Allspring Global Investments Holdings LLC Buys 1,099,962 Shares of Okta, Inc. $OKTA

Allspring Global Investments Holdings LLC lifted its position in Okta, Inc. (NASDAQ:OKTA) by 113.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,067,128 shares of the company’s stock after purchasing an additional 1,099,962 shares during the period. Allspring Global Investments Holdings LLC owned 1.17% of Okta worth $172,895,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Steward Partners Investment Advisory LLC raised its holdings in Okta by 5.3% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 2,238 shares of the company’s stock valued at $224,000 after acquiring an additional 113 shares in the last quarter. Spire Wealth Management grew its holdings in shares of Okta by 30.8% during the 4th quarter. Spire Wealth Management now owns 505 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares in the last quarter. Allworth Financial LP increased its position in shares of Okta by 6.4% during the third quarter. Allworth Financial LP now owns 2,251 shares of the company’s stock valued at $206,000 after purchasing an additional 135 shares during the period. Choreo LLC increased its position in shares of Okta by 2.0% during the third quarter. Choreo LLC now owns 7,239 shares of the company’s stock valued at $664,000 after purchasing an additional 140 shares during the period. Finally, Raiffeisen Bank International AG raised its stake in shares of Okta by 3.9% in the third quarter. Raiffeisen Bank International AG now owns 4,369 shares of the company’s stock valued at $410,000 after purchasing an additional 166 shares in the last quarter. Institutional investors own 86.64% of the company’s stock.

Okta Stock Performance

Shares of NASDAQ OKTA opened at $75.47 on Tuesday. Okta, Inc. has a 52-week low of $68.77 and a 52-week high of $127.57. The business has a fifty day moving average of $81.33 and a two-hundred day moving average of $85.85. The stock has a market cap of $13.35 billion, a PE ratio of 57.61, a PEG ratio of 2.86 and a beta of 0.79.

Okta (NASDAQ:OKTA) last posted its earnings results on Wednesday, March 4th. The company reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.05. The business had revenue of $761.00 million for the quarter, compared to analyst estimates of $749.87 million. Okta had a net margin of 8.05% and a return on equity of 4.18%. The firm’s quarterly revenue 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. Analysts predict that Okta, Inc. will post 0.42 earnings per share for the current year.

Okta announced that its Board of Directors has authorized a share buyback plan on Monday, January 5th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to purchase up to 6.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other news, insider Larissa Schwartz sold 1,899 shares of the business’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $90.74, for a total value of $172,315.26. Following the transaction, the insider directly owned 38,164 shares of the company’s stock, valued at $3,463,001.36. The trade was a 4.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CRO Jonathan James Addison sold 23,304 shares of the stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $77.79, for a total value of $1,812,818.16. Following the sale, the executive owned 4,364 shares in the company, valued at approximately $339,475.56. This trade represents a 84.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 69,365 shares of company stock valued at $5,696,938 in the last ninety days. 5.68% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently commented on OKTA shares. BTIG Research reduced their target price on Okta from $116.00 to $90.00 and set a “buy” rating for the company in a research report on Monday, March 2nd. Truist Financial dropped their price objective on shares of Okta from $115.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, March 5th. DA Davidson reaffirmed a “buy” rating and set a $110.00 price objective on shares of Okta in a report on Thursday, March 5th. Stephens decreased their target price on shares of Okta from $120.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, March 5th. Finally, Morgan Stanley lowered their target price on shares of Okta from $110.00 to $101.00 and set an “overweight” rating on the stock in a research note on Thursday, March 5th. Twenty-six equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $103.25.

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.