Groupe la Francaise Acquires New Holdings in Okta, Inc. $OKTA

Groupe la Francaise bought a new position in Okta, Inc. (NASDAQ:OKTA) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 3,382 shares of the company’s stock, valued at approximately $461,000.

A number of other hedge funds have also added to or reduced their stakes in OKTA. Washington Trust Advisors Inc. lifted its holdings in shares of Okta by 64.2% during the 2nd quarter. Washington Trust Advisors Inc. now owns 197 shares of the company’s stock valued at $27,000 after buying an additional 77 shares during the period. CX Institutional increased its position in Okta by 5.1% during the second quarter. CX Institutional now owns 2,633 shares of the company’s stock valued at $359,000 after acquiring an additional 127 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Okta by 10.7% in the first quarter. EverSource Wealth Advisors LLC now owns 1,333 shares of the company’s stock valued at $105,000 after acquiring an additional 129 shares during the period. SteelPeak Wealth LLC boosted its position in Okta by 2.8% in the first quarter. SteelPeak Wealth LLC now owns 5,166 shares of the company’s stock worth $407,000 after purchasing an additional 140 shares during the last quarter. Finally, Utah Retirement Systems boosted its position in Okta by 0.6% in the fourth quarter. Utah Retirement Systems now owns 28,605 shares of the company’s stock worth $2,473,000 after purchasing an additional 163 shares during the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on OKTA shares. Wedbush reaffirmed an “outperform” rating and set a $60.00 price target on shares of Okta in a research report on Friday, May 29th. Capital One Financial set a $171.00 price objective on shares of Okta and gave the stock an “overweight” rating in a report on Thursday, July 16th. Roth Capital restated a “buy” rating on shares of Okta in a research report on Thursday, August 27th. Cantor Fitzgerald upped their target price on shares of Okta from $170.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, August 27th. Finally, Mizuho increased their price target on shares of Okta from $145.00 to $165.00 and gave the stock a “neutral” rating in a research report on Thursday, August 27th. One research analyst has rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $172.92.

Insider Activity

In other news, insider Eric Kelleher sold 3,977 shares of the firm’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $114.10, for a total transaction of $453,775.70. Following the sale, the insider directly owned 19,618 shares in the company, valued at $2,238,413.80. This trade represents a 16.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd McKinnon sold 68,936 shares of the business’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $146.62, for a total value of $10,107,396.32. Following the completion of the transaction, the chief executive officer owned 38,484 shares in the company, valued at $5,642,524.08. The trade was a 64.17% 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 155,376 shares of company stock valued at $23,734,135. Company insiders own 4.61% of the company’s stock.

Okta Stock Down 1.8%

NASDAQ OKTA opened at $167.60 on Wednesday. Okta, Inc. has a 52 week low of $62.66 and a 52 week high of $174.85. The company has a market capitalization of $29.30 billion, a P/E ratio of 100.96, a price-to-earnings-growth ratio of 5.31 and a beta of 0.79. The stock’s 50-day moving average price is $147.69 and its 200-day moving average price is $109.74.

Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Wednesday, August 26th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.09. The company had revenue of $805.00 million during the quarter, compared to the consensus estimate of $793.00 million. Okta had a return on equity of 4.50% and a net margin of 9.63%.The firm’s revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.91 EPS. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. Research analysts anticipate that Okta, Inc. will post 1.92 EPS for the current year.

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.