Capital World Investors Trims Position in Okta, Inc. $OKTA

Capital World Investors cut its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 1.1% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 500,000 shares of the company’s stock after selling 5,607 shares during the quarter. Capital World Investors’ holdings in Okta were worth $43,235,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Spire Wealth Management increased its stake in shares of Okta by 30.8% during the fourth quarter. Spire Wealth Management now owns 505 shares of the company’s stock valued at $44,000 after buying an additional 119 shares during the period. Allworth Financial LP grew its stake in Okta by 6.4% in the third quarter. Allworth Financial LP now owns 2,251 shares of the company’s stock worth $206,000 after purchasing an additional 135 shares during the period. Choreo LLC grew its stake in Okta by 2.0% in the third quarter. Choreo LLC now owns 7,239 shares of the company’s stock worth $664,000 after purchasing an additional 140 shares during the period. Raiffeisen Bank International AG grew its stake in Okta by 3.9% in the third quarter. Raiffeisen Bank International AG now owns 4,369 shares of the company’s stock worth $410,000 after purchasing an additional 166 shares during the period. Finally, Westpac Banking Corp grew its stake in Okta by 10.6% in the third quarter. Westpac Banking Corp now owns 1,851 shares of the company’s stock worth $170,000 after purchasing an additional 177 shares during the period. 86.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. KeyCorp upped their price target on Okta from $95.00 to $103.00 and gave the stock an “overweight” rating in a research note on Monday, May 18th. UBS Group upped their price target on Okta from $115.00 to $150.00 and gave the stock a “buy” rating in a research note on Tuesday. Piper Sandler upped their price target on Okta from $82.00 to $105.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Stifel Nicolaus reduced their price target on Okta from $121.00 to $92.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th. Finally, Cantor Fitzgerald upped their price target on Okta from $110.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $114.14.

Okta Trading Up 2.7%

Okta stock opened at $119.96 on Wednesday. The business’s fifty day simple moving average is $86.52 and its two-hundred day simple moving average is $85.05. Okta, Inc. has a 12 month low of $62.66 and a 12 month high of $142.35. The company has a market capitalization of $20.85 billion, a price-to-earnings ratio of 86.93, a price-to-earnings-growth ratio of 4.23 and a beta of 0.80.

Okta (NASDAQ:OKTA) last released its earnings results on Thursday, May 28th. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.85 by $0.06. Okta had a return on equity of 4.15% and a net margin of 8.24%.The business had revenue of $765.00 million for the quarter, compared to the consensus estimate of $751.84 million. During the same period in the previous year, the company posted $0.86 earnings per share. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. On average, equities research analysts predict that Okta, Inc. will post 1.74 EPS for the current year.

Insiders Place Their Bets

In related news, Director David Schellhase bought 3,712 shares of the company’s stock in a transaction on Thursday, April 16th. The shares were acquired at an average cost of $72.04 per share, with a total value of $267,412.48. Following the completion of the acquisition, the director owned 3,712 shares of the company’s stock, valued at $267,412.48. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Shellye L. Archambeau sold 2,500 shares of the company’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $85.00, for a total value of $212,500.00. Following the transaction, the director directly owned 9,192 shares in the company, valued at approximately $781,320. The trade was a 21.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 94,019 shares of company stock valued at $8,828,330. Company insiders own 4.61% of the company’s stock.

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.