Federated Hermes Inc. Increases Position in Okta, Inc. $OKTA

Federated Hermes Inc. boosted its position in Okta, Inc. (NASDAQ:OKTA) by 18.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 269,505 shares of the company’s stock after purchasing an additional 42,395 shares during the quarter. Federated Hermes Inc. owned approximately 0.15% of Okta worth $24,714,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Steward Partners Investment Advisory LLC increased its position in shares of Okta by 5.3% during the second quarter. Steward Partners Investment Advisory LLC now owns 2,238 shares of the company’s stock worth $224,000 after purchasing an additional 113 shares in the last quarter. Simon Quick Advisors LLC grew its stake in Okta by 2.5% during the 2nd quarter. Simon Quick Advisors LLC now owns 5,110 shares of the company’s stock worth $511,000 after buying an additional 126 shares during the last quarter. Courier Capital LLC grew its stake in Okta by 1.5% during the 2nd quarter. Courier Capital LLC now owns 9,680 shares of the company’s stock worth $968,000 after buying an additional 145 shares during the last quarter. Cullen Frost Bankers Inc. increased its position in Okta by 88.3% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 339 shares of the company’s stock valued at $34,000 after buying an additional 159 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ raised its stake in Okta by 0.5% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 37,804 shares of the company’s stock valued at $3,779,000 after buying an additional 171 shares during the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Okta news, insider Eric Robert Kelleher sold 8,370 shares of Okta stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $90.19, for a total transaction of $754,890.30. Following the transaction, the insider directly owned 11,266 shares of the company’s stock, valued at $1,016,080.54. The trade was a 42.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Larissa Schwartz sold 1,899 shares of the firm’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $90.74, for a total transaction of $172,315.26. Following the sale, the insider owned 38,164 shares of the company’s stock, valued at $3,463,001.36. This represents a 4.74% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 36,727 shares of company stock valued at $3,344,746. 5.68% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Piper Sandler boosted their price target on Okta from $95.00 to $100.00 and gave the stock a “neutral” rating in a research note on Monday, January 5th. Mizuho lowered their target price on shares of Okta from $120.00 to $110.00 and set an “outperform” rating for the company in a research note on Monday, November 17th. KeyCorp restated an “overweight” rating and set a $140.00 price target on shares of Okta in a research note on Monday, December 1st. DA Davidson reiterated a “buy” rating and set a $140.00 price objective on shares of Okta in a research note on Wednesday, December 3rd. Finally, BTIG Research dropped their price objective on shares of Okta from $142.00 to $116.00 and set a “buy” rating on the stock in a report on Wednesday, December 3rd. Twenty-five equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Okta presently has an average rating of “Moderate Buy” and a consensus target price of $113.88.

Okta Price Performance

NASDAQ:OKTA opened at $84.48 on Friday. The company has a 50 day moving average price of $88.12 and a 200-day moving average price of $89.84. Okta, Inc. has a 1-year low of $75.05 and a 1-year high of $127.57. The firm has a market cap of $14.97 billion, a price-to-earnings ratio of 77.50, a price-to-earnings-growth ratio of 4.01 and a beta of 0.76.

Okta (NASDAQ:OKTA) last announced its quarterly earnings results on Tuesday, December 2nd. The company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.06. Okta had a return on equity of 3.77% and a net margin of 6.87%.The firm had revenue of $742.00 million during the quarter, compared to analyst estimates of $730.23 million. During the same quarter in the previous year, the business earned $0.67 EPS. Okta’s revenue for the quarter was up 11.6% compared to the same quarter last year. Okta has set its FY 2026 guidance at 3.430-3.440 EPS and its Q4 2026 guidance at 0.840-0.850 EPS. On average, sell-side analysts anticipate that Okta, Inc. will post 0.42 earnings per share for the current fiscal year.

Okta declared that its board has authorized a share buyback program on Monday, January 5th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to buy up to 6.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

About Okta

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.