NewEdge Wealth LLC Has $10.28 Million Position in Okta, Inc. $OKTA

NewEdge Wealth LLC lessened its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 26.4% in the third quarter, according to its most recent filing with the SEC. The firm owned 117,996 shares of the company’s stock after selling 42,319 shares during the period. NewEdge Wealth LLC owned 0.07% of Okta worth $10,281,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Steward Partners Investment Advisory LLC boosted its position in shares of Okta by 5.3% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 2,238 shares of the company’s stock worth $224,000 after purchasing an additional 113 shares during the last quarter. Simon Quick Advisors LLC lifted its stake in Okta by 2.5% in the second quarter. Simon Quick Advisors LLC now owns 5,110 shares of the company’s stock valued at $511,000 after buying an additional 126 shares during the period. Cullen Frost Bankers Inc. boosted its holdings in Okta by 88.3% during the second quarter. Cullen Frost Bankers Inc. now owns 339 shares of the company’s stock worth $34,000 after buying an additional 159 shares during the last quarter. Skandinaviska Enskilda Banken AB publ grew its position in shares of Okta by 0.5% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 37,804 shares of the company’s stock worth $3,779,000 after buying an additional 171 shares during the period. Finally, DekaBank Deutsche Girozentrale increased its stake in shares of Okta by 0.7% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 26,155 shares of the company’s stock valued at $2,564,000 after acquiring an additional 190 shares during the last quarter. Institutional investors own 86.64% of the company’s stock.

Insider Buying and Selling at Okta

In other Okta news, CEO Todd Mckinnon sold 11,286 shares of the business’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $90.96, for a total transaction of $1,026,574.56. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Brett Tighe sold 10,000 shares of the stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of $95.07, for a total transaction of $950,700.00. Following the transaction, the chief financial officer owned 134,385 shares of the company’s stock, valued at approximately $12,775,981.95. This represents a 6.93% 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 37,245 shares of company stock valued at $3,385,624 over the last quarter. 5.68% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on OKTA. Guggenheim reiterated a “buy” rating and issued a $138.00 target price on shares of Okta in a report on Wednesday, December 3rd. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Okta in a research note on Monday, December 1st. Barclays reduced their target price on Okta from $112.00 to $95.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 18th. Piper Sandler increased their price target on Okta from $95.00 to $100.00 and gave the stock a “neutral” rating in a report on Monday, January 5th. Finally, The Goldman Sachs Group cut their price objective on Okta from $137.00 to $117.00 and set a “buy” rating on the stock in a report on Wednesday, December 3rd. Twenty-five equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $112.56.

Okta Stock Performance

Shares of Okta stock opened at $81.80 on Friday. The firm has a market cap of $14.50 billion, a PE ratio of 75.05, a P/E/G ratio of 3.30 and a beta of 0.77. The business’s 50 day simple moving average is $88.44 and its 200 day simple moving average is $88.79. Okta, Inc. has a 52-week low of $75.05 and a 52-week high of $127.57.

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

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

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.