Okta, Inc. $OKTA Shares Newly Purchased by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. acquired a new position in Okta, Inc. (NASDAQ:OKTA) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 10,801 shares of the company’s stock, valued at approximately $2,213,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Generali Investments Management Co LLC boosted its stake in Okta by 621.2% during the third quarter. Generali Investments Management Co LLC now owns 21,671 shares of the company’s stock worth $4,532,000 after acquiring an additional 18,666 shares in the last quarter. Diversify Wealth Management LLC bought a new stake in Okta in the first quarter valued at $2,077,000. Western Financial Corp CA bought a new stake in Okta in the third quarter valued at $1,673,000. Swiss National Bank increased its stake in Okta by 7.7% in the first quarter. Swiss National Bank now owns 497,300 shares of the company’s stock valued at $39,142,000 after purchasing an additional 35,700 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Okta by 15.7% during the third quarter. Assenagon Asset Management S.A. now owns 215,922 shares of the company’s stock valued at $45,151,000 after purchasing an additional 29,287 shares during the period. 86.64% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on OKTA. KeyCorp set a $240.00 price objective on shares of Okta and gave the stock an “overweight” rating in a research report on Thursday, September 24th. Truist Financial boosted their target price on Okta from $200.00 to $235.00 and gave the company a “buy” rating in a research report on Thursday, September 24th. DA Davidson upped their price target on Okta from $190.00 to $235.00 and gave the stock a “buy” rating in a research note on Thursday, September 24th. Piper Sandler upped their price target on Okta from $105.00 to $160.00 and gave the stock a “neutral” rating in a research note on Thursday, August 27th. Finally, BTIG Research reiterated a “buy” rating and issued a $219.00 price target on shares of Okta in a report on Thursday, September 24th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $202.38.

Okta Stock Performance

Shares of OKTA stock opened at $168.69 on Friday. The company has a market capitalization of $29.49 billion, a price-to-earnings ratio of 101.62, a PEG ratio of 5.25 and a beta of 0.74. Okta, Inc. has a 52-week low of $62.66 and a 52-week high of $235.00. The company has a 50-day simple moving average of $196.81 and a two-hundred day simple moving average of $126.92.

Okta (NASDAQ:OKTA) last posted its earnings results on Wednesday, August 26th. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.96 by $0.09. The firm had revenue of $805.00 million for the quarter, compared to analysts’ expectations of $793.00 million. Okta had a net margin of 9.63% and a return on equity of 4.50%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm earned $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, sell-side analysts forecast that Okta, Inc. will post 1.92 EPS for the current fiscal year.

Insiders Place Their Bets

In other Okta news, insider Eric Kelleher sold 6,395 shares of the company’s stock in a transaction on Friday, September 18th. The stock was sold at an average price of $183.58, for a total value of $1,173,994.10. Following the completion of the transaction, the insider owned 18,668 shares in the company, valued at $3,427,071.44. This represents a 25.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brett Tighe sold 41,251 shares of Okta stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $162.44, for a total value of $6,700,812.44. Following the sale, the chief financial officer owned 7,693 shares in the company, valued at $1,249,650.92. The trade was a 84.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 137,766 shares of company stock valued at $23,927,112. Insiders own 4.61% of the company’s stock.

Okta News Roundup

Here are the key news stories impacting Okta this week:

• Positive Sentiment: ETFs bought about $99.5 million of Okta shares on Wednesday, with 36 funds buying versus 15 selling. In a related report, the Invesco S&P 500 Equal Weight Technology ETF initiated an $89.1 million position in Okta, making it its only addition while trimming 74 other holdings. The buying may offer support, though both reports refer to Wednesday’s activity. ETF buying article Invesco RSPT article
• Negative Sentiment: Okta shares declined alongside other software names as Wall Street retreated from AI-associated stocks, a rotation that hit recent software winners. This broad sector-driven selling was a key near-term headwind. Software sell-off article
• Negative Sentiment: A Seeking Alpha contributor downgraded Okta to Sell, arguing that its valuation bubble may be deflating. The bearish valuation view could weigh on sentiment, particularly amid the wider pullback in software stocks. Seeking Alpha downgrade

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.

Founded in 2009 by Todd McKinnon and Frederic Kerrest, Okta serves organizations around the world across a range of industries.