Concentric Capital Strategies LP Sells 42,371 Shares of Okta, Inc. $OKTA

Concentric Capital Strategies LP trimmed its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 42.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,394 shares of the company’s stock after selling 42,371 shares during the period. Concentric Capital Strategies LP’s holdings in Okta were worth $4,963,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Elevation Wealth Partners LLC grew its holdings in Okta by 825.0% during the 4th quarter. Elevation Wealth Partners LLC now owns 296 shares of the company’s stock worth $26,000 after acquiring an additional 264 shares in the last quarter. Torren Management LLC bought a new position in Okta during the 4th quarter worth about $32,000. Aster Capital Management DIFC Ltd bought a new position in Okta during the 3rd quarter worth about $34,000. Spire Wealth Management grew its holdings in Okta by 30.8% during the 4th quarter. Spire Wealth Management now owns 505 shares of the company’s stock worth $44,000 after acquiring an additional 119 shares in the last quarter. Finally, Board of the Pension Protection Fund bought a new position in Okta during the 4th quarter worth about $52,000. 86.64% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on OKTA shares. Truist Financial increased their target price on shares of Okta from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, May 29th. Piper Sandler increased their target price on shares of Okta from $82.00 to $105.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Oppenheimer raised their price target on shares of Okta from $110.00 to $125.00 and gave the company an “outperform” rating in a report on Friday, May 29th. Cantor Fitzgerald lifted their price objective 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. Finally, Royal Bank Of Canada lifted their price objective on shares of Okta from $108.00 to $122.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Okta has an average rating of “Moderate Buy” and a consensus target price of $114.14.

Okta Stock Down 2.8%

OKTA stock opened at $113.03 on Thursday. The firm has a 50 day moving average of $90.96 and a 200 day moving average of $86.59. The stock has a market capitalization of $19.65 billion, a PE ratio of 81.91, a price-to-earnings-growth ratio of 4.21 and a beta of 0.80. Okta, Inc. has a 52 week low of $62.66 and a 52 week high of $142.35.

Okta (NASDAQ:OKTA) last released 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 company had revenue of $765.00 million during the quarter, compared to analysts’ expectations of $751.84 million. Okta had a net margin of 8.24% and a return on equity of 4.15%. Okta’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same period last year, the business earned $0.86 EPS. 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, equities research analysts expect that Okta, Inc. will post 1.74 earnings per share for the current year.

Insider Buying and Selling

In related news, Director David Schellhase bought 3,712 shares of the stock in a transaction that occurred on Thursday, April 16th. The stock was bought at an average cost of $72.04 per share, for a total transaction of $267,412.48. Following the purchase, the director directly owned 3,712 shares of the company’s stock, valued at approximately $267,412.48. This trade represents a ? increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Shellye L. Archambeau sold 2,500 shares of Okta stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $85.00, for a total transaction of $212,500.00. Following the completion of the sale, the director owned 9,192 shares of the company’s stock, valued at $781,320. This trade represents a 21.38% 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. Insiders sold 142,201 shares of company stock worth $15,104,140 over the last ninety days. Company insiders own 4.61% of the company’s stock.

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.