Connor Clark & Lunn Investment Management Ltd. Sells 98,317 Shares of Okta, Inc. $OKTA

Connor Clark & Lunn Investment Management Ltd. trimmed its stake in Okta, Inc. (NASDAQ:OKTA) by 22.0% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 347,740 shares of the company’s stock after selling 98,317 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.20% of Okta worth $31,888,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Okta by 5.7% during the third quarter. Vanguard Group Inc. now owns 19,803,227 shares of the company’s stock worth $1,815,956,000 after purchasing an additional 1,074,977 shares during the period. First Trust Advisors LP raised its position in shares of Okta by 9.1% in the second quarter. First Trust Advisors LP now owns 4,901,123 shares of the company’s stock valued at $489,966,000 after purchasing an additional 407,087 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in shares of Okta by 4.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 4,635,572 shares of the company’s stock worth $425,082,000 after buying an additional 179,919 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Okta by 11.1% during the 2nd quarter. Geode Capital Management LLC now owns 3,155,011 shares of the company’s stock worth $314,488,000 after buying an additional 314,525 shares during the period. Finally, Norges Bank bought a new stake in shares of Okta during the 2nd quarter worth $211,923,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Jefferies Financial Group dropped their target price on shares of Okta from $125.00 to $105.00 and set a “buy” rating on the stock in a report on Monday, March 2nd. TD Cowen decreased their price target on shares of Okta from $115.00 to $105.00 and set a “hold” rating for the company in a report on Tuesday, February 24th. Royal Bank Of Canada raised their price target on Okta from $97.00 to $108.00 and gave the company an “outperform” rating in a research report on Monday, January 5th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Okta in a research note on Thursday, January 22nd. Finally, The Goldman Sachs Group cut their price objective on Okta from $137.00 to $117.00 and set a “buy” rating for the company in a research report on Wednesday, December 3rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.25.

Insider Transactions at Okta

In other news, insider Eric Robert Kelleher sold 2,409 shares of Okta stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $84.40, for a total transaction of $203,319.60. Following the sale, the insider owned 11,266 shares of the company’s stock, valued at approximately $950,850.40. This trade represents a 17.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Todd Mckinnon sold 11,286 shares of the business’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $90.96, for a total value of $1,026,574.56. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 37,763 shares of company stock worth $3,419,336 over the last 90 days. Insiders own 5.68% of the company’s stock.

Okta Stock Performance

NASDAQ:OKTA opened at $78.95 on Friday. The firm’s 50-day moving average is $84.48 and its 200-day moving average is $87.07. The company has a market cap of $13.99 billion, a price-to-earnings ratio of 60.27, a PEG ratio of 3.16 and a beta of 0.79. Okta, Inc. has a 52-week low of $68.77 and a 52-week high of $127.57.

Okta (NASDAQ:OKTA) last released its earnings results on Wednesday, March 4th. The company reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.05. Okta had a net margin of 8.05% and a return on equity of 4.18%. The business had revenue of $761.00 million during the quarter, compared to analysts’ expectations of $749.87 million. During the same quarter last year, the company earned $0.78 earnings per share. The firm’s revenue was up 11.6% on a year-over-year basis. Okta has set its FY 2027 guidance at 3.740-3.820 EPS and its Q1 2027 guidance at 0.840-0.860 EPS. Equities analysts predict that Okta, Inc. will post 0.42 EPS for the current year.

Okta declared that its Board of Directors has initiated a share repurchase plan on Monday, January 5th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to reacquire up to 6.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Okta 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.