Wealth Enhancement Advisory Services LLC Has $2.73 Million Position in Okta, Inc. $OKTA

Key Points

• Wealth Enhancement Advisory Services LLC reduced its stake in Okta, Inc. by 29.1%, owning 27,581 shares valued at $2.73 million after selling 11,336 shares in Q2.
• Okta reported a 12.7% increase in revenue year-over-year at $728 million, with earnings per share of $0.91, surpassing expectations by $0.07.
• Institutional investors hold 86.64% of Okta's stock, with research analysts currently rating the stock as a "Moderate Buy" and setting a consensus price target of $119.14.

Wealth Enhancement Advisory Services LLC cut its stake in Okta, Inc. (NASDAQ:OKTA - Free Report) by 29.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 27,581 shares of the company's stock after selling 11,336 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Okta were worth $2,734,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Wolff Wiese Magana LLC lifted its position in Okta by 167.4% in the 1st quarter. Wolff Wiese Magana LLC now owns 246 shares of the company's stock valued at $26,000 after acquiring an additional 154 shares in the last quarter. Wayfinding Financial LLC acquired a new position in shares of Okta in the first quarter worth about $27,000. Harbour Investments Inc. grew its stake in Okta by 152.4% during the 1st quarter. Harbour Investments Inc. now owns 260 shares of the company's stock valued at $27,000 after acquiring an additional 157 shares in the last quarter. Rossby Financial LCC acquired a new stake in Okta during the 1st quarter worth approximately $31,000. Finally, Center for Financial Planning Inc. purchased a new position in Okta during the 1st quarter worth $47,000. Institutional investors own 86.64% of the company's stock.

Okta Stock Performance

NASDAQ:OKTA opened at $91.16 on Friday. Okta, Inc. has a one year low of $70.92 and a one year high of $127.57. The stock has a market cap of $15.96 billion, a price-to-earnings ratio of 107.25, a price-to-earnings-growth ratio of 4.47 and a beta of 0.83. The business's 50-day simple moving average is $92.91 and its 200 day simple moving average is $101.23.

Okta (NASDAQ:OKTA - Get Free Report) last issued its quarterly earnings results on Tuesday, August 26th. The company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.07. Okta had a return on equity of 3.31% and a net margin of 6.08%.The company had revenue of $728,000 billion for the quarter, compared to the consensus estimate of $711.84 million. During the same period last year, the business posted $0.72 earnings per share. The firm'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. On average, equities research analysts predict that Okta, Inc. will post 0.42 EPS for the current year.

Insider Activity at Okta

In other Okta news, CRO Jonathan James Addison sold 9,000 shares of the firm's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $100.00, for a total value of $900,000.00. Following the transaction, the executive owned 7,067 shares in the company, valued at approximately $706,700. This trade represents a 56.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Eric Robert Kelleher sold 16,018 shares of the company's stock in a transaction that occurred on 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 sale, the insider owned 7,044 shares of the company's stock, valued at $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 134,593 shares of company stock worth $12,598,168 in the last 90 days. Corporate insiders own 5.68% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on OKTA shares. Arete assumed coverage on shares of Okta in a research note on Monday, July 7th. They issued a "sell" rating and a $83.00 target price for the company. Guggenheim reaffirmed a "buy" rating and issued a $138.00 price target on shares of Okta in a research note on Wednesday, August 27th. Bank of America reiterated an "underperform" rating and set a $75.00 price objective on shares of Okta in a research report on Wednesday, August 27th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $115.00 target price on shares of Okta in a report on Friday. Finally, Arete Research upgraded Okta to a "strong sell" rating and set a $83.00 price objective on the stock in a research report on Monday, July 7th. Twenty-two analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $119.14.

Okta 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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