector perform" rating for the company in a research note on Wednesday, August 27th. Zacks Research lowered Okta from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 28th. Wall Street Zen upgraded Okta from a "hold" rating to a "buy" rating in a research note on Sunday, August 3rd. Citigroup reiterated a "market perform" rating on shares of Okta in a report on Wednesday, August 27th. Finally, Barclays raised their price target on Okta from $100.00 to $115.00 and gave the company an "equal weight" rating in a report on Wednesday, August 27th. Twenty-two equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $118.94.

Okta Company Profile

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.

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