Sumitomo Mitsui Trust Group Inc. Trims Position in Okta, Inc. $OKTA

Key Points

• Sumitomo Mitsui Trust Group trimmed its Okta position by 4.4% in the first quarter, selling 16,461 shares and ending with 355,720 shares worth about $28.0 million.
• Wall Street sentiment remains constructive: several analysts raised price targets, and the stock currently carries a Moderate Buy consensus with an average target of $118.97.
• Okta reported better-than-expected quarterly results, posting $0.91 EPS on $765 million in revenue, while the stock traded at $139.53 and sat near its 52-week high of $153.20.

Sumitomo Mitsui Trust Group Inc. decreased its stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 4.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 355,720 shares of the company's stock after selling 16,461 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.20% of Okta worth $27,999,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC bought a new stake in shares of Okta during the first quarter valued at approximately $225,000. NewEdge Advisors LLC increased its holdings in Okta by 853.4% during the 1st quarter. NewEdge Advisors LLC now owns 5,530 shares of the company's stock worth $582,000 after purchasing an additional 4,950 shares during the period. Sivia Capital Partners LLC bought a new stake in Okta during the 2nd quarter valued at $244,000. Invesco Ltd. lifted its holdings in shares of Okta by 34.1% in the 2nd quarter. Invesco Ltd. now owns 430,844 shares of the company's stock worth $43,071,000 after buying an additional 109,614 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in shares of Okta by 122.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,621 shares of the company's stock worth $162,000 after buying an additional 893 shares in the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Barclays lifted their price objective on Okta from $93.00 to $120.00 and gave the company an "overweight" rating in a report on Friday, May 29th. Piper Sandler lifted their price target on Okta from $82.00 to $105.00 and gave the company a "neutral" rating in a report on Friday, May 29th. JPMorgan Chase & Co. boosted their price objective on shares of Okta from $103.00 to $114.00 and gave the stock an "overweight" rating in a research note on Thursday, May 28th. Wall Street Zen lowered Okta from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Finally, The Goldman Sachs Group started coverage on Okta in a research note on Monday, July 6th. They set a "buy" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $118.97.

Insiders Place Their Bets

In other news, Director Shellye L. Archambeau sold 2,500 shares of the firm's stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $85.00, for a total transaction of $212,500.00. Following the sale, the director owned 9,192 shares of the company's stock, valued at $781,320. This trade represents a 21.38% decrease in their position. The sale was disclosed in a document filed 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 2,463 shares of the business's stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $120.00, for a total transaction of $295,560.00. Following the completion of the transaction, the insider owned 25,241 shares of the company's stock, valued at approximately $3,028,920. This represents a 8.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 174,224 shares of company stock worth $22,534,353. Corporate insiders own 4.61% of the company's stock.

Okta Stock Performance

NASDAQ:OKTA opened at $139.53 on Tuesday. The firm's fifty day moving average is $112.57 and its two-hundred day moving average is $92.36. The firm has a market cap of $24.25 billion, a price-to-earnings ratio of 101.11, a PEG ratio of 4.99 and a beta of 0.77. Okta, Inc. has a one year low of $62.66 and a one year high of $153.20.

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. Okta had a return on equity of 4.15% and a net margin of 8.24%.The business had revenue of $765.00 million during the quarter, compared to analyst estimates of $751.84 million. During the same quarter last year, the business posted $0.86 EPS. The company'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. As a group, equities research analysts predict that Okta, Inc. will post 1.75 earnings per share for the current fiscal year.

Okta 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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