Senvest Management LLC Acquires 292,900 Shares of Okta, Inc. $OKTA

Senvest Management LLC boosted its holdings in Okta, Inc. (NASDAQ:OKTA) by 54.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 830,515 shares of the company’s stock after buying an additional 292,900 shares during the period. Okta makes up 2.2% of Senvest Management LLC’s investment portfolio, making the stock its 19th biggest holding. Senvest Management LLC’s holdings in Okta were worth $65,370,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Integrated Wealth Concepts LLC purchased a new position in Okta during the first quarter valued at approximately $225,000. NewEdge Advisors LLC lifted its stake in Okta by 853.4% in the 1st quarter. NewEdge Advisors LLC now owns 5,530 shares of the company’s stock worth $582,000 after purchasing an additional 4,950 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in Okta in the 2nd quarter worth approximately $244,000. Invesco Ltd. lifted its stake in Okta by 34.1% in the 2nd quarter. Invesco Ltd. now owns 430,844 shares of the company’s stock worth $43,071,000 after purchasing an additional 109,614 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in Okta by 122.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,621 shares of the company’s stock valued at $162,000 after purchasing an additional 893 shares during the period. Institutional investors own 86.64% of the company’s stock.

Okta Trading Up 1.8%

OKTA opened at $138.50 on Friday. The stock has a market capitalization of $24.07 billion, a P/E ratio of 100.36, a PEG ratio of 4.89 and a beta of 0.77. The stock has a 50-day moving average price of $124.19 and a 200-day moving average price of $95.95. 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, topping analysts’ consensus estimates of $0.85 by $0.06. The company had revenue of $765.00 million during the quarter, compared to the consensus estimate of $751.84 million. Okta had a return on equity of 4.15% and a net margin of 8.24%.Okta’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous 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, equities research analysts predict that Okta, Inc. will post 1.75 EPS for the current year.

Insider Buying and Selling

In related news, insider Larissa Schwartz sold 24,971 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $134.13, for a total transaction of $3,349,360.23. Following the transaction, the insider directly owned 23,477 shares in the company, valued at $3,148,970.01. This trade represents a 51.54% decrease in their position. The transaction was disclosed in a legal filing 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, Director Shellye L. Archambeau sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $85.00, for a total value of $212,500.00. Following the transaction, the director owned 9,192 shares in the company, valued at approximately $781,320. The trade was a 21.38% 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. Insiders have sold 174,224 shares of company stock worth $22,534,353 over the last 90 days. Insiders own 4.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on OKTA. Evercore began coverage on shares of Okta in a research report on Monday, July 6th. They set an “outperform” rating for the company. Jefferies Financial Group raised Okta from a “buy” rating to a “buy” rating in a research note on Monday, July 6th. Canaccord Genuity Group boosted their target price on Okta from $95.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, May 29th. Capital One Financial set a $171.00 target price on Okta and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Finally, Mizuho lowered Okta from an “outperform” rating to a “neutral” rating and upped their target price for the stock from $110.00 to $125.00 in a research note on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $121.81.

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.