Pacer Advisors Inc. Acquires 38,908 Shares of Okta, Inc. $OKTA

Pacer Advisors Inc. boosted its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 19.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 242,615 shares of the company’s stock after acquiring an additional 38,908 shares during the period. Pacer Advisors Inc.’s holdings in Okta were worth $19,096,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its stake in Okta by 10.7% during the first quarter. EverSource Wealth Advisors LLC now owns 1,333 shares of the company’s stock worth $105,000 after buying an additional 129 shares in the last quarter. SteelPeak Wealth LLC lifted its holdings in shares of Okta by 2.8% during the 1st quarter. SteelPeak Wealth LLC now owns 5,166 shares of the company’s stock worth $407,000 after acquiring an additional 140 shares during the period. Utah Retirement Systems lifted its holdings in shares of 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 acquiring an additional 163 shares during the period. Kestra Advisory Services LLC boosted its position in shares of 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 acquiring an additional 166 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its position in shares of 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 acquiring an additional 173 shares in the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Royal Bank Of Canada lifted their price target on Okta from $108.00 to $122.00 and gave the company an “outperform” rating in a research note on Friday, May 29th. Mizuho lowered Okta from an “outperform” rating to a “neutral” rating and raised their price objective for the company from $110.00 to $125.00 in a research note on Tuesday, June 2nd. Wall Street Zen lowered Okta from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Berenberg Bank lifted their target price on Okta from $120.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, May 29th. Finally, JPMorgan Chase & Co. boosted 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. One investment 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 issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $121.81.

Okta Trading Down 0.3%

NASDAQ OKTA opened at $141.57 on Tuesday. 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 business’s 50-day moving average price is $130.17 and its two-hundred day moving average price is $97.96. Okta, Inc. has a 12 month low of $62.66 and a 12 month high of $157.00.

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

Insider Activity at Okta

In related news, CFO Brett Tighe sold 65,000 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $117.25, for a total transaction of $7,621,250.00. Following the completion of the sale, the chief financial officer owned 119,680 shares of the company’s stock, valued at $14,032,480. This trade represents a 35.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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 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 completion of the sale, the chief executive officer owned 38,484 shares of the company’s stock, valued at approximately $5,642,524.08. The trade was a 64.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 174,224 shares of company stock worth $22,534,353 over the last quarter. 4.61% of the stock is owned by company insiders.

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.