Envestnet Portfolio Solutions Inc. Has $7.81 Million Stake in Okta, Inc. $OKTA

Envestnet Portfolio Solutions Inc. increased its position in shares of Okta, Inc. (NASDAQ:OKTA) by 30.1% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 90,368 shares of the company’s stock after purchasing an additional 20,894 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Okta were worth $7,814,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Spire Wealth Management raised its stake in Okta by 30.8% in the fourth quarter. Spire Wealth Management now owns 505 shares of the company’s stock valued at $44,000 after buying an additional 119 shares during the period. Allworth Financial LP lifted its stake in shares of Okta by 6.4% during the 3rd quarter. Allworth Financial LP now owns 2,251 shares of the company’s stock worth $206,000 after buying an additional 135 shares during the last quarter. Choreo LLC lifted its stake in shares of Okta by 2.0% during the 3rd quarter. Choreo LLC now owns 7,239 shares of the company’s stock worth $664,000 after buying an additional 140 shares during the last quarter. Raiffeisen Bank International AG lifted its stake in shares of Okta by 3.9% during the 3rd quarter. Raiffeisen Bank International AG now owns 4,369 shares of the company’s stock worth $410,000 after buying an additional 166 shares during the last quarter. Finally, Westpac Banking Corp lifted its stake in shares of Okta by 10.6% during the 3rd quarter. Westpac Banking Corp now owns 1,851 shares of the company’s stock worth $170,000 after buying an additional 177 shares during the last quarter. Institutional investors own 86.64% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on OKTA. Sanford C. Bernstein restated an “outperform” rating and issued a $134.00 price target on shares of Okta in a research note on Friday, March 6th. Weiss Ratings upgraded Okta from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, April 27th. TD Cowen reduced their price target on Okta from $115.00 to $105.00 and set a “hold” rating for the company in a research note on Tuesday, February 24th. Barclays boosted their price target on Okta from $90.00 to $93.00 and gave the company an “overweight” rating in a research note on Thursday, May 14th. Finally, BMO Capital Markets upgraded Okta from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $83.00 to $97.00 in a research note on Friday, March 6th. Twenty-nine analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $101.19.

Trending Headlines about Okta

Here are the key news stories impacting Okta this week:

• Positive Sentiment: Okta gained traction after broader software names rebounded, as investors became less concerned that AI will be an “existential” threat to traditional software companies. US software stocks rebound, seeking to loosen AI’s grip
• Positive Sentiment: Jefferies said Okta is likely to beat its first-quarter bookings target and kept a Buy rating with a $105 price target, arguing the stock still looks compelling on valuation. Okta set to beat Q1 bookings target but Q2 outlook may disappoint, Jefferies says
• Positive Sentiment: Oppenheimer also said Okta could deliver modest upside to fiscal Q1 revenue estimates, adding to expectations for a solid upcoming report. Okta Likely to Deliver Modest Fiscal Q1 Revenue Upside, Oppenheimer Says
• Neutral Sentiment: TD Cowen reiterated a Hold rating on Okta, which signals a more cautious stance but does not materially change the bullish narrative. TD Cowen Keeps Their Hold Rating on Okta (OKTA)
• Negative Sentiment: Company director Shellye L. Archambeau sold 2,500 shares in a pre-arranged Rule 10b5-1 transaction, which may be viewed as a modest insider selling signal. SEC filing

Okta Price Performance

Shares of OKTA opened at $89.04 on Thursday. Okta, Inc. has a one year low of $62.66 and a one year high of $127.52. The company has a market cap of $15.75 billion, a P/E ratio of 67.97, a P/E/G ratio of 3.34 and a beta of 0.59. The firm has a 50 day simple moving average of $77.45 and a two-hundred day simple moving average of $82.52.

Okta (NASDAQ:OKTA) last posted its earnings results on Wednesday, March 4th. The company reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.05. Okta had a net margin of 8.05% and a return on equity of 4.18%. The firm had revenue of $761.00 million during the quarter, compared to analysts’ expectations of $749.87 million. During the same quarter in the prior year, the business earned $0.78 earnings per share. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. Okta has set its FY 2027 guidance at 3.740-3.820 EPS and its Q1 2027 guidance at 0.840-0.860 EPS. On average, analysts expect that Okta, Inc. will post 1.61 earnings per share for the current fiscal year.

Insider Activity at Okta

In related news, insider Larissa Schwartz sold 1,054 shares of the firm’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $80.00, for a total transaction of $84,320.00. Following the sale, the insider owned 48,448 shares of the company’s stock, valued at $3,875,840. This trade represents a 2.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Robert Kelleher sold 2,409 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $80.00, for a total transaction of $192,720.00. Following the sale, the insider directly owned 15,470 shares in the company, valued at $1,237,600. The trade was a 13.47% 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. Insiders have sold a total of 70,884 shares of company stock worth $5,625,648 over the last 90 days. 4.61% of the stock is currently owned by company insiders.

About Okta

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.