Evanson Financial LLC Takes Position in Okta, Inc. $OKTA

Evanson Financial LLC acquired a new stake in shares of Okta, Inc. (NASDAQ:OKTA) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 6,244 shares of the company’s stock, valued at approximately $852,000.

A number of other hedge funds also recently bought and sold shares of the company. Integrated Wealth Concepts LLC purchased a new position in shares of Okta during the first quarter worth approximately $225,000. NewEdge Advisors LLC boosted its stake in shares of Okta by 853.4% in the 1st quarter. NewEdge Advisors LLC now owns 5,530 shares of the company’s stock valued at $582,000 after purchasing an additional 4,950 shares in the last quarter. Sivia Capital Partners LLC bought a new position in shares of Okta during the 2nd quarter valued at $244,000. Invesco Ltd. grew its holdings in shares of Okta by 34.1% during the 2nd quarter. Invesco Ltd. now owns 430,844 shares of the company’s stock valued at $43,071,000 after purchasing an additional 109,614 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in Okta by 122.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,621 shares of the company’s stock worth $162,000 after purchasing an additional 893 shares during the period. Institutional investors own 86.64% of the company’s stock.

Okta Trading Up 3.4%

Shares of NASDAQ:OKTA opened at $148.32 on Friday. The company has a market cap of $25.78 billion, a price-to-earnings ratio of 107.48, a price-to-earnings-growth ratio of 5.16 and a beta of 0.77. The company has a 50-day moving average price of $133.88 and a 200-day moving average price of $99.45. Okta, Inc. has a 12 month low of $62.66 and a 12 month high of $157.00.

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

Wall Street Analysts Forecast Growth

OKTA has been the subject of several recent research reports. Jefferies Financial Group raised shares of Okta from a “buy” rating to a “buy” rating in a research note on Monday, July 6th. Sanford C. Bernstein downgraded Okta from an “outperform” rating to a “hold” rating in a report on Monday, July 6th. Raymond James Financial downgraded Okta from a “buy” rating to a “strong sell” rating in a report on Monday, July 6th. Wedbush reissued an “outperform” rating and issued a $60.00 target price on shares of Okta in a research note on Friday, May 29th. Finally, Weiss Ratings upgraded Okta from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Okta currently has an average rating of “Moderate Buy” and a consensus price target of $121.81.

Insiders Place Their Bets

In other news, insider Larissa Schwartz sold 2,463 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $120.00, for a total transaction of $295,560.00. Following the transaction, the insider directly owned 25,241 shares of the company’s stock, valued at approximately $3,028,920. The trade was a 8.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 company’s stock in a transaction that occurred on 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 transaction, the chief executive officer owned 38,484 shares of the company’s stock, valued at approximately $5,642,524.08. This represents a 64.17% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 167,847 shares of company stock worth $22,039,842. Insiders own 4.61% of the company’s stock.

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.