Fifth Third Bancorp Acquires 44,884 Shares of Okta, Inc. $OKTA

Fifth Third Bancorp increased its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 1,901.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 47,245 shares of the company’s stock after acquiring an additional 44,884 shares during the period. Fifth Third Bancorp’s holdings in Okta were worth $3,719,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. American Trust grew its stake in shares of Okta by 12.8% in the 1st quarter. American Trust now owns 2,865 shares of the company’s stock valued at $226,000 after purchasing an additional 325 shares during the period. Sequoia Financial Advisors LLC raised its position in Okta by 11.8% in the 1st quarter. Sequoia Financial Advisors LLC now owns 5,686 shares of the company’s stock valued at $448,000 after purchasing an additional 600 shares during the last quarter. SkyOak Wealth LLC raised its position in Okta by 33.8% in the 1st quarter. SkyOak Wealth LLC now owns 5,150 shares of the company’s stock valued at $405,000 after purchasing an additional 1,300 shares during the last quarter. Kestra Advisory Services LLC grew its holdings in shares of Okta by 4.8% during the first quarter. Kestra Advisory Services LLC now owns 10,146 shares of the company’s stock worth $799,000 after purchasing an additional 461 shares during the last quarter. Finally, Azzad Asset Management Inc. ADV bought a new stake in shares of Okta during the first quarter worth $650,000. Institutional investors own 86.64% of the company’s stock.

Okta Price Performance

OKTA opened at $149.35 on Monday. The stock 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 12 month low of $62.66 and a 12 month high of $157.00. The company has a fifty day simple moving average of $118.22 and a 200 day simple moving average of $94.11.

Okta (NASDAQ:OKTA) last posted its earnings results on Thursday, May 28th. The company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $751.84 million. During the same period in the previous year, the firm earned $0.86 earnings per share. The company’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 expect that Okta, Inc. will post 1.75 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on OKTA. Sanford C. Bernstein cut Okta from an “outperform” rating to a “hold” rating in a report on Monday, July 6th. Barclays boosted their target price on shares of Okta from $93.00 to $120.00 and gave the stock an “overweight” rating in a research note on Friday, May 29th. Citigroup reiterated an “outperform” rating on shares of Okta in a research report on Friday, May 29th. Piper Sandler upped their price objective on Okta from $82.00 to $105.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Finally, Morgan Stanley assumed coverage on Okta in a research report on Monday, July 6th. They set a “neutral” rating for the company. One research analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Okta presently has an average rating of “Moderate Buy” and an average price target of $120.42.

Insider Transactions at Okta

In other Okta news, CEO Todd Mckinnon sold 68,936 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $146.62, for a total transaction of $10,107,396.32. Following the completion of the transaction, the chief executive officer owned 38,484 shares of the company’s stock, valued at $5,642,524.08. This represents a 64.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Robert Kelleher sold 3,977 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $114.10, for a total transaction of $453,775.70. Following the transaction, the insider directly owned 19,618 shares of the company’s stock, valued at $2,238,413.80. This represents a 16.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 174,224 shares of company stock worth $22,534,353. 4.61% of the stock is currently owned by company insiders.

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.