Concentric Capital Strategies LP Sells 42,371 Shares of Okta, Inc. $OKTA

Concentric Capital Strategies LP decreased its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 42.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 57,394 shares of the company’s stock after selling 42,371 shares during the quarter. Concentric Capital Strategies LP’s holdings in Okta were worth $4,963,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of OKTA. Integrated Wealth Concepts LLC purchased a new stake in Okta during the first quarter valued at $225,000. NewEdge Advisors LLC raised its stake in Okta by 853.4% during the first quarter. NewEdge Advisors LLC now owns 5,530 shares of the company’s stock valued at $582,000 after purchasing an additional 4,950 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in Okta during the second quarter valued at $244,000. Invesco Ltd. raised its stake in Okta by 34.1% during the second quarter. Invesco Ltd. now owns 430,844 shares of the company’s stock valued at $43,071,000 after purchasing an additional 109,614 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in Okta by 122.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,621 shares of the company’s stock valued at $162,000 after purchasing an additional 893 shares in the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Analyst Upgrades and Downgrades

OKTA has been the topic of a number of recent research reports. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $134.00 price target on shares of Okta in a research note on Friday, March 6th. JPMorgan Chase & Co. upped their price target on shares of Okta from $103.00 to $114.00 and gave the company an “overweight” rating in a research note on Thursday, May 28th. BMO Capital Markets increased their target price on shares of Okta from $95.00 to $120.00 and gave the company an “outperform” rating in a research note on Friday, May 29th. Stifel Nicolaus reduced their target price on shares of Okta from $121.00 to $92.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th. Finally, Needham & Company LLC increased their target price on shares of Okta from $90.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Okta currently has a consensus rating of “Moderate Buy” and an average price target of $114.14.

Insider Buying and Selling

In related news, CFO Brett Tighe sold 65,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $117.25, for a total value of $7,621,250.00. Following the transaction, the chief financial officer owned 119,680 shares of the company’s stock, valued at $14,032,480. This trade represents a 35.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Jonathan James Addison sold 23,304 shares of the firm’s 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 completion of the transaction, the executive directly owned 4,364 shares in the company, valued at $339,475.56. This represents a 84.23% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 142,201 shares of company stock worth $15,104,140 over the last ninety days. 4.61% of the stock is owned by insiders.

Okta Trading Down 2.8%

NASDAQ OKTA opened at $113.03 on Thursday. The stock has a market cap of $19.65 billion, a PE ratio of 81.91, a PEG ratio of 4.21 and a beta of 0.80. Okta, Inc. has a 12 month low of $62.66 and a 12 month high of $142.35. The company’s 50-day moving average price is $90.96 and its 200-day moving average price is $86.59.

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