NewEdge Wealth LLC Sells 19,850 Shares of Okta, Inc. $OKTA

NewEdge Wealth LLC trimmed its position in Okta, Inc. (NASDAQ:OKTA) by 26.1% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 56,204 shares of the company’s stock after selling 19,850 shares during the quarter. NewEdge Wealth LLC’s holdings in Okta were worth $4,424,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in OKTA. SHP Wealth Management purchased a new position in shares of Okta during the fourth quarter valued at $27,000. Torren Management LLC purchased a new stake in Okta in the fourth quarter worth about $32,000. Spire Wealth Management lifted its stake in Okta by 30.8% in the fourth quarter. Spire Wealth Management now owns 505 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares during the period. V Square Quantitative Management LLC bought a new position in Okta during the 4th quarter worth about $56,000. Finally, Assetmark Inc. grew its holdings in Okta by 81.1% during the 1st quarter. Assetmark Inc. now owns 719 shares of the company’s stock worth $57,000 after acquiring an additional 322 shares in the last quarter. Institutional investors own 86.64% of the company’s stock.

Insider Activity

In related news, insider Eric Robert Kelleher sold 3,977 shares of the business’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $114.10, for a total transaction of $453,775.70. Following the transaction, 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 position. The sale 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, CEO Todd Mckinnon sold 68,936 shares of the company’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $146.62, for a total value of $10,107,396.32. Following the transaction, the chief executive officer directly owned 38,484 shares in the company, valued at $5,642,524.08. This represents a 64.17% 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 90 days, insiders have sold 174,224 shares of company stock worth $22,534,353. Company insiders own 4.61% of the company’s stock.

Analyst Ratings Changes

OKTA has been the subject of several recent research reports. Susquehanna boosted their price target on shares of Okta from $80.00 to $110.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Canaccord Genuity Group increased their price objective on shares of Okta from $95.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, May 29th. Arete Research set a $127.00 price objective on shares of Okta and gave the company a “buy” rating in a report on Tuesday, May 26th. KeyCorp lifted their price objective on shares of Okta from $130.00 to $175.00 and gave the company an “overweight” rating in a report on Friday, July 10th. Finally, BTIG Research boosted their price objective on shares of Okta from $119.00 to $136.00 and gave the stock a “buy” rating in a research note on Thursday, June 25th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Okta currently has a consensus rating of “Moderate Buy” and a consensus price target of $121.81.

Okta Stock Up 1.8%

NASDAQ:OKTA opened at $138.50 on Friday. Okta, Inc. has a 52 week low of $62.66 and a 52 week high of $157.00. The firm has a 50 day moving average of $124.19 and a 200 day moving average of $95.95. The stock has a market capitalization of $24.07 billion, a price-to-earnings ratio of 100.36, a PEG ratio of 4.89 and a beta of 0.77.

Okta (NASDAQ:OKTA) last announced its earnings results on Thursday, May 28th. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.06. Okta had a net margin of 8.24% and a return on equity of 4.15%. The company had revenue of $765.00 million during the quarter, compared to the consensus estimate of $751.84 million. During the same period last year, the firm earned $0.86 earnings per share. Okta’s revenue was up 11.2% compared to the same quarter last year. 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, analysts expect that Okta, Inc. will post 1.75 EPS for the current year.

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.