Empowered Funds LLC Has $13.20 Million Position in Okta, Inc. $OKTA

Empowered Funds LLC increased its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 1,421.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 167,701 shares of the company’s stock after purchasing an additional 156,682 shares during the period. Empowered Funds LLC owned approximately 0.10% of Okta worth $13,200,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. SHP Wealth Management bought a new stake in Okta during the 4th quarter worth approximately $27,000. Torren Management LLC bought a new position in Okta in the fourth quarter valued at approximately $32,000. Spire Wealth Management boosted 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 buying an additional 119 shares during the period. V Square Quantitative Management LLC bought a new stake in shares of Okta during the fourth quarter worth $56,000. Finally, Assetmark Inc. increased its position in shares of Okta by 81.1% during the first 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. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on OKTA. UBS Group boosted their price objective on shares of Okta from $115.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, June 9th. Wall Street Zen cut Okta from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Truist Financial lifted their price target on Okta from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, May 29th. KeyCorp boosted their price target on Okta from $130.00 to $175.00 and gave the company an “overweight” rating in a report on Friday, July 10th. Finally, Morgan Stanley started coverage on Okta in a research report on Monday, July 6th. They set a “neutral” rating for the company. One analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Okta currently has an average rating of “Moderate Buy” and a consensus price target of $121.81.

Okta Trading Up 0.5%

Shares of OKTA opened at $136.91 on Thursday. Okta, Inc. has a 12 month low of $62.66 and a 12 month high of $157.00. The firm has a fifty day simple moving average of $127.17 and a 200 day simple moving average of $96.94. The stock has a market capitalization of $23.80 billion, a price-to-earnings ratio of 99.21, a PEG ratio of 4.90 and a beta of 0.77.

Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Thursday, May 28th. The company reported $0.91 earnings per share (EPS) 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 firm had revenue of $765.00 million for the quarter, compared to analyst estimates of $751.84 million. During the same period in the previous year, the business earned $0.86 EPS. The company’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, research analysts predict that Okta, Inc. will post 1.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Brett Tighe sold 65,000 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $117.25, for a total transaction of $7,621,250.00. Following the completion of the transaction, the chief financial officer directly owned 119,680 shares of the company’s stock, valued at approximately $14,032,480. This represents a 35.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Larissa Schwartz sold 24,971 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $134.13, for a total value of $3,349,360.23. Following the transaction, the insider directly owned 23,477 shares of the company’s stock, valued at $3,148,970.01. This trade represents a 51.54% 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. Insiders have sold 174,224 shares of company stock worth $22,534,353 over the last three months. Company insiders own 4.61% of the company’s stock.

About Okta

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.