Okta, Inc. $OKTA Shares Sold by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank cut its holdings in Okta, Inc. (NASDAQ:OKTA) by 8.6% during the fourth quarter, HoldingsChannel reports. The fund owned 137,515 shares of the company’s stock after selling 13,017 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Okta were worth $11,891,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of OKTA. Root Financial Partners LLC purchased a new stake in Okta in the 3rd quarter valued at about $26,000. Elevation Wealth Partners LLC raised its holdings in Okta by 825.0% in the 4th quarter. Elevation Wealth Partners LLC now owns 296 shares of the company’s stock valued at $26,000 after buying an additional 264 shares during the period. Aster Capital Management DIFC Ltd purchased a new stake in Okta in the 3rd quarter valued at about $34,000. Westside Investment Management Inc. raised its holdings in Okta by 86.9% in the 3rd quarter. Westside Investment Management Inc. now owns 415 shares of the company’s stock valued at $38,000 after buying an additional 193 shares during the period. Finally, Financial Consulate Inc. purchased a new stake in Okta in the 3rd quarter valued at about $40,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OKTA has been the subject of several research reports. HSBC upgraded shares of Okta to a “buy” rating in a report on Thursday, April 16th. Mizuho dropped their target price on shares of Okta from $110.00 to $100.00 and set an “outperform” rating for the company in a report on Tuesday, February 17th. Wall Street Zen upgraded shares of Okta from a “hold” rating to a “buy” rating in a report on Saturday, February 28th. Barclays upgraded Okta from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $85.00 to $90.00 in a report on Monday. Finally, Wells Fargo & Company started coverage on Okta in a report on Tuesday, March 3rd. They set an “equal weight” rating and a $76.00 target price for the company. Twenty-nine investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $101.95.

Okta Stock Performance

Shares of OKTA stock opened at $76.04 on Friday. The stock’s 50-day moving average is $76.52 and its two-hundred day moving average is $83.72. The firm has a market cap of $13.45 billion, a price-to-earnings ratio of 58.05, a PEG ratio of 3.07 and a beta of 0.76. Okta, Inc. has a 1 year low of $62.66 and a 1 year high of $127.57.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data 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 analyst estimates of $749.87 million. Okta had a return on equity of 4.18% and a net margin of 8.05%.The business’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.78 earnings per share. Okta has set its FY 2027 guidance at 3.740-3.820 EPS and its Q1 2027 guidance at 0.840-0.860 EPS. As a group, research analysts predict that Okta, Inc. will post 1.61 EPS for the current year.

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

Insiders Place Their Bets

In other news, CEO Todd Mckinnon sold 11,263 shares of the business’s stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $81.01, for a total value of $912,415.63. Following the transaction, the chief executive officer owned 97,083 shares of the company’s stock, valued at approximately $7,864,693.83. The trade was a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Eric Robert Kelleher sold 2,409 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $80.00, for a total value of $192,720.00. Following the completion of the transaction, the insider directly owned 15,470 shares in the company, valued at approximately $1,237,600. The trade was a 13.47% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 63,843 shares of company stock valued at $5,071,889. 5.68% of the stock is owned by insiders.

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.