Empirical Financial Services LLC d.b.a. Empirical Wealth Management Invests $369,000 in Okta, Inc. $OKTA

Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new stake in Okta, Inc. (NASDAQ:OKTA) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 4,691 shares of the company’s stock, valued at approximately $369,000.

Several other institutional investors also recently bought and sold shares of the stock. Elevation Wealth Partners LLC increased its stake in Okta by 825.0% in the 4th quarter. Elevation Wealth Partners LLC now owns 296 shares of the company’s stock worth $26,000 after purchasing an additional 264 shares during the period. 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 stake in shares of Okta during the fourth quarter valued at approximately $32,000. Spire Wealth Management grew its holdings in shares of Okta by 30.8% in the fourth quarter. Spire Wealth Management now owns 505 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares during the last quarter. Finally, V Square Quantitative Management LLC bought a new position in shares of Okta in the fourth quarter worth approximately $56,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Eric Robert Kelleher sold 3,977 shares of the business’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 transaction, the insider owned 19,618 shares in the company, valued at $2,238,413.80. The trade was a 16.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Larissa Schwartz sold 2,463 shares of the stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $120.00, for a total transaction of $295,560.00. Following the completion of the transaction, the insider directly owned 25,241 shares of the company’s stock, valued at approximately $3,028,920. The trade was a 8.89% 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 three months, insiders have sold 174,224 shares of company stock worth $22,534,353. 4.61% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on OKTA shares. Oppenheimer upped their price target on shares of Okta from $110.00 to $125.00 and gave the company an “outperform” rating in a report on Friday, May 29th. 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. Sanford C. Bernstein lowered shares of Okta from an “outperform” rating to a “hold” rating in a report on Monday, July 6th. Wolfe Research started coverage on shares of Okta in a research report on Thursday, April 16th. They issued an “outperform” rating on the stock. Finally, Wedbush reaffirmed an “outperform” rating and set a $60.00 price objective on shares of Okta in a research note on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Okta currently has an average rating of “Moderate Buy” and an average target price of $120.42.

Okta Stock Up 1.1%

Shares of Okta stock opened at $149.35 on Friday. The business has a 50 day moving average of $118.22 and a 200 day moving average of $94.07. Okta, Inc. has a 52 week low of $62.66 and a 52 week high of $157.00. The company has a market cap of $25.96 billion, a PE ratio of 108.23, a P/E/G 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 for the quarter, beating the consensus estimate of $0.85 by $0.06. The business had revenue of $765.00 million for 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 firm’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.86 earnings per share. 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, research 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.