Empirical Financial Services LLC d.b.a. Empirical Wealth Management Makes New Investment in Okta, Inc. $OKTA

Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new stake in shares of Okta, Inc. (NASDAQ:OKTA) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 4,691 shares of the company’s stock, valued at approximately $369,000.

Other hedge funds have also recently modified their holdings of the company. Spire Wealth Management grew its position 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 buying an additional 119 shares during the period. Allworth Financial LP boosted its stake in Okta by 6.4% during the third quarter. Allworth Financial LP now owns 2,251 shares of the company’s stock worth $206,000 after acquiring an additional 135 shares in the last quarter. Utah Retirement Systems boosted its stake in Okta by 0.6% during the fourth quarter. Utah Retirement Systems now owns 28,605 shares of the company’s stock worth $2,473,000 after acquiring an additional 163 shares in the last quarter. Kestra Advisory Services LLC boosted its stake in Okta by 1.7% during the fourth quarter. Kestra Advisory Services LLC now owns 9,685 shares of the company’s stock worth $837,000 after acquiring an additional 166 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC grew its holdings in Okta by 3.1% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 5,745 shares of the company’s stock worth $497,000 after purchasing an additional 173 shares during the period. Institutional investors own 86.64% of the company’s stock.

Okta Stock Performance

NASDAQ:OKTA opened at $149.35 on Friday. The firm has a market cap of $25.96 billion, a P/E ratio of 108.23, a P/E/G ratio of 5.37 and a beta of 0.77. Okta, Inc. has a fifty-two week low of $62.66 and a fifty-two week high of $157.00. The firm has a 50-day simple moving average of $118.22 and a two-hundred day simple moving average of $94.07.

Okta (NASDAQ:OKTA) last issued its earnings results on Thursday, May 28th. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.06. Okta had a net margin of 8.24% and a return on equity of 4.15%. The firm had revenue of $765.00 million for the quarter, compared to the consensus estimate of $751.84 million. During the same quarter in the prior year, the firm posted $0.86 earnings per share. The business’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. On average, equities research analysts predict that Okta, Inc. will post 1.75 EPS for the current year.

Insider Buying and Selling

In other Okta news, Director Shellye L. Archambeau sold 2,500 shares of the stock in a transaction 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 directly owned 9,192 shares in the company, valued at approximately $781,320. This trade represents a 21.38% decrease in their position. The sale was disclosed in a document filed with the SEC, 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 Okta stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $146.62, for a total value of $10,107,396.32. Following the completion of the sale, the chief executive officer directly owned 38,484 shares of the company’s stock, valued at approximately $5,642,524.08. The trade was a 64.17% 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. Insiders sold 174,224 shares of company stock worth $22,534,353 over the last 90 days. 4.61% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on OKTA. Piper Sandler raised their target price on shares of Okta from $82.00 to $105.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Wolfe Research assumed coverage on Okta in a research report on Thursday, April 16th. They issued an “outperform” rating on the stock. UBS Group upped their price target on Okta from $115.00 to $150.00 and gave the stock a “buy” rating in a research note on Tuesday, June 9th. Canaccord Genuity Group raised their price objective on Okta from $95.00 to $115.00 and gave the company a “buy” rating in a research report on Friday, May 29th. Finally, Morgan Stanley started coverage on Okta in a research note on Monday, July 6th. They set a “neutral” rating for the company. One equities 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 assigned a Sell rating to the company. According to data from MarketBeat.com, Okta presently has an average rating of “Moderate Buy” and a consensus price target of $120.42.

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.