Cibc World Market Inc. Sells 47,622 Shares of Okta, Inc. $OKTA

Cibc World Market Inc. lessened its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 49.0% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 49,659 shares of the company’s stock after selling 47,622 shares during the period. Cibc World Market Inc.’s holdings in Okta were worth $4,554,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in OKTA. Promus Capital LLC purchased a new stake in shares of Okta in the second quarter worth about $27,000. Root Financial Partners LLC purchased a new stake in shares of Okta during the 3rd quarter worth approximately $26,000. Cullen Frost Bankers Inc. raised its holdings in shares of Okta by 88.3% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 339 shares of the company’s stock worth $34,000 after acquiring an additional 159 shares in the last quarter. Westside Investment Management Inc. boosted its position in shares of Okta by 86.9% during the 3rd quarter. Westside Investment Management Inc. now owns 415 shares of the company’s stock valued at $38,000 after acquiring an additional 193 shares during the last quarter. Finally, Financial Consulate Inc. purchased a new position in shares of Okta in the third quarter valued at $40,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Stock Performance

Shares of NASDAQ OKTA opened at $87.26 on Friday. Okta, Inc. has a fifty-two week low of $75.05 and a fifty-two week high of $127.57. The company has a market cap of $15.47 billion, a price-to-earnings ratio of 80.06, a PEG ratio of 3.48 and a beta of 0.77. The business’s 50 day moving average price is $88.86 and its 200-day moving average price is $89.12.

Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Tuesday, December 2nd. The company reported $0.82 EPS for the quarter, beating the consensus estimate of $0.76 by $0.06. Okta had a return on equity of 3.77% and a net margin of 6.87%.The company had revenue of $742.00 million for the quarter, compared to the consensus estimate of $730.23 million. During the same quarter in the prior year, the company posted $0.67 EPS. Okta’s quarterly revenue was up 11.6% on a year-over-year basis. Okta has set its FY 2026 guidance at 3.430-3.440 EPS and its Q4 2026 guidance at 0.840-0.850 EPS. Sell-side analysts predict that Okta, Inc. will post 0.42 earnings per share for the current year.

Okta declared that its Board of Directors has initiated a stock buyback program on Monday, January 5th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 6.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Berenberg Bank assumed coverage on shares of Okta in a research note on Tuesday, November 18th. They set a “buy” rating and a $145.00 price target on the stock. Stifel Nicolaus decreased their target price on shares of Okta from $130.00 to $121.00 and set a “buy” rating on the stock in a research report on Wednesday, December 3rd. Royal Bank Of Canada lifted their price target on Okta from $97.00 to $108.00 and gave the stock an “outperform” rating in a research report on Monday, January 5th. Scotiabank decreased their price objective on Okta from $105.00 to $85.00 and set a “sector perform” rating on the stock in a research report on Wednesday, December 3rd. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Okta in a report on Thursday, January 22nd. Twenty-five equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Okta presently has a consensus rating of “Moderate Buy” and a consensus price target of $113.88.

Insider Activity at Okta

In other Okta news, insider Larissa Schwartz sold 1,899 shares of the firm’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $90.74, for a total transaction of $172,315.26. Following the transaction, the insider directly owned 38,164 shares in the company, valued at $3,463,001.36. This trade represents a 4.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Brett Tighe sold 10,000 shares of Okta stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $95.07, for a total value of $950,700.00. Following the sale, the chief financial officer directly owned 134,385 shares of the company’s stock, valued at approximately $12,775,981.95. This trade represents a 6.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 37,245 shares of company stock valued at $3,385,624 over the last 90 days. 5.68% of the stock is currently owned by 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.