Royal Fund Management LLC Has $3.30 Million Stake in Okta, Inc. $OKTA

Royal Fund Management LLC lessened its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 21.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 38,203 shares of the company’s stock after selling 10,131 shares during the quarter. Royal Fund Management LLC’s holdings in Okta were worth $3,303,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Promus Capital LLC acquired a new position in shares of Okta during the 2nd quarter worth $27,000. Root Financial Partners LLC bought a new position in shares of Okta during the 3rd quarter valued at $26,000. Elevation Wealth Partners LLC lifted its stake in shares of Okta by 825.0% in the 4th quarter. Elevation Wealth Partners LLC now owns 296 shares of the company’s stock valued at $26,000 after purchasing an additional 264 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in shares of Okta in the 3rd quarter valued at $34,000. Finally, Westside Investment Management Inc. boosted its holdings in Okta by 86.9% in the third quarter. Westside Investment Management Inc. now owns 415 shares of the company’s stock worth $38,000 after purchasing an additional 193 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OKTA has been the subject of several recent analyst reports. Stephens decreased their price target on Okta from $120.00 to $95.00 and set an “overweight” rating for the company in a research note on Thursday, March 5th. TD Cowen cut their price objective on Okta from $115.00 to $105.00 and set a “hold” rating on the stock in a research note on Tuesday, February 24th. Sanford C. Bernstein restated an “outperform” rating and issued a $134.00 target price on shares of Okta in a report on Friday, March 6th. Jefferies Financial Group decreased their target price on Okta from $125.00 to $105.00 and set a “buy” rating for the company in a research report on Monday, March 2nd. Finally, Zacks Research lowered shares of Okta from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 26th. Twenty-six equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Okta presently has a consensus rating of “Moderate Buy” and a consensus target price of $103.25.

Okta Stock Performance

NASDAQ OKTA opened at $75.47 on Tuesday. Okta, Inc. has a twelve month low of $68.77 and a twelve month high of $127.57. The stock has a market capitalization of $13.35 billion, a PE ratio of 57.61, a P/E/G ratio of 2.86 and a beta of 0.79. The stock has a 50-day simple moving average of $81.33 and a 200 day simple moving average of $85.85.

Okta (NASDAQ:OKTA) last announced its earnings results on Wednesday, March 4th. The company reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.05. The firm had revenue of $761.00 million during the quarter, compared to the consensus estimate 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 quarter in the prior year, the company earned $0.78 EPS. 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, equities research analysts forecast that Okta, Inc. will post 0.42 EPS for the current fiscal year.

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

Insider Buying and Selling

In other news, CFO Brett Tighe sold 10,000 shares of the firm’s stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $95.07, for a total value of $950,700.00. Following the sale, the chief financial officer owned 134,385 shares in the company, valued at approximately $12,775,981.95. This trade represents a 6.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Larissa Schwartz sold 1,836 shares of the business’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $79.89, for a total transaction of $146,678.04. Following the transaction, the insider directly owned 79,422 shares in the company, valued at $6,345,023.58. This trade represents a 2.26% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 69,365 shares of company stock valued at $5,696,938 in the last ninety days. Company insiders own 5.68% of the company’s stock.

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.