Principal Financial Group Inc. Trims Stake in Okta, Inc. $OKTA

Principal Financial Group Inc. lessened its holdings in Okta, Inc. (NASDAQ:OKTA) by 2.3% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 370,676 shares of the company’s stock after selling 8,843 shares during the period. Principal Financial Group Inc. owned 0.21% of Okta worth $33,991,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Integrated Wealth Concepts LLC purchased a new position in shares of Okta during the first quarter worth about $225,000. NewEdge Advisors LLC lifted its position in Okta by 853.4% during the first quarter. NewEdge Advisors LLC now owns 5,530 shares of the company’s stock valued at $582,000 after purchasing an additional 4,950 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in Okta during the second quarter valued at approximately $244,000. Mirae Asset Global Investments Co. Ltd. grew its stake in Okta by 44.9% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,215 shares of the company’s stock worth $1,021,000 after buying an additional 3,165 shares in the last quarter. Finally, QRG Capital Management Inc. increased its holdings in shares of Okta by 84.5% in the 2nd quarter. QRG Capital Management Inc. now owns 3,724 shares of the company’s stock worth $372,000 after buying an additional 1,706 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Larissa Schwartz sold 1,899 shares of the business’s stock in a transaction dated Wednesday, January 7th. The stock was sold at an average price of $90.74, for a total transaction of $172,315.26. Following the transaction, the insider owned 38,164 shares in the company, valued at $3,463,001.36. The trade was a 4.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Eric Robert Kelleher sold 2,409 shares of the stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $84.40, for a total value of $203,319.60. Following the completion of the sale, the insider owned 11,266 shares of the company’s stock, valued at approximately $950,850.40. This trade represents a 17.62% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 36,727 shares of company stock valued at $3,344,746. Company insiders own 5.68% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. UBS Group reaffirmed a “buy” rating on shares of Okta in a report on Thursday, December 4th. Piper Sandler increased their price objective on Okta from $95.00 to $100.00 and gave the company a “neutral” rating in a research report on Monday, January 5th. Roth Mkm restated a “buy” rating on shares of Okta in a research report on Wednesday, December 3rd. Sanford C. Bernstein reiterated an “outperform” rating on shares of Okta in a research report on Monday, December 1st. Finally, Morgan Stanley lowered their price objective on shares of Okta from $123.00 to $110.00 and set an “overweight” rating for the company in a report on Wednesday, December 3rd. Twenty-five research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Okta currently has an average rating of “Moderate Buy” and a consensus target price of $113.88.

Okta Stock Performance

NASDAQ:OKTA opened at $82.15 on Friday. Okta, Inc. has a fifty-two week low of $75.05 and a fifty-two week high of $127.57. The firm has a market cap of $14.56 billion, a PE ratio of 75.37, a price-to-earnings-growth ratio of 3.32 and a beta of 0.77. The business has a 50 day moving average price of $88.41 and a 200-day moving average price of $89.61.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Tuesday, December 2nd. The company reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.76 by $0.06. The company had revenue of $742.00 million during the quarter, compared to analyst estimates of $730.23 million. Okta had a net margin of 6.87% and a return on equity of 3.77%. The firm’s revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.67 EPS. Okta has set its FY 2026 guidance at 3.430-3.440 EPS and its Q4 2026 guidance at 0.840-0.850 EPS. Research analysts predict that Okta, Inc. will post 0.42 EPS for the current year.

Okta announced that its Board of Directors has authorized a share repurchase plan on Monday, January 5th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 6.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.

Okta Company 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.