Harber Asset Management LLC Buys 7,177 Shares of Okta, Inc. $OKTA

Harber Asset Management LLC lifted its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 4.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 167,101 shares of the company’s stock after acquiring an additional 7,177 shares during the quarter. Okta comprises about 6.1% of Harber Asset Management LLC’s investment portfolio, making the stock its biggest holding. Harber Asset Management LLC owned 0.09% of Okta worth $14,449,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Elevation Wealth Partners LLC grew its position in Okta by 825.0% in the fourth quarter. Elevation Wealth Partners LLC now owns 296 shares of the company’s stock worth $26,000 after buying an additional 264 shares during the last quarter. Torren Management LLC acquired a new position in Okta in the fourth quarter worth approximately $32,000. Aster Capital Management DIFC Ltd acquired a new position in Okta in the third quarter worth approximately $34,000. Spire Wealth Management grew its position in Okta by 30.8% in the fourth quarter. Spire Wealth Management now owns 505 shares of the company’s stock worth $44,000 after buying an additional 119 shares during the last quarter. Finally, Board of the Pension Protection Fund acquired a new position in Okta in the fourth quarter worth approximately $52,000. Institutional investors and hedge funds own 86.64% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Cantor Fitzgerald lifted their price target on shares of Okta from $110.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, May 29th. KeyCorp lifted their price objective on shares of Okta from $95.00 to $103.00 and gave the stock an “overweight” rating in a research report on Monday, May 18th. UBS Group lifted their price objective on shares of Okta from $115.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday. Jefferies Financial Group lifted their price objective on shares of Okta from $105.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, May 29th. Finally, Wedbush reiterated an “outperform” rating and set a $60.00 price objective on shares of Okta 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 given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $114.14.

Insiders Place Their Bets

In related news, insider Larissa Schwartz sold 24,971 shares of Okta stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $134.13, for a total value of $3,349,360.23. Following the completion of the sale, the insider owned 23,477 shares of the company’s stock, valued at approximately $3,148,970.01. The trade was a 51.54% decrease in their position. The transaction 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, 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 transaction of $7,621,250.00. Following the completion of the sale, the chief financial officer directly owned 119,680 shares of the company’s stock, valued at approximately $14,032,480. The trade was a 35.20% decrease in their position. 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. Insiders have sold 159,019 shares of company stock worth $16,449,580 in the last 90 days. 4.61% of the stock is owned by corporate insiders.

Okta Stock Down 1.0%

Shares of NASDAQ:OKTA opened at $116.29 on Friday. The firm has a fifty day moving average of $88.83 and a two-hundred day moving average of $85.80. The firm has a market capitalization of $20.21 billion, a P/E ratio of 84.27, a price-to-earnings-growth ratio of 4.21 and a beta of 0.80. Okta, Inc. has a 12-month low of $62.66 and a 12-month high of $142.35.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Thursday, May 28th. The company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.06. Okta had a net margin of 8.24% and a return on equity of 4.15%. The business had revenue of $765.00 million during the quarter, compared to analyst estimates of $751.84 million. During the same quarter in the previous year, the business earned $0.86 EPS. Okta’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. Equities 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.