Encore Global Management LP Acquires New Holdings in Okta, Inc. $OKTA

Encore Global Management LP bought a new stake in Okta, Inc. (NASDAQ:OKTA) during the first quarter, Holdings Channel.com reports. The institutional investor bought 25,500 shares of the company’s stock, valued at approximately $2,007,000.

Several other hedge funds also recently bought and sold shares of the stock. SHP Wealth Management acquired a new stake in shares of Okta during the fourth quarter valued at about $27,000. Torren Management LLC acquired a new position in shares of Okta in the 4th quarter worth approximately $32,000. Spire Wealth Management lifted its holdings in shares of Okta by 30.8% in the 4th quarter. Spire Wealth Management now owns 505 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares during the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Okta during the 4th quarter worth approximately $56,000. Finally, Assetmark Inc. boosted its position in shares of Okta by 81.1% during the 1st quarter. Assetmark Inc. now owns 719 shares of the company’s stock worth $57,000 after purchasing an additional 322 shares during the period. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Insiders Place Their Bets

In other news, insider Eric Robert Kelleher sold 3,977 shares of the business’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $114.10, for a total transaction of $453,775.70. Following the completion of the transaction, the insider directly owned 19,618 shares of the company’s stock, valued at approximately $2,238,413.80. The trade was a 16.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Shellye L. Archambeau sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $85.00, for a total transaction of $212,500.00. Following the sale, the director owned 9,192 shares in the company, valued at $781,320. The trade was a 21.38% 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. In the last ninety days, insiders have sold 174,224 shares of company stock worth $22,534,353. Corporate insiders own 4.61% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on OKTA. Royal Bank Of Canada boosted their target price on Okta from $108.00 to $122.00 and gave the company an “outperform” rating in a research report on Friday, May 29th. KeyCorp lifted their price objective on Okta from $130.00 to $175.00 and gave the company an “overweight” rating in a research note on Friday, July 10th. Truist Financial boosted their price objective on Okta from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, May 29th. Scotiabank raised Okta from a “sector perform” rating to a “sector outperform” rating and increased their target price for the stock from $135.00 to $165.00 in a research note on Monday, July 6th. Finally, Wells Fargo & Company raised their target price on Okta from $100.00 to $150.00 and gave the company an “equal weight” rating in a report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Okta presently has a consensus rating of “Moderate Buy” and a consensus target price of $121.81.

Okta Trading Down 0.9%

Shares of NASDAQ OKTA opened at $136.21 on Wednesday. The stock has a market cap of $23.67 billion, a P/E ratio of 98.70, a PEG ratio of 4.94 and a beta of 0.77. The business’s fifty day simple moving average is $126.21 and its 200-day simple moving average is $96.64. Okta, Inc. has a 12-month low of $62.66 and a 12-month high of $157.00.

Okta (NASDAQ:OKTA) last released its earnings results on Thursday, May 28th. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.85 by $0.06. Okta had a return on equity of 4.15% and a net margin of 8.24%.The firm had revenue of $765.00 million during the quarter, compared to analysts’ expectations of $751.84 million. During the same period in the previous year, the firm posted $0.86 EPS. Okta’s revenue for the quarter was up 11.2% on a year-over-year basis. 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 forecast that Okta, Inc. will post 1.75 EPS 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.