GK Wealth Management LLC Invests $639,000 in Okta, Inc. $OKTA

GK Wealth Management LLC purchased a new position in shares of Okta, Inc. (NASDAQ:OKTA) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 4,686 shares of the company’s stock, valued at approximately $639,000.

Other large investors also recently bought and sold shares of the company. First Trust Advisors LP increased its stake in Okta by 28.2% in the fourth quarter. First Trust Advisors LP now owns 6,030,090 shares of the company’s stock worth $521,422,000 after purchasing an additional 1,326,051 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of Okta by 71.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,553,091 shares of the company’s stock worth $281,209,000 after purchasing an additional 1,485,963 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Okta by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 3,261,303 shares of the company’s stock worth $281,246,000 after purchasing an additional 57,605 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Okta by 2.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,495,389 shares of the company’s stock worth $215,776,000 after purchasing an additional 69,653 shares during the last quarter. Finally, Pictet Asset Management Holding SA increased its stake in Okta by 28.4% in the 1st quarter. Pictet Asset Management Holding SA now owns 2,490,681 shares of the company’s stock worth $195,844,000 after buying an additional 550,328 shares during the period. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Insider Buying and Selling

In other Okta news, CEO Todd Mckinnon sold 68,936 shares of the stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $146.62, for a total transaction of $10,107,396.32. Following the sale, the chief executive officer owned 38,484 shares of the company’s stock, valued at approximately $5,642,524.08. This trade represents a 64.17% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Shellye L. Archambeau sold 2,500 shares of Okta stock in a transaction on Monday, May 18th. The shares were sold at an average price of $85.00, for a total value of $212,500.00. Following the completion of the transaction, the director owned 9,192 shares in the company, valued at $781,320. This represents a 21.38% decrease in their ownership of the stock. 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 have sold a total of 168,901 shares of company stock valued at $22,124,162 over the last ninety days. Company insiders own 4.61% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on OKTA shares. JPMorgan Chase & Co. boosted their price objective on shares of Okta from $103.00 to $114.00 and gave the company an “overweight” rating in a research report on Thursday, May 28th. Citigroup reaffirmed an “outperform” rating on shares of Okta in a research report on Friday, May 29th. Truist Financial lifted their price target on shares of Okta from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, May 29th. Wolfe Research initiated coverage on Okta in a report on Thursday, April 16th. They issued an “outperform” rating for the company. Finally, Wells Fargo & Company increased their price objective on Okta from $100.00 to $150.00 and gave the stock an “equal weight” rating in a research note on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Okta presently has an average rating of “Moderate Buy” and an average target price of $121.81.

Okta Stock Performance

NASDAQ OKTA opened at $147.82 on Wednesday. The company has a market capitalization of $25.69 billion, a price-to-earnings ratio of 107.12, a price-to-earnings-growth ratio of 5.09 and a beta of 0.77. The company’s 50-day simple moving average is $131.25 and its two-hundred day simple moving average is $98.34. Okta, Inc. has a one year low of $62.66 and a one year high of $157.00.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Thursday, May 28th. The company reported $0.91 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 business had revenue of $765.00 million during the quarter, compared to analyst estimates of $751.84 million. During the same quarter in the previous year, the business posted $0.86 EPS. The company’s quarterly 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. 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.