HighTower Advisors LLC Trims Holdings in Okta, Inc. $OKTA

HighTower Advisors LLC lessened its stake in Okta, Inc. (NASDAQ:OKTA) by 14.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 58,257 shares of the company’s stock after selling 9,644 shares during the period. HighTower Advisors LLC’s holdings in Okta were worth $5,037,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its stake in Okta by 113.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,067,128 shares of the company’s stock worth $172,895,000 after purchasing an additional 1,099,962 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Okta by 5.7% during the 3rd quarter. Vanguard Group Inc. now owns 19,803,227 shares of the company’s stock worth $1,815,956,000 after buying an additional 1,074,977 shares during the last quarter. Alyeska Investment Group L.P. grew its position in shares of Okta by 276.9% in the 3rd quarter. Alyeska Investment Group L.P. now owns 1,403,499 shares of the company’s stock worth $128,701,000 after acquiring an additional 1,031,083 shares in the last quarter. Swedbank AB increased its holdings in shares of Okta by 124.3% in the 4th quarter. Swedbank AB now owns 1,819,081 shares of the company’s stock valued at $157,296,000 after acquiring an additional 1,007,915 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of Okta by 816.2% in the 3rd quarter. Victory Capital Management Inc. now owns 641,382 shares of the company’s stock valued at $58,815,000 after acquiring an additional 571,381 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors.

Insider Transactions at Okta

In other news, Director David Schellhase acquired 3,712 shares of the business’s stock in a transaction that occurred on Thursday, April 16th. The shares were purchased at an average cost of $72.04 per share, for a total transaction of $267,412.48. Following the transaction, the director directly owned 3,712 shares in the company, valued at $267,412.48. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Shellye L. Archambeau sold 2,500 shares of the company’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $85.00, for a total transaction of $212,500.00. Following the completion of the transaction, the director owned 9,192 shares of the company’s stock, valued at approximately $781,320. This trade represents a 21.38% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 70,884 shares of company stock worth $5,625,648 over the last 90 days. Corporate insiders own 4.61% of the company’s stock.

Okta Price Performance

Shares of OKTA opened at $94.72 on Friday. Okta, Inc. has a 12 month low of $62.66 and a 12 month high of $107.84. The stock has a fifty day moving average price of $79.01 and a 200 day moving average price of $82.69. The company has a market cap of $16.76 billion, a P/E ratio of 72.31, a PEG ratio of 3.49 and a beta of 0.59.

Okta (NASDAQ:OKTA) last posted its earnings results on Thursday, May 28th. The company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.06. Okta had a return on equity of 4.18% and a net margin of 8.05%.The company had revenue of $765.00 million for the quarter, compared to analysts’ expectations of $751.84 million. During the same period last year, the business posted $0.86 earnings per share. The firm’s quarterly revenue was up 11.2% compared to the same quarter last year. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. As a group, research analysts anticipate that Okta, Inc. will post 1.61 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on OKTA shares. Needham & Company LLC reduced their price objective on Okta from $110.00 to $90.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th. UBS Group set a $85.00 target price on shares of Okta in a report on Thursday, April 16th. Weiss Ratings downgraded shares of Okta from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, May 20th. Zacks Research lowered shares of Okta from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 26th. Finally, Cantor Fitzgerald boosted their price objective on shares of Okta from $100.00 to $110.00 and gave the company an “overweight” rating in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $102.44.

Trending Headlines about Okta

Here are the key news stories impacting Okta this week:

• Positive Sentiment: Okta beat Wall Street expectations on both earnings and revenue, posting $0.91 in non-GAAP EPS versus the $0.85 consensus and $765 million in revenue versus $751.9 million expected. Okta (OKTA) Q1 Earnings and Revenues Surpass Estimates
• Positive Sentiment: Management also raised guidance above analyst forecasts, with Q2 FY2027 EPS guidance of $0.95-$0.97 versus $0.84 expected and FY2027 EPS guidance of $3.79-$3.87 versus $3.36 expected. Compared to Estimates, Okta (OKTA) Q1 Earnings: A Look at Key Metrics
• Positive Sentiment: Investors also appear encouraged by commentary around AI-agent identity management, which management says is creating a large opportunity for Okta’s cybersecurity platform. Okta shares rise on earnings beat and AI-agent opportunity
• Neutral Sentiment: Several brokerages turned more constructive ahead of the report, including a JPMorgan price-target hike to $114 and an Arete upgrade to Buy, which helped support sentiment into earnings. JPMorgan price target raise / Arete upgrade coverage

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.