Raiffeisen Bank International AG trimmed its holdings in shares of Okta, Inc. (NASDAQ:OKTA – Free Report) by 97.8% in the second quarter, HoldingsChannel reports. The firm owned 218 shares of the company’s stock after selling 9,510 shares during the period. Raiffeisen Bank International AG’s holdings in Okta were worth $29,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of the stock. SHP Wealth Management purchased a new stake in Okta in the 4th quarter valued at approximately $27,000. MassMutual Private Wealth & Trust FSB increased its position in Okta by 279.5% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 296 shares of the company’s stock worth $40,000 after buying an additional 218 shares in the last quarter. Assetmark Inc. increased its position in Okta by 81.1% during the first quarter. Assetmark Inc. now owns 719 shares of the company’s stock worth $57,000 after buying an additional 322 shares in the last quarter. SJS Investment Consulting Inc. raised its holdings in shares of Okta by 1,265.5% in the first quarter. SJS Investment Consulting Inc. now owns 751 shares of the company’s stock worth $59,000 after acquiring an additional 696 shares during the last quarter. Finally, EFG International AG acquired a new position in shares of Okta in the fourth quarter worth $61,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at Okta
In related news, CEO Todd McKinnon sold 68,936 shares of Okta stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $146.62, for a total value of $10,107,396.32. Following the transaction, the chief executive officer owned 38,484 shares in the company, valued at approximately $5,642,524.08. This trade represents a 64.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Larissa Schwartz sold 2,463 shares of the business’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $120.00, for a total value of $295,560.00. Following the sale, the insider directly owned 25,241 shares of the company’s stock, valued at approximately $3,028,920. This trade represents a 8.89% 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 90 days, insiders have sold 155,376 shares of company stock valued at $23,734,135. Corporate insiders own 4.61% of the company’s stock.
Key Headlines Impacting Okta
- Positive Sentiment: Analyst estimates increased: Scotiabank reportedly raised its earnings estimates for Okta, adding support to the bullish outlook following the company’s better-than-expected quarterly results. Scotiabank Brokers Increase Earnings Estimates for Okta
- Positive Sentiment: Momentum remains favorable: Zacks highlighted Okta as a strong long-term momentum stock, reflecting its improving earnings performance, revenue growth and favorable price trends. The company recently reported revenue of $805 million, up 10.6% year over year, and adjusted EPS of $1.05 versus the $0.96 consensus estimate. Why Okta Is a Top Momentum Stock for the Long-Term
- Positive Sentiment: AI-agent opportunity strengthens the investment case: Commentary suggests Okta could benefit as businesses require identity, access and security controls for AI agents and other automated systems. This supports the company’s longer-term growth narrative. Okta AI Agents Strengthen My Thesis, But Valuation Is Catching Up
- Neutral Sentiment: Identity-security industry discussion: A comparison of Okta’s and Microsoft’s approaches underscores the growing importance of identity security, but does not identify a specific new contract or near-term financial catalyst for OKTA. What Okta and Microsoft’s Approaches Tell Us About the Future of Identity Security
- Negative Sentiment: Valuation is becoming a concern: With shares trading near their 52-week high and at roughly 103 times earnings, bullish coverage cautions that expectations may already reflect much of Okta’s growth potential. Why Okta Is a Top Momentum Stock for the Long Term
- Negative Sentiment: CFO insider selling: CFO Brett Tighe sold a combined 80,000 Okta shares for approximately $12.9 million. Both transactions were conducted under a pre-arranged Rule 10b5-1 plan, which reduces their significance as a discretionary bearish signal, but the scale of the sales could weigh on sentiment. Okta CFO SEC Form 4 Filing
Okta Stock Performance
Okta stock opened at $170.60 on Monday. Okta, Inc. has a 1 year low of $62.66 and a 1 year high of $174.85. The firm has a 50 day moving average price of $146.29 and a 200 day moving average price of $108.52. The company has a market cap of $29.82 billion, a price-to-earnings ratio of 102.77, a PEG ratio of 5.31 and a beta of 0.79.
Okta (NASDAQ:OKTA – Get Free Report) last posted its quarterly earnings results on Wednesday, August 26th. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.09. The company had revenue of $805.00 million for the quarter, compared to the consensus estimate of $793.00 million. Okta had a net margin of 9.63% and a return on equity of 4.50%. Okta’s revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.91 earnings per share. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. Sell-side analysts predict that Okta, Inc. will post 1.92 EPS for the current year.
Analysts Set New Price Targets
Several brokerages have recently issued reports on OKTA. Weiss Ratings restated a “hold (c)” rating on shares of Okta in a research report on Monday, August 31st. New Street Research set a $200.00 price objective on Okta in a research report on Thursday, August 27th. Berenberg Bank boosted their target price on shares of Okta from $120.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, May 29th. Roth Capital restated a “buy” rating on shares of Okta in a report on Thursday, August 27th. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $172.92.
View Our Latest Stock Report on Okta
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.
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