Okta, Inc. $OKTA Stock Purchased by Pier 88 Investment Partners LLC

Pier 88 Investment Partners LLC lifted its position in Okta, Inc. (NASDAQ:OKTA) by 609.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 22,000 shares of the company’s stock after purchasing an additional 18,900 shares during the quarter. Okta comprises about 1.1% of Pier 88 Investment Partners LLC’s holdings, making the stock its 26th biggest holding. Pier 88 Investment Partners LLC’s holdings in Okta were worth $4,600,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of OKTA. Burkett Financial Services LLC purchased a new position in Okta during the third quarter worth about $26,000. Laurel Wealth Advisors LLC acquired a new position in Okta in the 3rd quarter valued at about $33,000. Polaris Financial Partners purchased a new stake in shares of Okta in the 3rd quarter valued at approximately $36,000. Washington Trust Advisors Inc. grew its stake in shares of Okta by 64.2% in the 2nd quarter. Washington Trust Advisors Inc. now owns 197 shares of the company’s stock valued at $27,000 after buying an additional 77 shares during the period. Finally, Jacobi Capital Management LLC purchased a new stake in shares of Okta in the 3rd quarter valued at approximately $42,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Okta Stock Performance

Okta stock opened at $182.54 on Friday. The company’s 50 day simple moving average is $197.85 and its 200-day simple moving average is $128.71. The company has a market capitalization of $31.91 billion, a price-to-earnings ratio of 109.96, a price-to-earnings-growth ratio of 5.67 and a beta of 0.74. Okta, Inc. has a 1 year low of $62.66 and a 1 year high of $235.00.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Wednesday, August 26th. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.96 by $0.09. The firm had revenue of $805.00 million for the quarter, compared to analyst estimates of $793.00 million. Okta had a net margin of 9.63% and a return on equity of 4.50%. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.91 EPS. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. Equities analysts expect that Okta, Inc. will post 1.92 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Piper Sandler raised their price target on shares of Okta from $105.00 to $160.00 and gave the stock a “neutral” rating in a report on Thursday, August 27th. Evercore reiterated an “outperform” rating and issued a $240.00 price objective on shares of Okta in a report on Thursday, September 24th. KeyCorp set a $240.00 price objective on Okta and gave the stock an “overweight” rating in a research report on Thursday, September 24th. Barclays increased their price objective on Okta from $180.00 to $215.00 and gave the stock an “overweight” rating in a research report on Thursday, September 24th. Finally, The Goldman Sachs Group raised their target price on Okta from $126.00 to $203.00 and gave the stock a “buy” rating in a research note on Friday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, Okta currently has an average rating of “Moderate Buy” and a consensus price target of $202.38.

Insider Buying and Selling at Okta

In other news, CEO Todd McKinnon sold 48,822 shares of the firm’s stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $193.48, for a total transaction of $9,446,080.56. Following the completion of the transaction, the chief executive officer directly owned 44,029 shares in the company, valued at $8,518,730.92. This trade represents a 52.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Kelleher sold 6,395 shares of the firm’s stock in a transaction on Friday, September 18th. The stock was sold at an average price of $183.58, for a total value of $1,173,994.10. Following the transaction, the insider owned 18,668 shares of the company’s stock, valued at approximately $3,427,071.44. This represents a 25.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 137,766 shares of company stock valued at $23,927,112 over the last quarter. 4.61% of the stock is owned by company insiders.

Okta Profile

Okta, Inc. provides cloud-based identity and access management services. Its platform helps organizations manage how employees, customers, partners and other users sign in to applications and access digital resources. Okta’s products include single sign-on, multifactor authentication, identity governance and user lifecycle management. Through Auth0, which Okta acquired in 2021, the company also offers tools that developers can use to add identity and authentication features to customer-facing applications.