Optimus Prime Fund Management Co. Ltd. Buys 95,000 Shares of Okta, Inc. $OKTA

Optimus Prime Fund Management Co. Ltd. lifted its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 11.7% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 910,000 shares of the company’s stock after purchasing an additional 95,000 shares during the quarter. Okta accounts for about 7.4% of Optimus Prime Fund Management Co. Ltd.’s portfolio, making the stock its 6th largest position. Optimus Prime Fund Management Co. Ltd.’s holdings in Okta were worth $83,447,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Steward Partners Investment Advisory LLC boosted its holdings in shares of Okta by 5.3% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 2,238 shares of the company’s stock valued at $224,000 after acquiring an additional 113 shares in the last quarter. Choreo LLC grew its position in Okta by 2.0% during the 3rd quarter. Choreo LLC now owns 7,239 shares of the company’s stock worth $664,000 after acquiring an additional 140 shares during the last quarter. Raiffeisen Bank International AG increased its holdings in Okta by 3.9% in the 3rd quarter. Raiffeisen Bank International AG now owns 4,369 shares of the company’s stock worth $410,000 after purchasing an additional 166 shares in the last quarter. Skandinaviska Enskilda Banken AB publ increased its holdings in Okta by 0.5% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 37,804 shares of the company’s stock worth $3,779,000 after purchasing an additional 171 shares in the last quarter. Finally, Westpac Banking Corp raised its position in Okta by 10.6% in the third quarter. Westpac Banking Corp now owns 1,851 shares of the company’s stock valued at $170,000 after purchasing an additional 177 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on OKTA. Wells Fargo & Company began coverage on Okta in a research note on Tuesday, March 3rd. They set an “equal weight” rating and a $76.00 price target on the stock. Canaccord Genuity Group lowered their price objective on Okta from $120.00 to $95.00 and set a “buy” rating for the company in a research note on Thursday, March 5th. Scotiabank dropped their price objective on shares of Okta from $85.00 to $80.00 and set a “sector perform” rating for the company in a report on Thursday, March 5th. Morgan Stanley cut their target price on shares of Okta from $110.00 to $101.00 and set an “overweight” rating on the stock in a research report on Thursday, March 5th. Finally, UBS Group reduced their target price on shares of Okta from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Thursday, March 5th. One analyst has rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $103.25.

Insider Buying and Selling at Okta

In other Okta news, CEO Todd Mckinnon sold 11,286 shares of Okta stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $90.96, for a total transaction of $1,026,574.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brett Tighe sold 10,000 shares of the business’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 sale, the chief financial officer directly owned 134,385 shares of the company’s stock, 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 37,763 shares of company stock worth $3,419,336 in the last quarter. 5.68% of the stock is owned by insiders.

Okta Trading Up 0.3%

OKTA opened at $79.16 on Friday. Okta, Inc. has a 1-year low of $68.77 and a 1-year high of $127.57. The company has a market cap of $14.03 billion, a price-to-earnings ratio of 60.43, a PEG ratio of 3.09 and a beta of 0.79. The company’s fifty day moving average price is $84.39 and its two-hundred day moving average price is $86.99.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data 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 firm 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 business’s revenue was up 11.6% on a year-over-year basis. During the same period last year, the company 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. As a group, equities analysts forecast that Okta, Inc. will post 0.42 earnings per share for the current fiscal year.

Okta announced that its board has approved a share repurchase 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 shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is 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.