Okta, Inc. $OKTA Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. decreased its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 4.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 355,720 shares of the company’s stock after selling 16,461 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Okta were worth $27,999,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OKTA. Elevation Wealth Partners LLC increased its stake in shares of Okta by 825.0% during the fourth quarter. Elevation Wealth Partners LLC now owns 296 shares of the company’s stock worth $26,000 after purchasing an additional 264 shares in the last quarter. SHP Wealth Management purchased a new stake in Okta in the 4th quarter valued at $27,000. Torren Management LLC purchased a new position in shares of Okta during the 4th quarter worth $32,000. Spire Wealth Management boosted its position in shares of Okta by 30.8% during the 4th quarter. Spire Wealth Management now owns 505 shares of the company’s stock valued at $44,000 after acquiring an additional 119 shares during the last quarter. Finally, Board of the Pension Protection Fund acquired a new position in shares of Okta during the 4th quarter valued at about $52,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Stock Performance

Okta stock opened at $139.53 on Tuesday. Okta, Inc. has a fifty-two week low of $62.66 and a fifty-two week high of $153.20. The firm has a 50 day moving average price of $112.57 and a 200 day moving average price of $92.36. The company has a market capitalization of $24.25 billion, a PE ratio of 101.11, a price-to-earnings-growth ratio of 4.99 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 (EPS) for the quarter, beating 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 company had revenue of $765.00 million for the quarter, compared to analyst estimates of $751.84 million. During the same quarter in the previous year, the company earned $0.86 earnings per share. The firm’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. As a group, equities research analysts forecast that Okta, Inc. will post 1.75 earnings per share for the current year.

Insider Transactions at Okta

In related news, insider Larissa Schwartz sold 2,463 shares of the firm’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $120.00, for a total transaction of $295,560.00. Following the completion of the transaction, the insider directly owned 25,241 shares in the company, valued at $3,028,920. This trade represents a 8.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brett Tighe sold 65,000 shares of Okta stock in a transaction dated 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 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. 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. In the last three months, insiders have sold 174,224 shares of company stock worth $22,534,353. 4.61% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently issued reports on OKTA shares. Evercore began coverage on shares of Okta in a research report on Monday, July 6th. They set an “outperform” rating for the company. Arete Research set a $127.00 price target on shares of Okta and gave the company a “buy” rating in a research note on Tuesday, May 26th. HSBC downgraded shares of Okta from a “buy” rating to a “hold” rating in a report on Monday, July 6th. HC Wainwright began coverage on Okta in a report on Monday, July 6th. They issued a “buy” rating on the stock. Finally, Wall Street Zen lowered Okta from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. One investment analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $118.97.

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.