Okta, Inc. $OKTA Shares Sold by Y.D. More Investments Ltd

Y.D. More Investments Ltd lessened its position in shares of Okta, Inc. (NASDAQ:OKTA) by 48.5% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 15,890 shares of the company’s stock after selling 14,954 shares during the quarter. Y.D. More Investments Ltd’s holdings in Okta were worth $1,374,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased its holdings in shares of Okta by 113.7% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,067,128 shares of the company’s stock valued at $172,895,000 after acquiring an additional 1,099,962 shares during the period. Vanguard Group Inc. increased its stake in Okta by 5.7% in the third quarter. Vanguard Group Inc. now owns 19,803,227 shares of the company’s stock valued at $1,815,956,000 after purchasing an additional 1,074,977 shares during the period. Alyeska Investment Group L.P. raised its holdings in shares of Okta by 276.9% in the third quarter. Alyeska Investment Group L.P. now owns 1,403,499 shares of the company’s stock valued at $128,701,000 after buying an additional 1,031,083 shares during the last quarter. Bain Capital Public Equity Management II LLC acquired a new stake in shares of Okta during the second quarter worth about $73,866,000. Finally, Victory Capital Management Inc. boosted its stake in shares of Okta by 816.2% during the third quarter. Victory Capital Management Inc. now owns 641,382 shares of the company’s stock worth $58,815,000 after buying an additional 571,381 shares during the period. Institutional investors and hedge funds own 86.64% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on OKTA shares. Stephens dropped their price target on Okta from $120.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, March 5th. Piper Sandler decreased their price objective on Okta from $100.00 to $82.00 and set a “neutral” rating for the company in a research report on Thursday, March 5th. Barclays lowered their target price on Okta from $95.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 24th. DA Davidson reissued a “buy” rating and issued a $110.00 target price on shares of Okta in a report on Thursday, March 5th. Finally, Truist Financial cut their price target on Okta from $115.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, March 5th. Twenty-six analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Okta presently has a consensus rating of “Moderate Buy” and a consensus target price of $103.25.

Insider Activity

In other Okta news, insider Larissa Schwartz sold 1,899 shares of the firm’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $90.74, for a total value of $172,315.26. Following the completion of the sale, the insider owned 38,164 shares of the company’s stock, valued at approximately $3,463,001.36. This trade represents a 4.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Todd Mckinnon sold 11,263 shares of the business’s stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $81.01, for a total transaction of $912,415.63. Following the sale, the chief executive officer owned 97,083 shares in the company, valued at $7,864,693.83. The trade was a 10.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 69,365 shares of company stock valued at $5,686,338 over the last three months. 5.68% of the stock is currently owned by corporate insiders.

Okta Price Performance

NASDAQ OKTA opened at $80.19 on Monday. The stock has a market capitalization of $14.18 billion, a P/E ratio of 61.21, a P/E/G ratio of 3.14 and a beta of 0.76. Okta, Inc. has a 52-week low of $68.77 and a 52-week high of $127.57. The firm has a 50-day moving average price of $80.52 and a 200 day moving average price of $85.55.

Okta (NASDAQ:OKTA) last released its earnings results on Wednesday, March 4th. The company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.05. The company 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 firm’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $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. On average, equities research analysts expect that Okta, Inc. will post 0.42 earnings per share for the current fiscal year.

Okta announced that its board has approved a share repurchase program on Monday, January 5th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 6.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

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.