Junto Capital Management LP Takes Position in Okta, Inc. $OKTA

Junto Capital Management LP purchased a new position in shares of Okta, Inc. (NASDAQ:OKTA) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 333,350 shares of the company’s stock, valued at approximately $45,486,000. Junto Capital Management LP owned 0.19% of Okta as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Washington Trust Advisors Inc. raised its stake in Okta by 64.2% in the second quarter. Washington Trust Advisors Inc. now owns 197 shares of the company’s stock valued at $27,000 after buying an additional 77 shares during the period. CX Institutional boosted its stake in shares of Okta by 5.1% during the 2nd quarter. CX Institutional now owns 2,633 shares of the company’s stock worth $359,000 after acquiring an additional 127 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of Okta by 10.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,333 shares of the company’s stock worth $105,000 after acquiring an additional 129 shares during the last quarter. SteelPeak Wealth LLC increased 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 last quarter. Finally, Utah Retirement Systems raised its stake in Okta by 0.6% in the 4th quarter. Utah Retirement Systems now owns 28,605 shares of the company’s stock valued at $2,473,000 after acquiring an additional 163 shares during the period. Institutional investors own 86.64% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. TD Cowen raised their price target on Okta from $160.00 to $175.00 and gave the company a “hold” rating in a report on Thursday, August 27th. New Street Research set a $200.00 price objective on shares of Okta in a research report on Thursday, August 27th. Roth Capital restated a “buy” rating on shares of Okta in a research note on Thursday, August 27th. Evercore reaffirmed an “outperform” rating and set a $185.00 target price on shares of Okta in a report on Thursday, August 27th. Finally, Raymond James Financial upped their price target on shares of Okta from $115.00 to $185.00 and gave the company an “outperform” rating in a research note on Thursday, August 27th. One research analyst has rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, Okta currently has an average rating of “Moderate Buy” and an average target price of $172.92.

Okta Stock Performance

OKTA opened at $172.74 on Thursday. The stock has a fifty day moving average of $148.34 and a 200-day moving average of $110.38. The company has a market capitalization of $30.20 billion, a P/E ratio of 104.06, a P/E/G ratio of 5.21 and a beta of 0.79. Okta, Inc. has a fifty-two week low of $62.66 and a fifty-two week high of $174.85.

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

Insider Buying and Selling at Okta

In other news, insider Eric Kelleher sold 3,977 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $114.10, for a total transaction of $453,775.70. Following the transaction, the insider directly owned 19,618 shares of the company’s stock, valued at approximately $2,238,413.80. This trade represents a 16.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 shares were sold at an average price of $146.62, for a total transaction 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. 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. In the last quarter, insiders have sold 155,376 shares of company stock worth $23,734,135. 4.61% of the stock is currently owned by company insiders.

About Okta

Okta, Inc provides cloud-based identity and access management solutions for organizations. Its platform helps businesses securely connect employees, customers, partners and applications while managing authentication, authorization and user access across cloud, on-premises and mobile environments.

The company’s offerings include single sign-on, multifactor authentication, adaptive access controls, lifecycle management, identity governance and privileged access capabilities. Through its Customer Identity Cloud, powered by Auth0, Okta also provides tools for developers and businesses to embed authentication and authorization features into applications and digital services.

Founded in 2009 by Todd McKinnon and Frederic Kerrest, Okta completed its initial public offering in 2017.