Staley Capital Advisers Inc. Reduces Stock Position in Okta, Inc. $OKTA

Staley Capital Advisers Inc. trimmed its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 91.0% in the first quarter, Holdings Channel.com reports. The fund owned 22,084 shares of the company’s stock after selling 224,014 shares during the period. Staley Capital Advisers Inc.’s holdings in Okta were worth $1,738,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in Okta during the fourth quarter worth about $175,193,000. First Trust Advisors LP grew its position in shares of Okta by 28.2% in the fourth quarter. First Trust Advisors LP now owns 6,030,090 shares of the company’s stock valued at $521,422,000 after purchasing an additional 1,326,051 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Okta by 113.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,067,128 shares of the company’s stock worth $172,895,000 after purchasing an additional 1,099,962 shares in the last quarter. Alyeska Investment Group L.P. increased its stake in shares of Okta by 276.9% during the 3rd quarter. Alyeska Investment Group L.P. now owns 1,403,499 shares of the company’s stock worth $128,701,000 after purchasing an additional 1,031,083 shares in the last quarter. Finally, Swedbank AB lifted its stake in Okta by 124.3% in the 4th quarter. Swedbank AB now owns 1,819,081 shares of the company’s stock valued at $157,296,000 after buying an additional 1,007,915 shares in the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on OKTA. Susquehanna increased their target price on Okta from $80.00 to $110.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Barclays boosted their price target on Okta from $93.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday, May 29th. Sanford C. Bernstein downgraded Okta from an “outperform” rating to a “hold” rating in a research report on Monday. Piper Sandler increased their price objective on Okta from $82.00 to $105.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Finally, The Goldman Sachs Group started coverage on Okta in a research report on Monday. They set a “buy” rating for the company. One research analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $117.69.

Okta Trading Down 1.1%

Okta stock opened at $146.77 on Thursday. The stock has a fifty day moving average price of $108.55 and a 200 day moving average price of $91.25. Okta, Inc. has a 52 week low of $62.66 and a 52 week high of $153.20. The firm has a market capitalization of $25.51 billion, a P/E ratio of 106.36, a PEG ratio of 5.34 and a beta of 0.77.

Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Thursday, May 28th. The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.06. The firm had revenue of $765.00 million for the quarter, compared to analyst estimates of $751.84 million. Okta had a return on equity of 4.15% and a net margin of 8.24%.The firm’s quarterly revenue was up 11.2% on a year-over-year basis. During the same period last year, the company 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. As a group, equities analysts predict that Okta, Inc. will post 1.75 EPS for the current year.

Okta News Summary

Here are the key news stories impacting Okta this week:

• Positive Sentiment: Okta has been highlighted for its potential role in AI-driven cybersecurity, and a recent analyst upgrade helped fuel bullish sentiment around the company’s long-term growth story. Why Okta (OKTA) Is Up 13.2% After Index Removal And AI Cybersecurity Upgrade – And What’s Next
• Positive Sentiment: Okta remains near a 52-week high, reflecting strong momentum and continued investor interest in the identity-security name. Okta (NASDAQ:OKTA) Reaches New 52-Week High – Time to Buy?
• Positive Sentiment: Vonage launched a Protection Suite for Okta that adds fraud-protected MFA delivery, reinforcing Okta’s ecosystem and customer security value proposition. Vonage Launches Protection Suite for Okta for Secure MFA Delivery
• Neutral Sentiment: Okta was removed from several Russell growth indexes, a technical change that can affect index-linked flows and may create short-term volatility without changing the company’s core business outlook. Okta (OKTA) Left Russell Growth Indexes, Is The Stock Fairly Valued?
• Negative Sentiment: Recent commentary notes Okta has been slipping after a strong advance, suggesting some investors are locking in gains and reassessing valuation after the run-up. Okta (OKTA) Suffers a Larger Drop Than the General Market: Key Insights

Insider Buying and Selling at Okta

In related news, CFO Brett Tighe sold 65,000 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $117.25, for a total value of $7,621,250.00. Following the sale, the chief financial officer directly owned 119,680 shares of the company’s stock, valued at approximately $14,032,480. This trade represents a 35.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Larissa Schwartz sold 24,971 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $134.13, for a total transaction 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 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. Over the last 90 days, insiders sold 105,288 shares of company stock worth $12,426,956. 4.61% of the stock is currently owned by insiders.

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.