Junto Capital Management LP Makes New Investment in Okta, Inc. $OKTA

Junto Capital Management LP bought a new stake in Okta, Inc. (NASDAQ:OKTA) during the 2nd quarter, HoldingsChannel reports. The fund bought 333,350 shares of the company’s stock, valued at approximately $45,486,000.

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

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Bank of America upgraded Okta from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $75.00 to $170.00 in a research report on Thursday, August 27th. Roth Capital reiterated a “buy” rating on shares of Okta in a research report on Thursday, August 27th. Barclays boosted their target price on Okta from $170.00 to $180.00 and gave the stock an “overweight” rating in a research note on Thursday, August 27th. BMO Capital Markets raised their price target on shares of Okta from $168.00 to $187.00 and gave the company an “outperform” rating in a research note on Thursday, August 27th. Finally, Needham & Company LLC lifted their price target on shares of Okta from $140.00 to $200.00 and gave the company a “buy” rating in a report on Thursday, August 27th. One analyst has rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, Okta currently has an average rating of “Moderate Buy” and an average target price of $172.92.

Insider Buying and Selling at Okta

In other news, CEO Todd McKinnon sold 68,936 shares of the firm’s stock in a transaction on 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 completion of the transaction, the chief executive officer owned 38,484 shares of the company’s stock, valued at approximately $5,642,524.08. This trade represents a 64.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Larissa Schwartz sold 2,463 shares of Okta stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $120.00, for a total transaction of $295,560.00. Following the transaction, the insider owned 25,241 shares in the company, valued at approximately $3,028,920. This trade represents a 8.89% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 155,376 shares of company stock valued at $23,734,135 in the last quarter. 4.61% of the stock is currently owned by corporate insiders.

Okta Stock Up 3.1%

Shares of OKTA opened at $172.74 on Thursday. Okta, Inc. has a 12-month low of $62.66 and a 12-month high of $174.85. The business has a 50-day simple moving average of $148.34 and a two-hundred day simple moving average of $110.38. The stock has a market cap of $30.20 billion, a PE ratio of 104.06, a PEG ratio of 5.21 and a beta of 0.79.

Okta (NASDAQ:OKTA) last announced 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. The firm had revenue of $805.00 million for the quarter, compared to analyst estimates of $793.00 million. Okta had a return on equity of 4.50% and a net margin of 9.63%.The business’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the firm posted $0.91 earnings per share. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. On average, equities research analysts expect that Okta, Inc. will post 1.92 EPS for the current year.

Okta Profile

Okta, Inc provides cloud-based identity and access management solutions for organizations. Its platform helps businesses securely connect employees, customers, partners and applications while managing authentication, authorization and user access across cloud, on-premises and mobile environments.

The company’s offerings include single sign-on, multifactor authentication, adaptive access controls, lifecycle management, identity governance and privileged access capabilities. Through its Customer Identity Cloud, powered by Auth0, Okta also provides tools for developers and businesses to embed authentication and authorization features into applications and digital services.

Founded in 2009 by Todd McKinnon and Frederic Kerrest, Okta completed its initial public offering in 2017.