Sei Investments Co. Buys 122,658 Shares of Okta, Inc. $OKTA

Sei Investments Co. boosted its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 50.6% in the 1st quarter, HoldingsChannel.com reports. The fund owned 365,265 shares of the company’s stock after buying an additional 122,658 shares during the period. Sei Investments Co.’s holdings in Okta were worth $28,750,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of OKTA. SHP Wealth Management purchased a new stake in Okta in the 4th quarter worth $27,000. Torren Management LLC purchased a new position in shares of Okta during the fourth quarter valued at about $32,000. Spire Wealth Management grew its position in shares of Okta by 30.8% during the fourth quarter. Spire Wealth Management now owns 505 shares of the company’s stock valued at $44,000 after purchasing an additional 119 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in shares of Okta in the fourth quarter worth about $56,000. Finally, Assetmark Inc. increased its holdings in shares of Okta by 81.1% in 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 last quarter. 86.64% of the stock is currently owned by institutional investors.

Insider Activity

In other Okta news, Director Shellye L. Archambeau sold 2,500 shares of Okta stock in a transaction on Monday, May 18th. The shares were sold at an average price of $85.00, for a total transaction 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 ownership of the stock. The transaction was disclosed in a 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, CFO Brett Tighe sold 65,000 shares of the business’s stock in a transaction on Monday, June 8th. The shares were 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 $14,032,480. This trade represents a 35.20% 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. In the last quarter, insiders have sold 174,224 shares of company stock worth $22,534,353. Company insiders own 4.61% of the company’s stock.

Okta Trading Down 0.8%

Shares of NASDAQ:OKTA opened at $137.43 on Tuesday. The company has a market cap of $23.89 billion, a price-to-earnings ratio of 99.59, a PEG ratio of 4.98 and a beta of 0.77. Okta, Inc. has a 12 month low of $62.66 and a 12 month high of $157.00. The company has a 50-day moving average price of $125.20 and a 200 day moving average price of $96.34.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data 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. The company had revenue of $765.00 million for the quarter, compared to analysts’ expectations of $751.84 million. Okta had a return on equity of 4.15% and a net margin of 8.24%.The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.86 earnings per share. 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 analysts forecast that Okta, Inc. will post 1.75 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. KeyCorp boosted their target price on Okta from $130.00 to $175.00 and gave the stock an “overweight” rating in a research report on Friday, July 10th. DA Davidson lifted their price objective on Okta from $110.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday, May 29th. Barclays upped their price objective on Okta from $93.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday, May 29th. Wolfe Research initiated coverage on Okta in a research report on Thursday, April 16th. They set an “outperform” rating for the company. Finally, Susquehanna raised their target price on shares of Okta from $80.00 to $110.00 and gave the company a “neutral” rating in a report on Friday, May 29th. One investment 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 assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price 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.