SummitTX Capital L.P. Acquires Shares of 13,197 Okta, Inc. $OKTA

SummitTX Capital L.P. acquired a new stake in Okta, Inc. (NASDAQ:OKTA) in the first quarter, Holdings Channel.com reports. The firm acquired 13,197 shares of the company’s stock, valued at approximately $1,039,000.

Several other large investors have also made changes to their positions in the business. Integrated Wealth Concepts LLC purchased a new position in shares of Okta during the 1st quarter valued at approximately $225,000. NewEdge Advisors LLC increased its holdings in Okta by 853.4% in the 1st quarter. NewEdge Advisors LLC now owns 5,530 shares of the company’s stock worth $582,000 after acquiring an additional 4,950 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in Okta in the 2nd quarter worth $244,000. Invesco Ltd. raised its position in Okta by 34.1% during the second quarter. Invesco Ltd. now owns 430,844 shares of the company’s stock worth $43,071,000 after acquiring an additional 109,614 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in Okta by 122.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,621 shares of the company’s stock worth $162,000 after acquiring an additional 893 shares during the period. 86.64% of the stock is owned by institutional investors and hedge funds.

Okta Stock Up 2.6%

Shares of NASDAQ OKTA opened at $140.42 on Friday. The firm has a 50-day simple moving average of $128.19 and a 200-day simple moving average of $97.28. The stock has a market capitalization of $24.41 billion, a price-to-earnings ratio of 101.75, a price-to-earnings-growth ratio of 4.92 and a beta of 0.77. Okta, Inc. has a 52 week low of $62.66 and a 52 week high of $157.00.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Thursday, May 28th. The company reported $0.91 earnings per share 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 period last year, the firm posted $0.86 earnings per share. The company’s revenue for the quarter 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. As a group, equities research analysts expect that Okta, Inc. will post 1.75 EPS for the current year.

Insider Transactions at Okta

In other Okta news, CFO Brett Tighe sold 65,000 shares of the company’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $117.25, for a total value of $7,621,250.00. Following the completion of the sale, the chief financial officer directly owned 119,680 shares in the company, valued at $14,032,480. This represents a 35.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Mckinnon sold 68,936 shares of the firm’s 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 $5,642,524.08. This trade represents a 64.17% decrease in their ownership of the stock. 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. In the last 90 days, insiders have sold 174,224 shares of company stock valued at $22,534,353. 4.61% of the stock is currently owned by company insiders.

Trending Headlines about Okta

Here are the key news stories impacting Okta this week:

• Positive Sentiment: Expanded identity-threat platform: Okta plans to integrate Permiso’s identity-risk signals, behavioral analytics and threat-detection technology into its identity-management platform. The acquisition could strengthen Okta’s ability to detect and respond to compromised human, machine and AI-agent identities. Okta Inks Permiso Purchase to Expand Identity Threat Defense
• Positive Sentiment: Exposure to AI-security demand: Permiso’s capabilities address enterprises’ growing need to secure AI agents and other non-human identities operating across cloud environments. Investors may view the transaction as a way for Okta to capture additional long-term growth as autonomous software adoption expands. Okta buys AI security startup Permiso
• Neutral Sentiment: Transaction details remain limited: The acquisition is expected to close in the third quarter, while a report citing a source puts the purchase price at approximately $200 million. Okta has not publicly disclosed full financial terms, so investors will monitor the deal’s effect on expenses, growth and profitability. Okta buys AI security startup Permiso
• Positive Sentiment: Recent operating momentum supports sentiment: Okta’s latest reported quarter exceeded analyst expectations for earnings and revenue, with revenue up 11.2% year over year. That performance provides a supportive backdrop for the Permiso announcement, although the stock’s elevated valuation leaves less room for execution disappointments.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Citigroup reiterated an “outperform” rating on shares of Okta in a research report on Friday, May 29th. HSBC downgraded shares of Okta from a “buy” rating to a “hold” rating in a research report on Monday, July 6th. BTIG Research lifted their price objective on Okta from $119.00 to $136.00 and gave the stock a “buy” rating in a report on Thursday, June 25th. Berenberg Bank boosted their price objective on Okta from $120.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday, May 29th. Finally, Needham & Company LLC increased their target price on Okta from $120.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $121.81.

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.