SummitTX Capital L.P. Makes New Investment in Okta, Inc. $OKTA

SummitTX Capital L.P. acquired a new position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 13,197 shares of the company's stock, valued at approximately $1,039,000.

A number of other large investors have also recently made changes to their positions in the stock. SHP Wealth Management acquired a new position in shares of Okta in the 4th quarter valued at $27,000. Torren Management LLC acquired a new position in shares of Okta in the fourth quarter valued at about $32,000. Spire Wealth Management increased its holdings in shares of Okta by 30.8% in the fourth quarter. Spire Wealth Management now owns 505 shares of the company's stock valued at $44,000 after purchasing an additional 119 shares during the period. V Square Quantitative Management LLC purchased a new position in shares of Okta in the fourth quarter worth about $56,000. Finally, Assetmark Inc. raised its stake in shares of Okta by 81.1% in the first quarter. Assetmark Inc. now owns 719 shares of the company's stock worth $57,000 after purchasing an additional 322 shares during the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Okta

In other Okta news, CFO Brett Tighe sold 65,000 shares of Okta stock in a transaction on Monday, June 8th. The shares were sold at an average price of $117.25, for a total value of $7,621,250.00. Following the completion of the transaction, the chief financial officer owned 119,680 shares of the company's stock, valued at approximately $14,032,480. The trade was a 35.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Robert Kelleher sold 3,977 shares of Okta stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $114.10, for a total transaction of $453,775.70. Following the completion of the transaction, the insider directly owned 19,618 shares of the company's stock, valued at $2,238,413.80. The trade was a 16.86% 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 90 days, insiders sold 174,224 shares of company stock worth $22,534,353. Insiders own 4.61% of the company's stock.

Okta Stock Up 2.6%

Okta stock opened at $140.42 on Friday. The business's 50-day moving average price is $128.19 and its 200 day moving average price is $97.28. The firm has a market cap of $24.41 billion, a price-to-earnings ratio of 101.75, a price-to-earnings-growth ratio of 4.92 and a beta of 0.77. Okta, Inc. has a 52 week low of $62.66 and a 52 week 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 EPS for the quarter, topping the consensus estimate of $0.85 by $0.06. The business had revenue of $765.00 million for the quarter, compared to analyst estimates of $751.84 million. Okta had a return on equity of 4.15% and a net margin of 8.24%.The business's quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the firm 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. Equities analysts expect that Okta, Inc. will post 1.75 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on OKTA shares. Wells Fargo & Company upped their target price on Okta from $100.00 to $150.00 and gave the company an "equal weight" rating in a research report on Monday, July 20th. Susquehanna raised their price target on shares of Okta from $80.00 to $110.00 and gave the stock a "neutral" rating in a research report on Friday, May 29th. Piper Sandler lifted their price objective on shares of Okta from $82.00 to $105.00 and gave the company a "neutral" rating in a research note on Friday, May 29th. Barclays upped their price objective on shares of Okta from $93.00 to $120.00 and gave the company an "overweight" rating in a report on Friday, May 29th. Finally, 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 note on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Okta presently has a consensus rating of "Moderate Buy" and an average target price of $121.81.

Okta News Roundup

Here are the key news stories impacting Okta this week:

• Positive Sentiment: Expanded identity-threat platform: Okta plans to integrate Permiso’s identity-risk signals, behavioral analytics and threat-detection technology into its identity-management platform. The acquisition could strengthen Okta’s ability to detect and respond to compromised human, machine and AI-agent identities. Okta Inks Permiso Purchase to Expand Identity Threat Defense
• Positive Sentiment: Exposure to AI-security demand: Permiso’s capabilities address enterprises’ growing need to secure AI agents and other non-human identities operating across cloud environments. Investors may view the transaction as a way for Okta to capture additional long-term growth as autonomous software adoption expands. Okta buys AI security startup Permiso
• Neutral Sentiment: Transaction details remain limited: The acquisition is expected to close in the third quarter, while a report citing a source puts the purchase price at approximately $200 million. Okta has not publicly disclosed full financial terms, so investors will monitor the deal’s effect on expenses, growth and profitability. Okta buys AI security startup Permiso
• Positive Sentiment: Recent operating momentum supports sentiment: Okta’s latest reported quarter exceeded analyst expectations for earnings and revenue, with revenue up 11.2% year over year. That performance provides a supportive backdrop for the Permiso announcement, although the stock’s elevated valuation leaves less room for execution disappointments.

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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