Harber Asset Management LLC Increases Position in Okta, Inc. $OKTA

Harber Asset Management LLC increased its position in Okta, Inc. (NASDAQ:OKTA) by 4.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 167,101 shares of the company’s stock after acquiring an additional 7,177 shares during the quarter. Okta comprises about 6.1% of Harber Asset Management LLC’s investment portfolio, making the stock its biggest position. Harber Asset Management LLC’s holdings in Okta were worth $14,449,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Okta by 5.7% in the 3rd quarter. Vanguard Group Inc. now owns 19,803,227 shares of the company’s stock worth $1,815,956,000 after acquiring an additional 1,074,977 shares during the period. Robeco Institutional Asset Management B.V. raised its holdings in Okta by 52.9% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 465,370 shares of the company’s stock worth $40,241,000 after acquiring an additional 161,069 shares during the period. Elo Mutual Pension Insurance Co raised its holdings in Okta by 40.1% in the 3rd quarter. Elo Mutual Pension Insurance Co now owns 52,597 shares of the company’s stock worth $4,823,000 after acquiring an additional 15,058 shares during the period. Eurizon Capital SGR S.p.A. bought a new position in Okta in the 4th quarter worth $3,122,000. Finally, Congress Asset Management Co. raised its holdings in Okta by 23.0% in the 4th quarter. Congress Asset Management Co. now owns 98,063 shares of the company’s stock worth $8,480,000 after acquiring an additional 18,325 shares during the period. Institutional investors own 86.64% of the company’s stock.

Insider Activity

In other Okta news, insider Larissa Schwartz sold 24,971 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $134.13, for a total transaction of $3,349,360.23. Following the sale, the insider directly owned 23,477 shares of the company’s stock, valued at approximately $3,148,970.01. This represents a 51.54% decrease in their ownership of the stock. The sale was disclosed in a filing 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, insider Eric Robert Kelleher sold 2,409 shares of the company’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $80.00, for a total transaction of $192,720.00. Following the sale, the insider directly owned 15,470 shares in the company, valued at $1,237,600. This represents a 13.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 159,019 shares of company stock valued at $16,449,580. Corporate insiders own 4.61% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. UBS Group boosted their price objective on shares of Okta from $115.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft decreased their target price on Okta from $85.00 to $80.00 and set a “hold” rating on the stock in a research report on Thursday, March 5th. Stephens decreased their target price on Okta from $120.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, March 5th. Wolfe Research initiated coverage on Okta in a research report on Thursday, April 16th. They set an “outperform” rating on the stock. Finally, Cantor Fitzgerald lifted their target price on Okta from $110.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Okta presently has an average rating of “Moderate Buy” and an average target price of $114.14.

Okta Trading Down 1.0%

Shares of Okta stock opened at $116.29 on Friday. The stock has a market capitalization of $20.21 billion, a price-to-earnings ratio of 84.27, a P/E/G ratio of 4.21 and a beta of 0.80. Okta, Inc. has a 1-year low of $62.66 and a 1-year high of $142.35. The firm’s 50-day moving average price is $88.83 and its two-hundred day moving average price is $85.80.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Thursday, May 28th. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.06. The firm had revenue of $765.00 million for the quarter, compared to analysts’ expectations of $751.84 million. Okta had a net margin of 8.24% and a return on equity of 4.15%. The company’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.86 earnings per share. 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, equities research analysts predict that Okta, Inc. will post 1.74 EPS for the current year.

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.