Okta, Inc. $OKTA Shares Acquired by Bank of Nova Scotia

Bank of Nova Scotia grew its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 21.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,990 shares of the company’s stock after purchasing an additional 3,894 shares during the period. Bank of Nova Scotia’s holdings in Okta were worth $1,731,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in OKTA. Norges Bank purchased a new position in Okta during the 4th quarter worth $175,193,000. Allspring Global Investments Holdings LLC increased its position in Okta by 71.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,553,091 shares of the company’s stock valued at $281,209,000 after buying an additional 1,485,963 shares in the last quarter. First Trust Advisors LP raised its stake in Okta by 28.2% in the fourth 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 last quarter. Alyeska Investment Group L.P. raised its stake in Okta by 276.9% in the third quarter. Alyeska Investment Group L.P. now owns 1,403,499 shares of the company’s stock valued at $128,701,000 after buying an additional 1,031,083 shares during the last quarter. Finally, Swedbank AB boosted its holdings in Okta by 124.3% in the fourth quarter. Swedbank AB now owns 1,819,081 shares of the company’s stock worth $157,296,000 after acquiring an additional 1,007,915 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

Wall Street Analysts Forecast Growth

OKTA has been the topic of a number of research analyst reports. The Goldman Sachs Group began coverage on Okta in a research note on Monday, July 6th. They set a “buy” rating on the stock. Truist Financial lifted their target price on shares of Okta from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, May 29th. UBS Group boosted their target price on shares of Okta from $115.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, June 9th. Capital One Financial set a $171.00 price target on shares of Okta and gave the company an “overweight” rating in a research note on Thursday, July 16th. Finally, Piper Sandler raised their price target on shares of Okta from $82.00 to $105.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. One 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 given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $121.81.

Insider Buying and Selling at Okta

In related news, insider Eric Robert Kelleher sold 3,977 shares of the company’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $114.10, for a total value of $453,775.70. Following the completion of the transaction, the insider owned 19,618 shares of the company’s stock, valued at approximately $2,238,413.80. This represents a 16.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Shellye L. Archambeau sold 2,500 shares of the company’s stock in a transaction dated 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 transaction, the director directly owned 9,192 shares of the company’s stock, valued at $781,320. The trade was a 21.38% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 174,224 shares of company stock worth $22,534,353. 4.61% of the stock is currently owned by company insiders.

Okta Stock Performance

Shares of NASDAQ OKTA opened at $136.91 on Thursday. The company’s fifty day moving average price is $127.17 and its 200 day moving average price is $96.94. Okta, Inc. has a 1 year low of $62.66 and a 1 year high of $157.00. The company has a market capitalization of $23.80 billion, a PE ratio of 99.21, a price-to-earnings-growth ratio of 4.90 and a beta of 0.77.

Okta (NASDAQ:OKTA) last released 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 net margin of 8.24% and a return on equity of 4.15%. The company had revenue of $765.00 million for the quarter, compared to analyst estimates of $751.84 million. During the same quarter last year, the business earned $0.86 earnings per share. The firm’s revenue 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. On average, equities analysts expect that Okta, Inc. will post 1.75 EPS for the current year.

Okta Company 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.