GFG Capital LLC Sells 9,345 Shares of Okta, Inc. $OKTA

GFG Capital LLC lowered its position in Okta, Inc. (NASDAQ:OKTA) by 27.5% during the third quarter, Holdings Channel.com reports. The institutional investor owned 24,626 shares of the company’s stock after selling 9,345 shares during the period. Okta accounts for approximately 1.2% of GFG Capital LLC’s portfolio, making the stock its 23rd biggest position. GFG Capital LLC’s holdings in Okta were worth $5,150,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. R2 Capital Strategies LLC acquired a new position in Okta during the third quarter worth $265,000. Assenagon Asset Management S.A. grew its position in Okta by 15.7% in the third quarter. Assenagon Asset Management S.A. now owns 215,922 shares of the company’s stock worth $45,151,000 after acquiring an additional 29,287 shares during the period. Covenant Asset Management LLC acquired a new position in Okta in the third quarter valued at about $209,000. Western Financial Corp CA acquired a new position in Okta during the third quarter worth $1,673,000. Finally, Essex LLC acquired a new stake in shares of Okta during the third quarter worth about $201,000. Institutional investors and hedge funds own 86.64% of the company’s stock.

Okta Trading Down 10.2%

OKTA stock opened at $187.26 on Friday. The stock has a 50-day moving average price of $180.34 and a two-hundred day moving average price of $133.98. The company has a market cap of $32.74 billion, a PE ratio of 112.81, a price-to-earnings-growth ratio of 6.49 and a beta of 0.73. Okta, Inc. has a 12-month low of $62.66 and a 12-month high of $235.00.

Okta (NASDAQ:OKTA) last issued its earnings results on Wednesday, August 26th. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.09. Okta had a return on equity of 4.50% and a net margin of 9.63%. The business had revenue of $805.00 million during the quarter, compared to analysts’ expectations of $793.00 million. During the same quarter in the previous year, the business earned $0.91 EPS. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. Equities analysts forecast that Okta, Inc. will post 1.92 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on OKTA. Wells Fargo & Company lifted their price objective on Okta from $200.00 to $230.00 and gave the company an “overweight” rating in a research note on Thursday, September 24th. Citizens Jmp increased their price target on shares of Okta from $180.00 to $225.00 and gave the company a “market outperform” rating in a report on Monday, September 28th. BMO Capital Markets raised their price objective on Okta from $230.00 to $245.00 and gave the company an “outperform” rating in a research note on Friday, October 9th. New Street Research set a $235.00 price objective on shares of Okta in a research report on Thursday, September 24th. Finally, Jefferies Financial Group upped their price target on shares of Okta from $200.00 to $240.00 and gave the company a “buy” rating in a report on Thursday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $202.38.

Insiders Place Their Bets

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

Okta Company Profile

Okta, Inc is an identity and access management company that helps organizations secure and manage access to applications, systems, devices and digital services. Its platform is designed to support employees, contractors, partners, customers and other users across cloud-based and on-premises environments.

Okta’s products include single sign-on, multifactor authentication, lifecycle management, identity governance, privileged access and identity threat protection. Through its Workforce Identity Cloud and Customer Identity Cloud, the company provides tools for workforce access management and for integrating authentication and authorization capabilities into customer-facing applications.