Truist Financial Corp Sells 6,224,376 Shares of Okta, Inc. $OKTA

Truist Financial Corp decreased its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 99.6% in the 3rd quarter, Holdings Channel reports. The fund owned 23,796 shares of the company’s stock after selling 6,224,376 shares during the period. Truist Financial Corp’s holdings in Okta were worth $2,182,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in OKTA. Steward Partners Investment Advisory LLC increased its position in Okta by 5.3% during 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 in the last quarter. Simon Quick Advisors LLC grew its stake in shares of Okta by 2.5% during the second quarter. Simon Quick Advisors LLC now owns 5,110 shares of the company’s stock worth $511,000 after buying an additional 126 shares during the last quarter. Courier Capital LLC increased its holdings in shares of Okta by 1.5% during the second quarter. Courier Capital LLC now owns 9,680 shares of the company’s stock worth $968,000 after buying an additional 145 shares in the last quarter. Cullen Frost Bankers Inc. increased its holdings in shares of 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 in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ lifted its stake in shares of Okta by 0.5% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 37,804 shares of the company’s stock valued at $3,779,000 after acquiring an additional 171 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Okta Stock Performance

Shares of NASDAQ OKTA opened at $86.74 on Friday. The company’s 50 day moving average price is $88.54 and its 200-day moving average price is $89.54. Okta, Inc. has a 52-week low of $75.05 and a 52-week high of $127.57. The company has a market capitalization of $15.37 billion, a P/E ratio of 79.58, a price-to-earnings-growth ratio of 3.27 and a beta of 0.77.

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

Okta declared that its Board of Directors has initiated 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 purchase up to 6.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Barclays lowered their target price on Okta from $112.00 to $95.00 and set an “equal weight” rating for the company in a report on Tuesday, November 18th. Citigroup restated a “neutral” rating on shares of Okta in a report on Monday, January 12th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Okta from $110.00 to $85.00 and set a “hold” rating for the company in a report on Wednesday, December 3rd. Royal Bank Of Canada boosted their target price on shares of Okta from $97.00 to $108.00 and gave the stock an “outperform” rating in a report on Monday, January 5th. Finally, Wall Street Zen cut shares of Okta from a “buy” rating to a “hold” rating in a research report on Saturday. Twenty-five research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Okta has a consensus rating of “Moderate Buy” and an average price target of $113.88.

Insiders Place Their Bets

In other Okta news, insider Eric Robert Kelleher sold 8,370 shares of Okta stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $90.19, for a total value of $754,890.30. Following the completion of the sale, the insider directly owned 11,266 shares in the company, valued at approximately $1,016,080.54. The trade was a 42.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Larissa Schwartz sold 1,899 shares of the business’s stock in a transaction that occurred on Wednesday, January 7th. The shares were sold at an average price of $90.74, for a total value of $172,315.26. Following the completion of the transaction, the insider directly owned 38,164 shares in the company, valued at approximately $3,463,001.36. This trade represents a 4.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 36,727 shares of company stock valued at $3,344,746. Insiders own 5.68% 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.