8,440 Okta, Inc. $OKTA Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama reduced its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 3.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 227,619 shares of the company’s stock after selling 8,440 shares during the quarter. Retirement Systems of Alabama owned about 0.13% of Okta worth $47,597,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of OKTA. Allspring Global Investments Holdings LLC boosted its holdings in Okta by 71.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,553,091 shares of the company’s stock valued at $281,209,000 after purchasing an additional 1,485,963 shares in the last quarter. Quantinno Capital Management LP increased its position in Okta by 114.3% during the 1st quarter. Quantinno Capital Management LP now owns 746,009 shares of the company’s stock worth $58,718,000 after purchasing an additional 397,951 shares during the period. Junto Capital Management LP purchased a new position in shares of Okta during the 2nd quarter worth approximately $45,486,000. Robeco Institutional Asset Management B.V. raised its stake in shares of Okta by 192.9% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 487,202 shares of the company’s stock worth $101,879,000 after buying an additional 320,849 shares in the last quarter. Finally, Senvest Management LLC raised its stake in shares of Okta by 54.5% during the 1st quarter. Senvest Management LLC now owns 830,515 shares of the company’s stock worth $65,370,000 after buying an additional 292,900 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Okta

In related news, CEO Todd McKinnon sold 48,822 shares of the stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $193.48, for a total value of $9,446,080.56. Following the sale, the chief executive officer directly owned 44,029 shares of the company’s stock, valued at approximately $8,518,730.92. This represents a 52.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brett Tighe sold 41,251 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $162.44, for a total transaction of $6,700,812.44. Following the transaction, the chief financial officer owned 7,693 shares of the company’s stock, valued at $1,249,650.92. This trade represents a 84.28% 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. Insiders sold 137,766 shares of company stock valued at $23,927,112 in the last 90 days. 4.61% of the stock is currently owned by insiders.

Analysts Set New Price Targets

OKTA has been the topic of a number of analyst reports. Bank of America lifted their price target on Okta from $170.00 to $200.00 and gave the company a “neutral” rating in a research note on Thursday, September 24th. Morgan Stanley upped their price objective on Okta from $200.00 to $245.00 and gave the stock an “overweight” rating in a report on Tuesday, September 29th. Citizens Jmp increased their price objective on Okta from $180.00 to $225.00 and gave the stock a “market outperform” rating in a research report on Monday, September 28th. Mizuho increased their price objective on Okta from $165.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, September 24th. Finally, KeyCorp set a $240.00 target price on Okta and gave the company an “overweight” rating in a report on Thursday, September 24th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $202.38.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $178.36 on Wednesday. The firm has a market capitalization of $31.18 billion, a price-to-earnings ratio of 107.45, a price-to-earnings-growth ratio of 5.52 and a beta of 0.74. The business’s 50 day simple moving average is $197.14 and its 200-day simple moving average is $127.80. Okta, Inc. has a 12 month low of $62.66 and a 12 month high of $235.00.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Wednesday, August 26th. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.09. The firm had revenue of $805.00 million during the quarter, compared to the consensus estimate of $793.00 million. Okta had a return on equity of 4.50% and a net margin of 9.63%. Okta’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the business posted $0.91 EPS. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. On average, equities analysts anticipate that Okta, Inc. will post 1.92 earnings per share for the current year.

Okta Company Profile

Okta, Inc. provides cloud-based identity and access management services. Its platform helps organizations manage how employees, customers, partners and other users sign in to applications and access digital resources. Okta’s products include single sign-on, multifactor authentication, identity governance and user lifecycle management. Through Auth0, which Okta acquired in 2021, the company also offers tools that developers can use to add identity and authentication features to customer-facing applications.