High Net Worth Advisory Group LLC Buys New Holdings in Okta, Inc. $OKTA

High Net Worth Advisory Group LLC purchased a new position in shares of Okta, Inc. (NASDAQ:OKTA) during the second quarter, HoldingsChannel reports. The firm purchased 4,012 shares of the company’s stock, valued at approximately $547,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB grew its stake in Okta by 279.5% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 296 shares of the company’s stock valued at $40,000 after acquiring an additional 218 shares during the period. SHP Wealth Management bought a new stake in shares of Okta during the fourth quarter valued at approximately $27,000. EFG International AG acquired a new position in shares of Okta during the fourth quarter worth approximately $61,000. Assetmark Inc. raised its position in shares of Okta by 81.1% during the first quarter. Assetmark Inc. now owns 719 shares of the company’s stock worth $57,000 after purchasing an additional 322 shares during the period. Finally, CIBC Private Wealth Group LLC lifted its holdings in shares of Okta by 378.3% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 727 shares of the company’s stock worth $67,000 after purchasing an additional 575 shares in the last quarter. Institutional investors own 86.64% of the company’s stock.

Insider Activity

In related news, CEO Todd McKinnon sold 68,936 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $146.62, for a total transaction of $10,107,396.32. Following the transaction, 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brett Tighe sold 65,000 shares of the business’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $117.25, for a total transaction of $7,621,250.00. Following the transaction, the chief financial officer owned 119,680 shares in the company, valued at approximately $14,032,480. This trade represents a 35.20% 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. In the last 90 days, insiders have sold 140,376 shares of company stock worth $18,477,982. 4.61% of the stock is owned by insiders.

Okta Stock Up 4.5%

Shares of NASDAQ:OKTA opened at $170.42 on Friday. The business’s 50 day moving average is $145.36 and its 200 day moving average is $107.94. Okta, Inc. has a 12-month low of $62.66 and a 12-month high of $174.85. The stock has a market cap of $29.62 billion, a price-to-earnings ratio of 102.66, a PEG ratio of 5.13 and a beta of 0.79.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Wednesday, August 26th. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.09. Okta had a return on equity of 4.50% and a net margin of 9.63%.The business had revenue of $805.00 million during the quarter, compared to analyst estimates of $793.00 million. During the same period in the prior year, the firm posted $0.91 EPS. Okta’s quarterly revenue was up 10.6% compared to the same quarter last year. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. As a group, equities research analysts expect that Okta, Inc. will post 1.9 earnings per share for the current year.

Analyst Ratings Changes

OKTA has been the subject of several research reports. Scotiabank reissued an “outperform” rating and issued a $190.00 price target on shares of Okta in a research report on Thursday, August 27th. Weiss Ratings restated a “hold (c)” rating on shares of Okta in a report on Monday. HC Wainwright initiated coverage on shares of Okta in a research note on Monday, July 6th. They issued a “buy” rating on the stock. Morgan Stanley lifted their price objective on shares of Okta from $180.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, August 27th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Okta from $165.00 to $190.00 and gave the stock an “overweight” rating in a research report on Thursday, August 27th. One analyst has rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $172.92.

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.