Carson Advisory Inc. Buys New Stake in Okta, Inc. $OKTA

Carson Advisory Inc. purchased a new position in Okta, Inc. (NASDAQ:OKTA) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,800 shares of the company’s stock, valued at approximately $299,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OKTA. Integrated Wealth Concepts LLC acquired a new position in shares of Okta in the 1st quarter worth approximately $225,000. NewEdge Advisors LLC boosted its stake in Okta by 853.4% in the 1st quarter. NewEdge Advisors LLC now owns 5,530 shares of the company’s stock valued at $582,000 after buying an additional 4,950 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in Okta in the 2nd quarter valued at $244,000. Invesco Ltd. grew its position in Okta by 34.1% in the second quarter. Invesco Ltd. now owns 430,844 shares of the company’s stock valued at $43,071,000 after acquiring an additional 109,614 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in Okta by 122.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,621 shares of the company’s stock valued at $162,000 after acquiring an additional 893 shares during the period. Institutional investors own 86.64% of the company’s stock.

Insiders Place Their Bets

In related news, Director Shellye L. Archambeau sold 2,500 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $85.00, for a total transaction of $212,500.00. Following the transaction, the director owned 9,192 shares in the company, valued at $781,320. This represents a 21.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Larissa Schwartz sold 24,971 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $134.13, for a total transaction of $3,349,360.23. Following the transaction, the insider owned 23,477 shares in the company, valued at approximately $3,148,970.01. This trade represents a 51.54% 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. Insiders sold a total of 174,224 shares of company stock valued at $22,534,353 over the last three months. Company insiders own 4.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on OKTA shares. Wedbush reissued an “outperform” rating and set a $60.00 price objective on shares of Okta in a report on Friday, May 29th. BMO Capital Markets boosted their target price on shares of Okta from $95.00 to $120.00 and gave the company an “outperform” rating in a research note on Friday, May 29th. Capital One Financial set a $171.00 target price on shares of Okta and gave the stock an “overweight” rating in a report on Thursday. Cantor Fitzgerald increased their target price on shares of Okta from $110.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, May 29th. Finally, Mizuho downgraded shares of Okta from an “outperform” rating to a “neutral” rating and lifted their price target for the company from $110.00 to $125.00 in a report on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $120.42.

Okta Price Performance

OKTA stock opened at $149.35 on Monday. The business has a fifty day moving average price of $118.22 and a 200 day moving average price of $94.11. Okta, Inc. has a fifty-two week low of $62.66 and a fifty-two week high of $157.00. The stock has a market capitalization of $25.96 billion, a price-to-earnings ratio of 108.23, a P/E/G ratio of 5.37 and a beta of 0.77.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Thursday, May 28th. The company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.06. The company 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 revenue was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.86 earnings per share. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. On average, equities analysts expect 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.