Okta, Inc. $OKTA Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama lessened its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 3.6% during the third quarter, Holdings Channel.com reports. The institutional investor owned 227,619 shares of the company’s stock after selling 8,440 shares during the period. Retirement Systems of Alabama’s holdings in Okta were worth $47,597,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of OKTA. Allspring Global Investments Holdings LLC raised its holdings in shares of Okta by 71.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,553,091 shares of the company’s stock worth $281,209,000 after acquiring an additional 1,485,963 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Okta by 0.4% during the first quarter. Bank of America Corp DE now owns 1,496,896 shares of the company’s stock valued at $117,821,000 after acquiring an additional 6,533 shares during the last quarter. Senvest Management LLC boosted its stake in shares of Okta by 54.5% during the first quarter. Senvest Management LLC now owns 830,515 shares of the company’s stock valued at $65,370,000 after acquiring an additional 292,900 shares during the last quarter. Quantinno Capital Management LP boosted its stake in shares of Okta by 114.3% during the first quarter. Quantinno Capital Management LP now owns 746,009 shares of the company’s stock valued at $58,718,000 after acquiring an additional 397,951 shares during the last quarter. Finally, Amundi increased its position in Okta by 19.7% during the 1st quarter. Amundi now owns 609,207 shares of the company’s stock worth $47,951,000 after purchasing an additional 100,252 shares in the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Wall Street Analysts Forecast Growth

OKTA has been the subject of a number of recent research reports. Jefferies Financial Group lifted their price objective on Okta from $200.00 to $240.00 and gave the stock a “buy” rating in a research report on Thursday, September 24th. Barclays upped their target price on shares of Okta from $180.00 to $215.00 and gave the company an “overweight” rating in a report on Thursday, September 24th. JPMorgan Chase & Co. raised their price target on shares of Okta from $165.00 to $190.00 and gave the stock an “overweight” rating in a research note on Thursday, August 27th. The Goldman Sachs Group lifted their price target on shares of Okta from $126.00 to $203.00 and gave the stock a “buy” rating in a report on Friday, August 28th. Finally, Evercore reiterated an “outperform” rating and set a $240.00 price target on shares of Okta in a report on Thursday, September 24th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $202.38.

Insider Transactions at Okta

In related news, CFO Brett Tighe sold 41,251 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $162.44, for a total transaction of $6,700,812.44. Following the sale, the chief financial officer directly owned 7,693 shares in the company, valued at approximately $1,249,650.92. This trade represents a 84.28% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd McKinnon sold 48,822 shares of the business’s stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $193.48, for a total value of $9,446,080.56. Following the transaction, the chief executive officer directly owned 44,029 shares in the company, valued at $8,518,730.92. This trade represents a 52.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 137,766 shares of company stock valued at $23,927,112 over the last quarter. Company insiders own 4.61% of the company’s stock.

Okta Trading Up 0.4%

Shares of Okta stock opened at $178.36 on Wednesday. Okta, Inc. has a twelve month low of $62.66 and a twelve month high of $235.00. The stock has a market capitalization of $31.18 billion, a P/E ratio of 107.45, a PEG ratio of 5.52 and a beta of 0.74. The business’s fifty day moving average price is $197.14 and its 200 day moving average price is $127.80.

Okta (NASDAQ:OKTA) last posted its earnings results on Wednesday, August 26th. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.09. Okta had a net margin of 9.63% and a return on equity of 4.50%. The firm had revenue of $805.00 million during the quarter, compared to the consensus estimate of $793.00 million. During the same quarter in the prior year, the company earned $0.91 EPS. The company’s revenue was up 10.6% on a year-over-year basis. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. As a group, sell-side analysts predict that Okta, Inc. will post 1.92 EPS for the current year.

Okta Company Profile

Okta, Inc. provides cloud-based identity and access management services. Its platform helps organizations manage how employees, customers, partners and other users sign in to applications and access digital resources. Okta’s products include single sign-on, multifactor authentication, identity governance and user lifecycle management. Through Auth0, which Okta acquired in 2021, the company also offers tools that developers can use to add identity and authentication features to customer-facing applications.