Retirement Systems of Alabama Buys 62,720 Shares of Okta, Inc. $OKTA

Retirement Systems of Alabama lifted its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 31.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 264,829 shares of the company’s stock after buying an additional 62,720 shares during the period. Retirement Systems of Alabama owned about 0.15% of Okta worth $22,900,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Root Financial Partners LLC acquired a new stake in shares of Okta during the 3rd quarter valued at $26,000. Elevation Wealth Partners LLC increased its holdings in Okta by 825.0% in the 4th quarter. Elevation Wealth Partners LLC now owns 296 shares of the company’s stock worth $26,000 after purchasing an additional 264 shares in the last quarter. Promus Capital LLC bought a new position in Okta in the second quarter valued at about $27,000. Aster Capital Management DIFC Ltd bought a new position in Okta in the third quarter valued at about $34,000. Finally, Westside Investment Management Inc. boosted its stake in shares of Okta by 86.9% during the third quarter. Westside Investment Management Inc. now owns 415 shares of the company’s stock valued at $38,000 after purchasing an additional 193 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Okta

In other news, CEO Todd Mckinnon sold 11,263 shares of the company’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $81.01, for a total transaction of $912,415.63. Following the transaction, the chief executive officer owned 97,083 shares in the company, valued at approximately $7,864,693.83. This represents a 10.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Jonathan James Addison sold 23,304 shares of the stock in a transaction dated Wednesday, March 25th. The stock was sold at an average price of $77.79, for a total transaction of $1,812,818.16. Following the transaction, the executive directly owned 4,364 shares in the company, valued at $339,475.56. This trade represents a 84.23% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 69,365 shares of company stock valued at $5,696,938 over the last 90 days. Insiders own 5.68% of the company’s stock.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $79.14 on Thursday. Okta, Inc. has a 1 year low of $68.77 and a 1 year high of $127.57. The business’s 50-day moving average is $80.96 and its 200-day moving average is $85.73. The company has a market capitalization of $14.00 billion, a price-to-earnings ratio of 60.41, a P/E/G ratio of 3.08 and a beta of 0.79.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Wednesday, March 4th. The company reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.05. The firm had revenue of $761.00 million for the quarter, compared to analysts’ expectations of $749.87 million. Okta had a return on equity of 4.18% and a net margin of 8.05%.The company’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 business earned $0.78 EPS. Okta has set its FY 2027 guidance at 3.740-3.820 EPS and its Q1 2027 guidance at 0.840-0.860 EPS. Analysts anticipate that Okta, Inc. will post 0.42 EPS for the current year.

Okta announced that its Board of Directors has approved a share repurchase plan on Monday, January 5th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to repurchase up to 6.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several research firms have recently weighed in on OKTA. Morgan Stanley reduced their price target on Okta from $110.00 to $101.00 and set an “overweight” rating on the stock in a report on Thursday, March 5th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $134.00 price objective on shares of Okta in a report on Friday, March 6th. Wells Fargo & Company initiated coverage on shares of Okta in a research report on Tuesday, March 3rd. They set an “equal weight” rating and a $76.00 target price on the stock. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Okta from $85.00 to $80.00 and set a “hold” rating on the stock in a report on Thursday, March 5th. Finally, UBS Group decreased their price target on shares of Okta from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Thursday, March 5th. Twenty-six investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $103.25.

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.