Allstate Corp Acquires New Stake in Okta, Inc. $OKTA

Allstate Corp bought a new position in Okta, Inc. (NASDAQ:OKTA) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 6,469 shares of the company’s stock, valued at approximately $593,000.

A number of other institutional investors have also recently modified their holdings of the stock. Yorktown Management & Research Co Inc purchased a new position in shares of Okta in the 3rd quarter worth about $376,000. Amalgamated Bank increased its stake in Okta by 0.6% during the 3rd quarter. Amalgamated Bank now owns 78,485 shares of the company’s stock valued at $7,197,000 after purchasing an additional 489 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Okta by 4.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 4,635,572 shares of the company’s stock worth $425,082,000 after buying an additional 179,919 shares during the last quarter. Evergreen Capital Management LLC raised its holdings in Okta by 144.7% in the third quarter. Evergreen Capital Management LLC now owns 4,936 shares of the company’s stock worth $453,000 after buying an additional 2,919 shares during the last quarter. Finally, Vectors Research Management LLC lifted its stake in shares of Okta by 7.1% in the third quarter. Vectors Research Management LLC now owns 14,768 shares of the company’s stock worth $1,354,000 after buying an additional 978 shares in the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on OKTA. DA Davidson reissued a “buy” rating and set a $140.00 price target on shares of Okta in a research report on Wednesday, December 3rd. Canaccord Genuity Group reiterated a “buy” rating and set a $120.00 target price on shares of Okta in a research note on Wednesday, December 3rd. Cantor Fitzgerald restated an “overweight” rating on shares of Okta in a research note on Wednesday, December 17th. Scotiabank lowered their price target on Okta from $105.00 to $85.00 and set a “sector perform” rating on the stock in a report on Wednesday, December 3rd. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Okta in a report on Wednesday, October 8th. Twenty-five equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $113.88.

Okta Stock Up 2.8%

Okta stock opened at $91.46 on Friday. Okta, Inc. has a 52-week low of $75.05 and a 52-week high of $127.57. The company has a market cap of $16.21 billion, a P/E ratio of 83.91, a P/E/G ratio of 4.16 and a beta of 0.76. The business has a 50-day simple moving average of $87.09 and a two-hundred day simple moving average of $90.10.

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

Okta declared that its board has authorized a share buyback plan on Monday, January 5th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 6.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Okta

In related news, insider Eric Robert Kelleher sold 8,370 shares of the firm’s stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $90.19, for a total value of $754,890.30. Following the transaction, the insider directly owned 11,266 shares of the company’s stock, valued at approximately $1,016,080.54. This trade represents a 42.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Larissa Schwartz sold 1,899 shares of the business’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $90.74, for a total value of $172,315.26. Following the sale, the insider directly owned 38,164 shares of the company’s stock, valued at $3,463,001.36. This represents a 4.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 36,727 shares of company stock worth $3,344,746. 5.68% of the stock is owned by insiders.

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.