Okta, Inc. $OKTA is Torque Asset Management LLC’s 5th Largest Position

Torque Asset Management LLC raised its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 40.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 289,141 shares of the company’s stock after buying an additional 83,337 shares during the quarter. Okta comprises approximately 8.7% of Torque Asset Management LLC’s holdings, making the stock its 5th largest position. Torque Asset Management LLC’s holdings in Okta were worth $25,002,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Truvestments Capital LLC grew its holdings in shares of Okta by 14.7% in the fourth quarter. Truvestments Capital LLC now owns 6,404 shares of the company’s stock valued at $554,000 after purchasing an additional 820 shares in the last quarter. Panagora Asset Management Inc. purchased a new position in shares of Okta in the fourth quarter valued at $239,000. Focus Partners Wealth grew its holdings in shares of Okta by 3.4% in the fourth quarter. Focus Partners Wealth now owns 126,331 shares of the company’s stock valued at $11,418,000 after purchasing an additional 4,200 shares in the last quarter. Harber Asset Management LLC grew its holdings in shares of Okta by 4.5% in the fourth quarter. Harber Asset Management LLC now owns 167,101 shares of the company’s stock valued at $14,449,000 after purchasing an additional 7,177 shares in the last quarter. Finally, Clear Street Group Inc. purchased a new position in shares of Okta in the fourth quarter valued at $452,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Okta

In other news, insider Eric Robert Kelleher sold 2,409 shares of Okta stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $80.00, for a total transaction of $192,720.00. Following the completion of the sale, the insider directly owned 15,470 shares in the company, valued at approximately $1,237,600. This trade represents a 13.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director David Schellhase bought 3,712 shares of the firm’s stock in a transaction dated Thursday, April 16th. The shares were acquired at an average price of $72.04 per share, with a total value of $267,412.48. Following the completion of the transaction, the director owned 3,712 shares of the company’s stock, valued at approximately $267,412.48. The trade was a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 159,019 shares of company stock valued at $16,449,580. 4.61% of the stock is owned by company insiders.

Analyst Ratings Changes

OKTA has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft cut their target price on shares of Okta from $85.00 to $80.00 and set a “hold” rating for the company in a report on Thursday, March 5th. Truist Financial raised their price target on Okta from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, May 29th. Sanford C. Bernstein restated an “outperform” rating and issued a $134.00 price target on shares of Okta in a research report on Friday, March 6th. Raymond James Financial upgraded Okta from a “market perform” rating to an “outperform” rating and set a $85.00 price target for the company in a research report on Thursday, April 16th. Finally, Cantor Fitzgerald raised their price target on Okta from $110.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $114.14.

Okta Stock Up 1.6%

Shares of OKTA opened at $118.12 on Tuesday. The company has a market cap of $20.53 billion, a PE ratio of 85.59, a P/E/G ratio of 4.21 and a beta of 0.80. The business has a fifty day moving average of $89.59 and a 200 day moving average of $86.11. Okta, Inc. has a 52-week low of $62.66 and a 52-week high of $142.35.

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

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.