Sheets Smith Wealth Management Invests $342,000 in Okta, Inc. $OKTA

Sheets Smith Wealth Management purchased a new position in shares of Okta, Inc. (NASDAQ:OKTA) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 4,342 shares of the company’s stock, valued at approximately $342,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. First Trust Advisors LP boosted its stake in shares of Okta by 28.2% during the 4th quarter. First Trust Advisors LP now owns 6,030,090 shares of the company’s stock valued at $521,422,000 after buying an additional 1,326,051 shares during the period. Geode Capital Management LLC grew its stake in Okta by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 3,261,303 shares of the company’s stock valued at $281,246,000 after purchasing an additional 57,605 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Okta by 2.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,495,389 shares of the company’s stock worth $215,776,000 after purchasing an additional 69,653 shares during the last quarter. Ameriprise Financial Inc. increased its position in Okta by 9.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,226,676 shares of the company’s stock worth $204,162,000 after purchasing an additional 189,036 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Okta by 113.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,067,128 shares of the company’s stock worth $172,895,000 after purchasing an additional 1,099,962 shares in the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on OKTA shares. Piper Sandler boosted their price target on Okta from $82.00 to $105.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Stephens reduced their target price on shares of Okta from $120.00 to $95.00 and set an “overweight” rating for the company in a research note on Thursday, March 5th. Zacks Research downgraded shares of Okta from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 26th. Raymond James Financial upgraded shares of Okta from a “market perform” rating to an “outperform” rating and set a $85.00 price target on the stock in a research note on Thursday, April 16th. Finally, Mizuho lowered shares of Okta from an “outperform” rating to a “neutral” rating and lifted their price objective for the company from $110.00 to $125.00 in a research note on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $114.14.

Okta Stock Performance

NASDAQ OKTA opened at $117.81 on Monday. Okta, Inc. has a twelve month low of $62.66 and a twelve month high of $142.35. The stock has a market capitalization of $20.48 billion, a PE ratio of 85.37, a P/E/G ratio of 4.27 and a beta of 0.80. The stock has a 50-day simple moving average of $92.57 and a 200 day simple moving average of $87.11.

Okta (NASDAQ:OKTA) last released 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. The firm had revenue of $765.00 million for the quarter, compared to analyst estimates of $751.84 million. Okta had a return on equity of 4.15% and a net margin of 8.24%.The company’s revenue was up 11.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.86 EPS. 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, equities research analysts forecast that Okta, Inc. will post 1.74 EPS for the current fiscal year.

Insider Activity

In other news, CRO Jonathan James Addison sold 23,304 shares of the business’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 transaction, the executive owned 4,364 shares in the company, valued at approximately $339,475.56. The trade was a 84.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Brett Tighe sold 65,000 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $117.25, for a total transaction of $7,621,250.00. Following the transaction, the chief financial officer directly owned 119,680 shares of the company’s stock, valued at $14,032,480. This represents a 35.20% decrease in their position. 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. Over the last quarter, insiders sold 130,938 shares of company stock worth $14,191,725. Corporate insiders own 4.61% of the company’s stock.

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.