NewEdge Wealth LLC Sells 42,319 Shares of Okta, Inc. $OKTA

NewEdge Wealth LLC trimmed its position in shares of Okta, Inc. (NASDAQ:OKTA) by 26.4% during the third quarter, Holdings Channel.com reports. The institutional investor owned 117,996 shares of the company’s stock after selling 42,319 shares during the period. NewEdge Wealth LLC’s holdings in Okta were worth $10,281,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC bought a new stake in shares of Okta in the 1st quarter valued at about $225,000. NewEdge Advisors LLC increased its position in Okta by 853.4% during the first quarter. NewEdge Advisors LLC now owns 5,530 shares of the company’s stock worth $582,000 after buying an additional 4,950 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in Okta in the second quarter valued at approximately $244,000. Stratos Wealth Partners LTD. lifted its position in shares of Okta by 46.5% in the second quarter. Stratos Wealth Partners LTD. now owns 6,223 shares of the company’s stock valued at $622,000 after buying an additional 1,974 shares during the last quarter. Finally, Chicago Partners Investment Group LLC lifted its position in shares of Okta by 29.7% in the second quarter. Chicago Partners Investment Group LLC now owns 2,968 shares of the company’s stock valued at $284,000 after buying an additional 679 shares during the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

Insider Buying and Selling

In other Okta news, insider Eric Robert Kelleher sold 8,370 shares of Okta stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $90.19, for a total value of $754,890.30. Following the completion of the transaction, the insider directly owned 11,266 shares of the company’s stock, valued at $1,016,080.54. The trade was a 42.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Larissa Schwartz sold 1,899 shares of the company’s stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $90.74, for a total value of $172,315.26. Following the sale, the insider owned 38,164 shares of the company’s stock, valued at approximately $3,463,001.36. The trade was a 4.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 37,245 shares of company stock worth $3,385,624 in the last quarter. Insiders own 5.68% of the company’s stock.

Okta Stock Performance

OKTA stock opened at $81.80 on Friday. Okta, Inc. has a 52 week low of $75.05 and a 52 week high of $127.57. The company has a market capitalization of $14.50 billion, a PE ratio of 75.05, a price-to-earnings-growth ratio of 3.30 and a beta of 0.77. The company’s 50-day simple moving average is $88.44 and its 200 day simple moving average is $88.79.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Tuesday, December 2nd. The company reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.06. Okta had a net margin of 6.87% and a return on equity of 3.77%. The firm had revenue of $742.00 million during the quarter, compared to the consensus estimate of $730.23 million. During the same quarter in the previous year, the firm posted $0.67 EPS. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. Okta has set its FY 2026 guidance at 3.430-3.440 EPS and its Q4 2026 guidance at 0.840-0.850 EPS. On average, analysts forecast that Okta, Inc. will post 0.42 EPS for the current year.

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

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on OKTA shares. Stephens raised Okta from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $97.00 to $120.00 in a report on Wednesday, January 14th. BTIG Research reduced their price objective on shares of Okta from $142.00 to $116.00 and set a “buy” rating for the company in a research report on Wednesday, December 3rd. UBS Group reissued a “buy” rating on shares of Okta in a research report on Thursday, December 4th. Barclays cut their target price on shares of Okta from $112.00 to $95.00 and set an “equal weight” rating for the company in a research note on Tuesday, November 18th. Finally, Citigroup reiterated a “neutral” rating on shares of Okta in a research note on Monday, January 12th. Twenty-five investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Okta currently has a consensus rating of “Moderate Buy” and an average price target of $112.56.

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.