Evanson Financial LLC Makes New $852,000 Investment in Okta, Inc. $OKTA

Evanson Financial LLC purchased a new stake in Okta, Inc. (NASDAQ:OKTA) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 6,244 shares of the company’s stock, valued at approximately $852,000.

A number of other institutional investors also recently modified their holdings of OKTA. SHP Wealth Management purchased a new position in Okta in the 4th quarter valued at approximately $27,000. Torren Management LLC purchased a new stake in shares of Okta during the fourth quarter worth $32,000. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Okta by 279.5% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 296 shares of the company’s stock worth $40,000 after acquiring an additional 218 shares during the period. V Square Quantitative Management LLC bought a new position in shares of Okta in the fourth quarter worth $56,000. Finally, Assetmark Inc. grew its position in shares of Okta by 81.1% in the first quarter. Assetmark Inc. now owns 719 shares of the company’s stock valued at $57,000 after purchasing an additional 322 shares in the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on OKTA. Wolfe Research began coverage on Okta in a research note on Thursday, April 16th. They set an “outperform” rating on the stock. Piper Sandler raised their target price on Okta from $82.00 to $105.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Canaccord Genuity Group lifted their target price on Okta from $95.00 to $115.00 and gave the company a “buy” rating in a report on Friday, May 29th. KeyCorp upped their price target on Okta from $130.00 to $175.00 and gave the company an “overweight” rating in a research report on Friday, July 10th. Finally, Evercore began coverage on shares of Okta in a research report on Monday, July 6th. They issued an “outperform” rating for the company. One research analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Okta presently has an average rating of “Moderate Buy” and a consensus target price of $121.81.

Okta Stock Performance

NASDAQ:OKTA opened at $148.32 on Friday. Okta, Inc. has a 52-week low of $62.66 and a 52-week high of $157.00. The stock has a fifty day moving average of $133.88 and a 200 day moving average of $99.45. The firm has a market capitalization of $25.78 billion, a price-to-earnings ratio of 107.48, a P/E/G ratio of 5.16 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, topping analysts’ consensus estimates of $0.85 by $0.06. Okta had a return on equity of 4.15% and a net margin of 8.24%.The business had revenue of $765.00 million for the quarter, compared to analyst estimates of $751.84 million. During the same period in the prior year, the company earned $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 forecast 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 firm’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $117.25, for a total value of $7,621,250.00. Following the sale, the chief financial officer directly owned 119,680 shares of the company’s stock, valued at $14,032,480. This trade represents a 35.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through 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 Okta stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $134.13, for a total transaction of $3,349,360.23. Following the sale, the insider owned 23,477 shares of the company’s stock, valued at approximately $3,148,970.01. The trade was a 51.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 167,847 shares of company stock valued at $22,039,842 in the last 90 days. 4.61% of the stock is owned by company insiders.

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.