GFG Capital LLC Raises Stock Position in Okta, Inc. $OKTA

GFG Capital LLC grew its position in Okta, Inc. (NASDAQ:OKTA) by 12.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,971 shares of the company’s stock after buying an additional 3,639 shares during the period. Okta accounts for approximately 1.1% of GFG Capital LLC’s investment portfolio, making the stock its 26th largest position. GFG Capital LLC’s holdings in Okta were worth $4,635,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in OKTA. SHP Wealth Management purchased a new stake in Okta in the fourth quarter valued at $27,000. Washington Trust Advisors Inc. increased its position in shares of Okta by 64.2% during the 2nd quarter. Washington Trust Advisors Inc. now owns 197 shares of the company’s stock worth $27,000 after purchasing an additional 77 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in Okta by 279.5% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 296 shares of the company’s stock valued at $40,000 after buying an additional 218 shares during the period. Assetmark Inc. lifted its position in Okta by 81.1% in the first quarter. Assetmark Inc. now owns 719 shares of the company’s stock valued at $57,000 after buying an additional 322 shares during the last quarter. Finally, SJS Investment Consulting Inc. lifted its position in Okta by 1,265.5% in the first quarter. SJS Investment Consulting Inc. now owns 751 shares of the company’s stock valued at $59,000 after buying an additional 696 shares during the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

Okta Stock Down 1.8%

Shares of NASDAQ:OKTA opened at $167.60 on Wednesday. Okta, Inc. has a fifty-two week low of $62.66 and a fifty-two week high of $174.85. The firm’s 50 day moving average price is $147.69 and its 200 day moving average price is $109.74. The stock has a market cap of $29.30 billion, a price-to-earnings ratio of 100.96, a price-to-earnings-growth ratio of 5.31 and a beta of 0.79.

Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Wednesday, August 26th. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.09. The company had revenue of $805.00 million for the quarter, compared to the consensus estimate of $793.00 million. Okta had a net margin of 9.63% and a return on equity of 4.50%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.91 EPS. 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 analysts anticipate that Okta, Inc. will post 1.92 EPS for the current year.

Analyst Ratings Changes

OKTA has been the topic of a number of research analyst reports. Morgan Stanley boosted their price target on shares of Okta from $180.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, August 27th. Truist Financial reiterated a “buy” rating and issued a $200.00 target price (up from $165.00) on shares of Okta in a report on Thursday, August 27th. Raymond James Financial boosted their target price on Okta from $115.00 to $185.00 and gave the company an “outperform” rating in a research report on Thursday, August 27th. Susquehanna raised their price target on Okta from $110.00 to $185.00 and gave the stock a “neutral” rating in a research report on Friday, August 28th. Finally, Wells Fargo & Company raised Okta from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $150.00 to $180.00 in a research note on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $172.92.

Insiders Place Their Bets

In related news, insider Eric Kelleher sold 3,977 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $114.10, for a total transaction of $453,775.70. Following the completion of the sale, the insider owned 19,618 shares in the company, valued at $2,238,413.80. The trade was a 16.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $120.00, for a total transaction of $295,560.00. Following the completion of the transaction, the insider owned 25,241 shares in the company, valued at $3,028,920. This represents a 8.89% decrease in their ownership of the stock. 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 90 days, insiders sold 155,376 shares of company stock valued at $23,734,135. 4.61% of the stock is owned by insiders.

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.