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

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

A number of other large investors have also recently added to or reduced their stakes in OKTA. SHP Wealth Management bought a new position in shares of Okta in the 4th quarter valued at about $27,000. Torren Management LLC bought a new stake in shares of Okta in the 4th quarter valued at about $32,000. Spire Wealth Management lifted its stake in Okta by 30.8% in the 4th quarter. Spire Wealth Management now owns 505 shares of the company’s stock valued at $44,000 after purchasing an additional 119 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in Okta in the 4th quarter valued at about $56,000. Finally, EFG International AG bought a new position in Okta during the fourth quarter worth about $61,000. Institutional investors and hedge funds own 86.64% of the company’s stock.

Insider Activity at Okta

In related news, CEO Todd Mckinnon sold 68,936 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $146.62, for a total transaction of $10,107,396.32. Following the transaction, the chief executive officer directly 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 firm’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $85.00, for a total transaction of $212,500.00. Following the transaction, the director directly owned 9,192 shares in the company, valued at approximately $781,320. This represents 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 valued at $22,534,353. 4.61% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on OKTA. Evercore assumed coverage on Okta in a research report on Monday, July 6th. They issued an “outperform” rating for the company. BMO Capital Markets boosted their target price on Okta from $95.00 to $120.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. BTIG Research increased their price target on Okta from $119.00 to $136.00 and gave the company a “buy” rating in a research note on Thursday, June 25th. JPMorgan Chase & Co. raised their price target on Okta from $103.00 to $114.00 and gave the company an “overweight” rating in a report on Thursday, May 28th. Finally, Truist Financial lifted their price objective on shares of Okta from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $121.81.

Okta Trading Up 0.5%

Okta stock opened at $136.91 on Thursday. The company 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, Inc. has a 12 month low of $62.66 and a 12 month high of $157.00. The stock’s 50 day moving average is $127.17 and its 200-day moving average is $96.94.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Thursday, May 28th. The company reported $0.91 earnings per share 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 business had revenue of $765.00 million during the quarter, compared to analysts’ expectations of $751.84 million. During the same period last year, the firm posted $0.86 EPS. The firm’s revenue for the quarter 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 predict 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.