Okta, Inc. $OKTA Shares Bought by Fifth Third Bancorp

Fifth Third Bancorp increased its holdings in Okta, Inc. (NASDAQ:OKTA) by 1,901.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,245 shares of the company’s stock after purchasing an additional 44,884 shares during the quarter. Fifth Third Bancorp’s holdings in Okta were worth $3,719,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Integrated Wealth Concepts LLC bought a new stake in shares of Okta during the 1st quarter worth $225,000. NewEdge Advisors LLC lifted its holdings in shares of Okta by 853.4% during the first quarter. NewEdge Advisors LLC now owns 5,530 shares of the company’s stock valued at $582,000 after purchasing an additional 4,950 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in shares of Okta in the 2nd quarter valued at $244,000. Invesco Ltd. increased 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 raised its holdings in Okta by 122.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,621 shares of the company’s stock worth $162,000 after buying an additional 893 shares during the period. 86.64% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Okta news, CEO Todd Mckinnon sold 68,936 shares of the business’s stock in a transaction 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 transaction, the chief executive officer owned 38,484 shares of the company’s stock, valued at $5,642,524.08. The trade was a 64.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Robert Kelleher sold 3,977 shares of the company’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $114.10, for a total transaction of $453,775.70. Following the sale, the insider owned 19,618 shares of the company’s stock, valued at $2,238,413.80. This trade represents a 16.86% 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. Over the last 90 days, insiders have sold 174,224 shares of company stock valued at $22,534,353. 4.61% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have commented on OKTA. Citigroup reaffirmed an “outperform” rating on shares of Okta in a research note on Friday, May 29th. Wells Fargo & Company upped their price target on shares of Okta from $85.00 to $100.00 and gave the company an “equal weight” rating in a research report on Friday, May 29th. Seaport Research Partners cut shares of Okta to a “neutral” rating in a research report on Thursday, April 16th. HSBC downgraded shares of Okta from a “buy” rating to a “hold” rating in a research note on Monday, July 6th. Finally, Barclays raised their target price on Okta from $93.00 to $120.00 and gave the stock an “overweight” rating in a research report on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $120.42.

Okta Price Performance

Okta stock opened at $149.35 on Monday. Okta, Inc. has a one year low of $62.66 and a one year high of $157.00. The company’s fifty day moving average price is $118.22 and its two-hundred day moving average price is $94.11. The company has a market capitalization of $25.96 billion, a price-to-earnings ratio of 108.23, a PEG ratio of 5.37 and a beta of 0.77.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Thursday, May 28th. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate 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%.The firm’s revenue was up 11.2% on a year-over-year basis. During the same quarter in the prior 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. As a group, sell-side analysts anticipate that Okta, Inc. will post 1.75 earnings per share for the current year.

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.