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

GK Wealth Management LLC acquired a new position in shares of Okta, Inc. (NASDAQ:OKTA) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 4,686 shares of the company’s stock, valued at approximately $639,000.

Other large investors have also recently modified their holdings of the company. First Trust Advisors LP lifted its position in Okta by 28.2% during the fourth quarter. First Trust Advisors LP now owns 6,030,090 shares of the company’s stock valued at $521,422,000 after acquiring an additional 1,326,051 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in 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 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 increased its position in shares of Okta by 2.9% during 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 in the last quarter. Finally, Pictet Asset Management Holding SA increased its position in shares of Okta by 28.4% during the first quarter. Pictet Asset Management Holding SA now owns 2,490,681 shares of the company’s stock worth $195,844,000 after purchasing an additional 550,328 shares in the last quarter. Institutional investors own 86.64% of the company’s stock.

Okta Trading Up 4.4%

NASDAQ:OKTA opened at $147.82 on Wednesday. Okta, Inc. has a 12 month low of $62.66 and a 12 month high of $157.00. The firm has a fifty day simple moving average of $131.25 and a 200-day simple moving average of $98.34. The company has a market capitalization of $25.69 billion, a P/E ratio of 107.12, a PEG ratio of 5.09 and a beta of 0.77.

Okta (NASDAQ:OKTA) last released its earnings results on Thursday, May 28th. The company reported $0.91 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $751.84 million. During the same period in the prior year, the firm earned $0.86 EPS. The firm’s revenue 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. Equities analysts forecast that Okta, Inc. will post 1.75 EPS for the current year.

Insider Buying and Selling at Okta

In related news, insider Eric Robert Kelleher sold 3,977 shares of Okta 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 sale, the insider owned 19,618 shares of the company’s stock, valued at $2,238,413.80. The trade was a 16.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Larissa Schwartz sold 2,463 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $120.00, for a total value of $295,560.00. Following the completion of the sale, the insider owned 25,241 shares in the company, valued at approximately $3,028,920. This represents a 8.89% decrease in their position. 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 quarter, insiders have sold 168,901 shares of company stock worth $22,124,162. 4.61% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

OKTA has been the subject of a number of recent analyst reports. BMO Capital Markets raised their price objective on Okta from $95.00 to $120.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. Mizuho lowered Okta from an “outperform” rating to a “neutral” rating and upped their target price for the company from $110.00 to $125.00 in a research report on Tuesday, June 2nd. KeyCorp upped their target price on Okta from $130.00 to $175.00 and gave the company an “overweight” rating in a research report on Friday, July 10th. Evercore assumed coverage on Okta in a research note on Monday, July 6th. They issued an “outperform” rating for the company. Finally, Barclays raised their price target on Okta from $93.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Okta presently has a consensus rating of “Moderate Buy” and an average price target of $121.81.

Okta Company 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.