Rare Wolf Capital LLC cut its stake in Okta, Inc. (NASDAQ:OKTA – Free Report) by 21.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,352 shares of the company’s stock after selling 3,304 shares during the period. Okta comprises approximately 1.5% of Rare Wolf Capital LLC’s portfolio, making the stock its 17th largest position. Rare Wolf Capital LLC’s holdings in Okta were worth $2,583,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Burkett Financial Services LLC purchased a new position in shares of Okta during the third quarter worth about $26,000. Polaris Financial Partners acquired a new stake in shares of Okta during the third quarter worth about $36,000. Washington Trust Advisors Inc. lifted its holdings in shares of Okta by 64.2% in the 2nd quarter. Washington Trust Advisors Inc. now owns 197 shares of the company’s stock valued at $27,000 after purchasing an additional 77 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Okta by 279.5% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 296 shares of the company’s stock valued at $40,000 after purchasing an additional 218 shares during the last quarter. Finally, Western Pacific Wealth Management LP purchased a new stake in shares of Okta in the 3rd quarter valued at about $63,000. 86.64% of the stock is owned by hedge funds and other institutional investors.
Insider Activity at Okta
In other Okta news, CEO Todd McKinnon sold 48,822 shares of the company’s stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $193.48, for a total transaction of $9,446,080.56. Following the completion of the transaction, the chief executive officer owned 44,029 shares in the company, valued at approximately $8,518,730.92. This represents a 52.58% decrease in their position. The sale was disclosed in a 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 Eric Kelleher sold 6,395 shares of the firm’s stock in a transaction on Friday, September 18th. The stock was sold at an average price of $183.58, for a total transaction of $1,173,994.10. Following the completion of the sale, the insider owned 18,668 shares of the company’s stock, valued at $3,427,071.44. This trade represents a 25.52% 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. Insiders have sold a total of 137,766 shares of company stock worth $23,927,112 in the last three months. Insiders own 4.61% of the company’s stock.
Okta Trading Up 2.2%
Okta stock opened at $194.02 on Wednesday. The stock has a 50 day moving average of $182.00 and a two-hundred day moving average of $135.98. 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 $33.92 billion, a price-to-earnings ratio of 116.88, a PEG ratio of 5.91 and a beta of 0.73.
Okta (NASDAQ:OKTA – Get Free Report) last released its earnings results on Wednesday, August 26th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.09. Okta had a return on equity of 4.50% and a net margin of 9.63%. The business had revenue of $805.00 million for the quarter, compared to analyst estimates of $793.00 million. During the same quarter in the previous year, the company posted $0.91 earnings per share. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. Equities analysts predict that Okta, Inc. will post 1.92 earnings per share for the current year.
Analyst Upgrades and Downgrades
A number of analysts recently issued reports on OKTA shares. TD Cowen upped their target price on Okta from $175.00 to $200.00 and gave the company a “hold” rating in a research report on Thursday, September 24th. BTIG Research restated a “buy” rating and set a $219.00 price target on shares of Okta in a research note on Thursday, September 24th. Evercore reaffirmed an “outperform” rating and set a $240.00 price target on shares of Okta in a research report on Thursday, September 24th. Morgan Stanley boosted their price objective on Okta from $200.00 to $245.00 and gave the company an “overweight” rating in a research note on Tuesday, September 29th. Finally, Oppenheimer boosted their price objective on Okta from $190.00 to $227.00 and gave the company an “outperform” rating in a research note on Thursday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $202.38.
Read Our Latest Stock Analysis on Okta
Okta Profile
Okta, Inc provides cloud-based identity and access management solutions for organizations worldwide. Its platform helps businesses securely connect employees, contractors, customers and partners with the applications, systems and services they need to use.
The company’s offerings include single sign-on, multifactor authentication, identity governance, lifecycle management, directory services and privileged access management. Okta also provides customer identity solutions through Auth0, its developer-focused identity platform, which supports authentication and authorization for applications and digital experiences.
Okta serves enterprises, government agencies, small and medium-sized businesses, developers and other organizations across North America, Europe, Asia-Pacific and additional international markets.
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