Banque Pictet & Cie SA Takes $2.41 Million Position in Okta, Inc. $OKTA

Banque Pictet & Cie SA acquired a new position in shares of Okta, Inc. (NASDAQ:OKTA) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 27,865 shares of the company’s stock, valued at approximately $2,409,000.

Several other large investors have also recently bought and sold shares of OKTA. Allspring Global Investments Holdings LLC increased its stake in shares of Okta by 113.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,067,128 shares of the company’s stock valued at $172,895,000 after buying an additional 1,099,962 shares during the period. Vanguard Group Inc. grew its holdings in Okta by 5.7% during the 3rd quarter. Vanguard Group Inc. now owns 19,803,227 shares of the company’s stock worth $1,815,956,000 after acquiring an additional 1,074,977 shares during the last quarter. Alyeska Investment Group L.P. increased its position in Okta by 276.9% in the 3rd quarter. Alyeska Investment Group L.P. now owns 1,403,499 shares of the company’s stock valued at $128,701,000 after acquiring an additional 1,031,083 shares during the period. Bain Capital Public Equity Management II LLC bought a new position in shares of Okta during the second quarter valued at $73,866,000. Finally, Victory Capital Management Inc. raised its stake in shares of Okta by 816.2% during the third quarter. Victory Capital Management Inc. now owns 641,382 shares of the company’s stock valued at $58,815,000 after acquiring an additional 571,381 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Okta news, CFO Brett Tighe sold 10,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief financial officer directly owned 134,385 shares of the company’s stock, valued at $12,775,981.95. This trade represents a 6.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Larissa Schwartz sold 1,836 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $79.89, for a total value of $146,678.04. Following the transaction, the insider owned 79,422 shares in the company, valued at approximately $6,345,023.58. This represents a 2.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 66,956 shares of company stock worth $5,493,618 in the last 90 days. Corporate insiders own 5.68% of the company’s stock.

Analyst Ratings Changes

OKTA has been the topic of several analyst reports. Jefferies Financial Group reduced their price objective on shares of Okta from $125.00 to $105.00 and set a “buy” rating on the stock in a research note on Monday, March 2nd. Stephens lowered their target price on Okta from $120.00 to $95.00 and set an “overweight” rating for the company in a research report on Thursday, March 5th. Barclays reduced their price target on Okta from $95.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 24th. KeyCorp lowered their price objective on Okta from $115.00 to $100.00 and set an “overweight” rating for the company in a research report on Thursday, March 5th. Finally, Wells Fargo & Company began coverage on Okta in a report on Tuesday, March 3rd. They issued an “equal weight” rating and a $76.00 target price on the stock. Twenty-six analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $103.25.

Okta Stock Performance

Shares of OKTA stock opened at $80.19 on Friday. Okta, Inc. has a fifty-two week low of $68.77 and a fifty-two week high of $127.57. The stock’s fifty day moving average is $80.73 and its two-hundred day moving average is $85.69. The firm has a market capitalization of $14.18 billion, a P/E ratio of 61.21, a PEG ratio of 3.09 and a beta of 0.76.

Okta (NASDAQ:OKTA) last issued its 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 business had revenue of $761.00 million during the quarter, compared to analysts’ expectations of $749.87 million. Okta had a net margin of 8.05% and a return on equity of 4.18%. The company’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.78 earnings per share. 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, equities analysts forecast that Okta, Inc. will post 0.42 earnings per share for the current year.

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

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.