Allstate Corp Purchases 6,890 Shares of Okta, Inc. $OKTA

Allstate Corp raised its stake in Okta, Inc. (NASDAQ:OKTA) by 106.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 13,359 shares of the company’s stock after purchasing an additional 6,890 shares during the quarter. Allstate Corp’s holdings in Okta were worth $1,155,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC raised its holdings in shares of Okta by 113.7% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,067,128 shares of the company’s stock valued at $172,895,000 after acquiring an additional 1,099,962 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Okta by 5.7% during the third quarter. Vanguard Group Inc. now owns 19,803,227 shares of the company’s stock valued at $1,815,956,000 after acquiring an additional 1,074,977 shares in the last quarter. Alyeska Investment Group L.P. raised its holdings in shares of Okta by 276.9% during the third quarter. Alyeska Investment Group L.P. now owns 1,403,499 shares of the company’s stock valued at $128,701,000 after acquiring an additional 1,031,083 shares in the last quarter. Swedbank AB raised its holdings in shares of Okta by 124.3% during the fourth 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 in the last quarter. Finally, Victory Capital Management Inc. lifted its position in Okta by 816.2% during the third quarter. Victory Capital Management Inc. now owns 641,382 shares of the company’s stock valued at $58,815,000 after buying an additional 571,381 shares during the period. Institutional investors own 86.64% of the company’s stock.

Insider Buying and Selling

In related news, CRO Jonathan James Addison sold 23,304 shares of the stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $77.79, for a total value of $1,812,818.16. Following the completion of the transaction, the executive directly owned 4,364 shares in the company, valued at approximately $339,475.56. This represents a 84.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Eric Robert Kelleher sold 16,818 shares of the firm’s stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $80.00, for a total value of $1,345,440.00. Following the transaction, the insider owned 15,470 shares of the company’s stock, valued at approximately $1,237,600. This represents a 52.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 70,884 shares of company stock valued at $5,625,648 in the last ninety days. Company insiders own 4.61% of the company’s stock.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $123.27 on Friday. The business’s 50-day moving average is $79.90 and its 200 day moving average is $82.97. Okta, Inc. has a 1 year low of $62.66 and a 1 year high of $124.79. The firm has a market capitalization of $21.80 billion, a P/E ratio of 89.33, a P/E/G ratio of 3.69 and a beta of 0.59.

Okta (NASDAQ:OKTA) last issued its 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 firm had revenue of $765.00 million for the quarter, compared to the consensus estimate of $751.84 million. Okta had a return on equity of 4.16% and a net margin of 8.24%.The company’s revenue was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.86 earnings per share. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. On average, analysts expect that Okta, Inc. will post 1.61 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have commented on OKTA. Mizuho raised their price objective on Okta from $100.00 to $110.00 and gave the company an “outperform” rating in a research report on Friday. Stifel Nicolaus cut their target price on Okta from $121.00 to $92.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th. Needham & Company LLC increased their target price on Okta from $90.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday. BTIG Research increased their target price on Okta from $105.00 to $119.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Canaccord Genuity Group increased their target price on Okta from $95.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Okta presently has an average rating of “Moderate Buy” and a consensus price target of $111.86.

Okta News Roundup

Here are the key news stories impacting Okta this week:

• Positive Sentiment: Okta beat consensus on both revenue and earnings, reporting $765 million in revenue and $0.91 EPS, while also raising full-year and next-quarter guidance above expectations. Article Title
• Positive Sentiment: Management highlighted accelerating demand for identity tools tied to AI agents, suggesting a new growth tailwind for Okta’s security platform. Article Title
• Positive Sentiment: A broad list of brokerages raised price targets after the report, including JPMorgan, Barclays, Morgan Stanley, BTIG, Needham, BMO, Truist, RBC, and others, reinforcing the bullish post-earnings setup. Article Title
• Positive Sentiment: Multiple reports said investors are rethinking the “SaaSpocalypse” narrative, with software stocks rebounding sharply as Okta’s results showed resilient demand and improving execution. Article Title

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.