Okta, Inc. $OKTA Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. raised its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 4.9% during the 1st quarter, HoldingsChannel.com reports. The firm owned 379,433 shares of the company’s stock after acquiring an additional 17,757 shares during the quarter. Principal Financial Group Inc.’s holdings in Okta were worth $29,865,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of OKTA. Spire Wealth Management increased its stake in shares of Okta by 30.8% during the fourth quarter. Spire Wealth Management now owns 505 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares in the last quarter. Allworth Financial LP boosted its holdings in Okta by 6.4% in the 3rd quarter. Allworth Financial LP now owns 2,251 shares of the company’s stock worth $206,000 after buying an additional 135 shares during the last quarter. Utah Retirement Systems increased its stake in Okta by 0.6% during the 4th quarter. Utah Retirement Systems now owns 28,605 shares of the company’s stock worth $2,473,000 after buying an additional 163 shares in the last quarter. Kestra Advisory Services LLC increased its stake in Okta by 1.7% during the 4th quarter. Kestra Advisory Services LLC now owns 9,685 shares of the company’s stock worth $837,000 after buying an additional 166 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC increased its stake in Okta by 3.1% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 5,745 shares of the company’s stock worth $497,000 after buying an additional 173 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

Okta Price Performance

Shares of Okta stock opened at $149.35 on Monday. The stock’s 50 day simple moving average is $118.22 and its 200-day simple moving average is $94.11. The stock has a market cap of $25.96 billion, a P/E ratio of 108.23, a P/E/G ratio of 5.37 and a beta of 0.77. Okta, Inc. has a 1-year low of $62.66 and a 1-year high of $157.00.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Thursday, May 28th. The company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.85 by $0.06. Okta had a return on equity of 4.15% and a net margin of 8.24%.The firm had revenue of $765.00 million during the quarter, compared to analysts’ expectations of $751.84 million. During the same quarter last year, the firm earned $0.86 earnings per share. The business’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, research analysts expect that Okta, Inc. will post 1.75 EPS for the current fiscal year.

Insiders Place Their Bets

In other Okta news, Director Shellye L. Archambeau sold 2,500 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $85.00, for a total value of $212,500.00. Following the completion of the sale, the director directly owned 9,192 shares of the company’s stock, valued at $781,320. This trade represents a 21.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Mckinnon sold 68,936 shares of Okta 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 transaction, the chief executive officer owned 38,484 shares in the company, valued at approximately $5,642,524.08. This represents a 64.17% 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. Over the last ninety days, insiders sold 174,224 shares of company stock worth $22,534,353. 4.61% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. BMO Capital Markets raised their target price on Okta from $95.00 to $120.00 and gave the company an “outperform” rating in a research report on Friday, May 29th. Barclays boosted their price target on Okta from $93.00 to $120.00 and gave the stock an “overweight” rating in a research report on Friday, May 29th. Weiss Ratings raised Okta from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, June 3rd. Cantor Fitzgerald raised their price objective on Okta from $110.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, May 29th. Finally, Needham & Company LLC lifted their target price on shares of Okta from $120.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Okta currently has a consensus rating of “Moderate Buy” and a consensus price target of $120.42.

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.