Okta, Inc. $OKTA Stake Increased by Altrinsic Global Advisors LLC

Altrinsic Global Advisors LLC raised its stake in Okta, Inc. (NASDAQ:OKTA) by 31.6% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 44,458 shares of the company’s stock after purchasing an additional 10,680 shares during the period. Altrinsic Global Advisors LLC’s holdings in Okta were worth $4,077,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Root Financial Partners LLC acquired a new stake in shares of Okta during the third quarter worth $26,000. Promus Capital LLC bought a new position in Okta in the 2nd quarter worth about $27,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Okta in the third quarter valued at approximately $34,000. Westside Investment Management Inc. increased its stake in shares of Okta by 86.9% in the third quarter. Westside Investment Management Inc. now owns 415 shares of the company’s stock valued at $38,000 after purchasing an additional 193 shares during the period. Finally, Financial Consulate Inc. bought a new stake in shares of Okta during the third quarter valued at approximately $40,000. 86.64% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Okta

In other Okta news, insider Eric Robert Kelleher sold 8,370 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider owned 11,266 shares of the company’s stock, valued at $1,016,080.54. This represents a 42.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Brett Tighe sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 13th. The stock was sold at an average price of $95.07, for a total value of $950,700.00. Following the completion of the sale, the chief financial officer owned 134,385 shares of the company’s stock, valued at $12,775,981.95. This represents a 6.93% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 37,763 shares of company stock worth $3,419,336. Insiders own 5.68% of the company’s stock.

Okta Stock Up 0.3%

Shares of OKTA stock opened at $79.16 on Friday. The firm has a market cap of $14.03 billion, a PE ratio of 60.43, a price-to-earnings-growth ratio of 3.09 and a beta of 0.79. Okta, Inc. has a 12 month low of $68.77 and a 12 month high of $127.57. The stock has a 50 day moving average of $84.39 and a 200-day moving average of $86.95.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Wednesday, March 4th. The company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.05. Okta had a net margin of 8.05% and a return on equity of 4.18%. The company had revenue of $761.00 million for the quarter, compared to analyst estimates of $749.87 million. During the same period last year, the business posted $0.78 EPS. The business’s quarterly revenue was up 11.6% on a year-over-year basis. 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, equities analysts predict that Okta, Inc. will post 0.42 EPS for the current fiscal year.

Okta announced that its board has authorized a share 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 reacquire up to 6.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Cantor Fitzgerald reduced their price target on Okta from $115.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, February 27th. Morgan Stanley decreased their price target on Okta from $110.00 to $101.00 and set an “overweight” rating for the company in a research report on Thursday, March 5th. Oppenheimer reduced their price objective on Okta from $120.00 to $110.00 and set an “outperform” rating for the company in a research note on Thursday, March 5th. The Goldman Sachs Group dropped their price objective on shares of Okta from $137.00 to $117.00 and set a “buy” rating on the stock in a research note on Wednesday, December 3rd. Finally, UBS Group cut their price target on Okta from $130.00 to $115.00 and set a “buy” rating for the company in a research note on Thursday, March 5th. One research analyst has rated the stock with a Strong Buy rating, twenty-six have given a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price 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.