Bourgeon Capital Management LLC Boosts Stock Position in Okta, Inc. $OKTA

Bourgeon Capital Management LLC raised its holdings in Okta, Inc. (NASDAQ:OKTA) by 67.1% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 144,780 shares of the company’s stock after acquiring an additional 58,130 shares during the quarter. Okta makes up 2.0% of Bourgeon Capital Management LLC’s holdings, making the stock its 22nd largest holding. Bourgeon Capital Management LLC owned about 0.08% of Okta worth $12,519,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Okta by 5.7% in the third quarter. Vanguard Group Inc. now owns 19,803,227 shares of the company’s stock worth $1,815,956,000 after purchasing an additional 1,074,977 shares during the last quarter. First Trust Advisors LP lifted its holdings in Okta by 9.1% during the 2nd quarter. First Trust Advisors LP now owns 4,901,123 shares of the company’s stock valued at $489,966,000 after buying an additional 407,087 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in Okta by 4.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 4,635,572 shares of the company’s stock valued at $425,082,000 after buying an additional 179,919 shares during the period. Ameriprise Financial Inc. grew its stake in Okta by 9.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,226,676 shares of the company’s stock worth $204,162,000 after acquiring an additional 189,036 shares in the last quarter. Finally, Norges Bank bought a new position in Okta in the 2nd quarter worth about $211,923,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Insiders Place Their Bets

In other Okta news, insider Eric Robert Kelleher sold 16,818 shares of the business’s stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $80.00, for a total value of $1,345,440.00. Following the completion of the transaction, the insider directly owned 15,470 shares in the company, valued at approximately $1,237,600. The trade was a 52.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Brett Tighe sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of $95.07, for a total transaction of $950,700.00. Following the completion of the sale, the chief financial officer owned 134,385 shares in the company, valued at $12,775,981.95. This represents a 6.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 69,365 shares of company stock valued at $5,696,938 in the last three months. 5.68% of the stock is currently owned by insiders.

Analyst Ratings Changes

OKTA has been the subject of several research analyst reports. KeyCorp decreased their price target on shares of Okta from $115.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, March 5th. BTIG Research dropped their price objective on Okta from $116.00 to $90.00 and set a “buy” rating on the stock in a research note on Monday, March 2nd. Morgan Stanley reduced their price objective on Okta from $110.00 to $101.00 and set an “overweight” rating on the stock in a report on Thursday, March 5th. Canaccord Genuity Group decreased their target price on Okta from $120.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday, March 5th. Finally, Stephens lowered their target price on Okta from $120.00 to $95.00 and set an “overweight” rating for the company in a report on Thursday, March 5th. Twenty-six equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Okta currently has an average rating of “Moderate Buy” and a consensus target price of $103.25.

Okta Stock Up 4.3%

Okta stock opened at $78.71 on Wednesday. The firm has a market cap of $13.92 billion, a P/E ratio of 60.08, a P/E/G ratio of 2.95 and a beta of 0.79. The business has a fifty day moving average of $81.15 and a two-hundred day moving average of $85.77. Okta, Inc. has a twelve month low of $68.77 and a twelve month high of $127.57.

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

Okta announced that its Board of Directors has authorized a stock repurchase program on Monday, January 5th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to reacquire up to 6.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board 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.