Edgestream Partners L.P. Cuts Stake in Okta, Inc. $OKTA

Edgestream Partners L.P. lowered its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 57.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 20,373 shares of the company’s stock after selling 27,490 shares during the period. Edgestream Partners L.P.’s holdings in Okta were worth $1,604,000 as of its most recent filing with the SEC.

Other large investors have also bought and sold shares of the company. SHP Wealth Management purchased a new stake in shares of Okta during the fourth quarter valued at approximately $27,000. Torren Management LLC purchased a new position in shares of Okta in the fourth quarter worth $32,000. V Square Quantitative Management LLC purchased a new position in shares of Okta in the fourth quarter worth $56,000. Assetmark Inc. raised its holdings in Okta by 81.1% during the 1st 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. raised its holdings in Okta by 1,265.5% during the 1st 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. 86.64% of the stock is owned by hedge funds and other institutional investors.

Okta Trading Down 0.3%

Shares of NASDAQ OKTA opened at $141.57 on Tuesday. Okta, Inc. has a 12 month low of $62.66 and a 12 month high of $157.00. The firm has a market capitalization of $24.61 billion, a PE ratio of 102.59, a price-to-earnings-growth ratio of 5.10 and a beta of 0.77. The firm has a fifty day simple moving average of $130.17 and a two-hundred day simple moving average of $97.96.

Okta (NASDAQ:OKTA) last posted its earnings results on Thursday, May 28th. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.85 by $0.06. The firm had revenue of $765.00 million during the quarter, compared to analysts’ expectations of $751.84 million. Okta had a net margin of 8.24% and a return on equity of 4.15%. The company’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period last year, the company posted $0.86 EPS. 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, sell-side analysts predict that Okta, Inc. will post 1.75 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have issued reports on OKTA. BMO Capital Markets raised their price target on shares of Okta from $95.00 to $120.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. Barclays upped their price objective on shares of Okta from $93.00 to $120.00 and gave the company an “overweight” rating in a research note on Friday, May 29th. DA Davidson increased their target price on shares of Okta from $110.00 to $130.00 and gave the stock a “buy” rating in a report on Friday, May 29th. JPMorgan Chase & Co. raised their target price on Okta from $103.00 to $114.00 and gave the stock an “overweight” rating in a research note on Thursday, May 28th. Finally, HSBC downgraded Okta from a “buy” rating to a “hold” rating in a report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $121.81.

Insider Buying and Selling

In other Okta news, Director Shellye L. Archambeau sold 2,500 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were 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 in the company, valued at $781,320. This trade represents a 21.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Mckinnon sold 68,936 shares of the company’s stock in a transaction that occurred 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 $5,642,524.08. This trade represents a 64.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 174,224 shares of company stock valued at $22,534,353 over the last quarter. 4.61% of the stock is currently owned by insiders.

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.