Glenmede Investment Management LP Boosts Stock Holdings in Okta, Inc. $OKTA

Glenmede Investment Management LP grew its position in Okta, Inc. (NASDAQ:OKTA) by 3.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 509,371 shares of the company’s stock after purchasing an additional 18,039 shares during the period. Glenmede Investment Management LP owned about 0.29% of Okta worth $46,709,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in OKTA. Root Financial Partners LLC bought a new stake in Okta in the 3rd quarter worth about $26,000. Promus Capital LLC purchased a new stake in Okta in the 2nd quarter valued at about $27,000. Aster Capital Management DIFC Ltd bought a new position in shares of Okta during the 3rd quarter worth approximately $34,000. Westside Investment Management Inc. boosted its stake in shares of Okta by 86.9% in the 3rd quarter. Westside Investment Management Inc. now owns 415 shares of the company’s stock worth $38,000 after buying an additional 193 shares during the last quarter. Finally, Financial Consulate Inc. purchased a new position in shares of Okta in the 3rd quarter worth approximately $40,000. 86.64% of the stock is owned by institutional investors.

Insider Buying and Selling at Okta

In other news, CEO Todd Mckinnon sold 11,286 shares of Okta stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $90.96, for a total value of $1,026,574.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Larissa Schwartz sold 1,836 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $79.89, for a total transaction of $146,678.04. Following the sale, the insider owned 79,422 shares in the company, valued at $6,345,023.58. The trade was a 2.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 37,763 shares of company stock valued at $3,419,336 in the last three months. 5.68% of the stock is owned by company insiders.

Okta Price Performance

NASDAQ:OKTA opened at $79.16 on Friday. The company has a market capitalization of $14.03 billion, a P/E ratio of 60.43, a P/E/G ratio of 3.09 and a beta of 0.79. The business has a fifty day simple moving average of $84.39 and a two-hundred day simple moving average of $86.99. Okta, Inc. has a 1 year low of $68.77 and a 1 year high of $127.57.

Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Wednesday, March 4th. The company reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.05. The firm had revenue of $761.00 million for the quarter, compared to analysts’ expectations of $749.87 million. Okta had a return on equity of 4.18% and a net margin of 8.05%.The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.78 EPS. Okta has set its FY 2027 guidance at 3.740-3.820 EPS and its Q1 2027 guidance at 0.840-0.860 EPS. As a group, analysts anticipate that Okta, Inc. will post 0.42 earnings per share for the current year.

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

Wall Street Analyst Weigh In

OKTA has been the subject of a number of research analyst reports. TD Cowen decreased their price target on Okta from $115.00 to $105.00 and set a “hold” rating for the company in a research report on Tuesday, February 24th. Sanford C. Bernstein reissued an “outperform” rating and issued a $134.00 price objective on shares of Okta in a research report on Friday, March 6th. Berenberg Bank reduced their price objective on Okta from $145.00 to $120.00 and set a “buy” rating for the company in a research note on Thursday, March 5th. Morgan Stanley decreased their target price on Okta from $110.00 to $101.00 and set an “overweight” rating for the company in a research report on Thursday, March 5th. Finally, Needham & Company LLC cut their price target on shares of Okta from $110.00 to $90.00 and set a “buy” rating on the stock in a report on Thursday, March 5th. One research analyst has rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $103.25.

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.