Clear Street Group Inc. Invests $452,000 in Okta, Inc. $OKTA

Clear Street Group Inc. bought a new position in shares of Okta, Inc. (NASDAQ:OKTA) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 5,222 shares of the company’s stock, valued at approximately $452,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Elevation Wealth Partners LLC increased its position in shares of Okta by 825.0% during the fourth quarter. Elevation Wealth Partners LLC now owns 296 shares of the company’s stock worth $26,000 after acquiring an additional 264 shares during the last quarter. Torren Management LLC purchased a new stake in shares of Okta during the fourth quarter worth about $32,000. Aster Capital Management DIFC Ltd bought a new stake in Okta in the third quarter valued at about $34,000. Spire Wealth Management increased its holdings in Okta by 30.8% in the fourth quarter. Spire Wealth Management now owns 505 shares of the company’s stock valued at $44,000 after buying an additional 119 shares during the last quarter. Finally, Board of the Pension Protection Fund bought a new stake in Okta in the fourth quarter valued at about $52,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Okta

In other news, CRO Jonathan James Addison sold 23,304 shares of the company’s stock in a transaction dated Wednesday, March 25th. The shares were sold at an average price of $77.79, for a total transaction of $1,812,818.16. Following the completion of the transaction, the executive owned 4,364 shares of the company’s stock, valued at approximately $339,475.56. This represents a 84.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Todd Mckinnon sold 11,263 shares of the stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $81.01, for a total transaction of $912,415.63. Following the completion of the transaction, the chief executive officer directly owned 97,083 shares of the company’s stock, valued at $7,864,693.83. This trade represents a 10.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 159,019 shares of company stock valued at $16,449,580 in the last three months. Company insiders own 4.61% of the company’s stock.

Okta Trading Up 1.6%

NASDAQ OKTA opened at $118.12 on Tuesday. The company has a market capitalization of $20.53 billion, a PE ratio of 85.59, a price-to-earnings-growth ratio of 4.21 and a beta of 0.80. Okta, Inc. has a 1-year low of $62.66 and a 1-year high of $142.35. The firm’s fifty day simple moving average is $89.59 and its 200-day simple moving average is $86.11.

Okta (NASDAQ:OKTA) last released its quarterly 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 net margin of 8.24% and a return on equity of 4.15%. The company had revenue of $765.00 million during the quarter, compared to analysts’ expectations of $751.84 million. During the same period in the prior year, the company earned $0.86 earnings per share. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. 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, analysts predict that Okta, Inc. will post 1.74 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Truist Financial lifted their target price on Okta from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, May 29th. Jefferies Financial Group boosted their price objective on Okta from $105.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, May 29th. Needham & Company LLC upped their target price on Okta from $90.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, May 29th. UBS Group upped their price target on Okta from $115.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. Finally, Wells Fargo & Company upped their price target on Okta from $85.00 to $100.00 and gave the company an “equal weight” rating in a report on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $114.14.

About Okta

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.