Connor Clark & Lunn Investment Management Ltd. Has $31.89 Million Position in Okta, Inc. $OKTA

Connor Clark & Lunn Investment Management Ltd. lowered its holdings in Okta, Inc. (NASDAQ:OKTA) by 22.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 347,740 shares of the company’s stock after selling 98,317 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Okta were worth $31,888,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in OKTA. Vanguard Group Inc. lifted its stake in Okta by 5.7% during the third quarter. Vanguard Group Inc. now owns 19,803,227 shares of the company’s stock worth $1,815,956,000 after purchasing an additional 1,074,977 shares during the period. First Trust Advisors LP grew its stake in shares of Okta by 9.1% in the 2nd quarter. First Trust Advisors LP now owns 4,901,123 shares of the company’s stock valued at $489,966,000 after purchasing an additional 407,087 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in shares of Okta by 4.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 4,635,572 shares of the company’s stock worth $425,082,000 after buying an additional 179,919 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Okta by 11.1% in the 2nd quarter. Geode Capital Management LLC now owns 3,155,011 shares of the company’s stock worth $314,488,000 after buying an additional 314,525 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Okta during the 2nd quarter worth approximately $211,923,000. Institutional investors and hedge funds own 86.64% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on OKTA. Needham & Company LLC lowered their price target on Okta from $110.00 to $90.00 and set a “buy” rating on the stock in a research report on Thursday, March 5th. Roth Mkm reissued a “buy” rating on shares of Okta in a report on Wednesday, December 3rd. Truist Financial reduced their target price on shares of Okta from $115.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th. Barclays lowered their target price on shares of Okta from $95.00 to $85.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 24th. Finally, UBS Group cut their price target on shares of Okta from $130.00 to $115.00 and set a “buy” rating for the company in a report on Thursday, March 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-six have given a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $103.25.

Okta Stock Performance

Shares of OKTA stock opened at $78.95 on Friday. The stock’s fifty day moving average is $84.48 and its 200-day moving average is $87.07. The stock has a market capitalization of $13.99 billion, a PE ratio of 60.27, a PEG ratio of 3.16 and a beta of 0.79. Okta, Inc. has a 52 week low of $68.77 and a 52 week high of $127.57.

Okta (NASDAQ:OKTA) last released its quarterly earnings results on Wednesday, March 4th. The company reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.05. The business had revenue of $761.00 million during the quarter, compared to analysts’ expectations of $749.87 million. Okta had a return on equity of 4.18% and a net margin of 8.05%.The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.78 earnings per share. Okta has set its FY 2027 guidance at 3.740-3.820 EPS and its Q1 2027 guidance at 0.840-0.860 EPS. As a group, analysts forecast that Okta, Inc. will post 0.42 earnings per share for the current fiscal year.

Okta declared that its Board of Directors has approved a share buyback plan on Monday, January 5th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 6.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity at Okta

In other news, insider Larissa Schwartz sold 1,836 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $79.89, for a total transaction of $146,678.04. Following the sale, the insider directly owned 79,422 shares of the company’s stock, valued at $6,345,023.58. This represents a 2.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Brett Tighe sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $95.07, for a total transaction of $950,700.00. Following the completion of the sale, the chief financial officer directly owned 134,385 shares of the company’s stock, valued at approximately $12,775,981.95. This represents a 6.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 37,763 shares of company stock worth $3,419,336. 5.68% of the stock is owned by insiders.

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.