Okta, Inc. $OKTA Stake Lessened by Pacer Advisors Inc.

Pacer Advisors Inc. trimmed its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 75.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 203,707 shares of the company’s stock after selling 635,119 shares during the quarter. Pacer Advisors Inc. owned approximately 0.11% of Okta worth $17,615,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Norges Bank bought a new position in Okta in the fourth quarter worth about $175,193,000. First Trust Advisors LP raised its position in shares of Okta by 28.2% during the 4th quarter. First Trust Advisors LP now owns 6,030,090 shares of the company’s stock worth $521,422,000 after purchasing an additional 1,326,051 shares during the period. Allspring Global Investments Holdings LLC boosted its position in Okta by 113.7% during 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 purchasing an additional 1,099,962 shares during the period. Alyeska Investment Group L.P. grew its stake in Okta by 276.9% during the 3rd quarter. Alyeska Investment Group L.P. now owns 1,403,499 shares of the company’s stock worth $128,701,000 after buying an additional 1,031,083 shares during the last quarter. Finally, Swedbank AB increased its position in Okta by 124.3% in the fourth quarter. Swedbank AB now owns 1,819,081 shares of the company’s stock worth $157,296,000 after buying an additional 1,007,915 shares during the period. Institutional investors own 86.64% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on OKTA shares. Wells Fargo & Company boosted their price target on shares of Okta from $85.00 to $100.00 and gave the company an “equal weight” rating in a report on Friday, May 29th. Scotiabank boosted their target price on shares of Okta from $80.00 to $105.00 and gave the company a “sector perform” rating in a research note on Friday, May 29th. Jefferies Financial Group raised their price target on shares of Okta from $105.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, May 29th. KeyCorp boosted their price objective on Okta from $95.00 to $103.00 and gave the stock an “overweight” rating in a research report on Monday, May 18th. Finally, Cantor Fitzgerald raised their target price on Okta from $110.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Okta presently has a consensus rating of “Moderate Buy” and an average price target of $114.14.

Insider Buying and Selling at Okta

In other Okta news, insider Larissa Schwartz sold 24,971 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $134.13, for a total transaction of $3,349,360.23. Following the completion of the transaction, the insider directly owned 23,477 shares of the company’s stock, valued at approximately $3,148,970.01. This trade represents a 51.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brett Tighe sold 65,000 shares of Okta stock in a transaction on Monday, June 8th. The shares were sold at an average price of $117.25, for a total value of $7,621,250.00. Following the transaction, the chief financial officer owned 119,680 shares in the company, valued at approximately $14,032,480. This trade represents a 35.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 142,201 shares of company stock valued at $15,104,140. 4.61% of the stock is currently owned by company insiders.

Okta Stock Performance

Okta stock opened at $117.81 on Friday. The stock has a market cap of $20.48 billion, a price-to-earnings ratio of 85.37, a PEG ratio of 4.27 and a beta of 0.80. The company’s 50-day moving average price is $92.57 and its two-hundred day moving average price is $87.07. Okta, Inc. has a 52 week low of $62.66 and a 52 week high of $142.35.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Thursday, May 28th. The company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.85 by $0.06. The company had revenue of $765.00 million for the quarter, compared to the consensus estimate of $751.84 million. Okta had a net margin of 8.24% and a return on equity of 4.15%. Okta’s revenue was up 11.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.86 EPS. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. Research analysts expect that Okta, Inc. will post 1.74 earnings per share for the current fiscal year.

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.