Retirement Systems of Alabama Has $22.90 Million Holdings in Okta, Inc. $OKTA

Retirement Systems of Alabama grew its position in shares of Okta, Inc. (NASDAQ:OKTA) by 31.0% in the 4th quarter, HoldingsChannel reports. The fund owned 264,829 shares of the company’s stock after buying an additional 62,720 shares during the period. Retirement Systems of Alabama’s holdings in Okta were worth $22,900,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of OKTA. Steward Partners Investment Advisory LLC grew its position in Okta by 5.3% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 2,238 shares of the company’s stock valued at $224,000 after purchasing an additional 113 shares during the period. Spire Wealth Management increased its stake in Okta by 30.8% during the 4th quarter. Spire Wealth Management now owns 505 shares of the company’s stock valued at $44,000 after purchasing an additional 119 shares in the last quarter. Allworth Financial LP raised its holdings in Okta by 6.4% during the third quarter. Allworth Financial LP now owns 2,251 shares of the company’s stock worth $206,000 after buying an additional 135 shares during the last quarter. Choreo LLC raised its holdings in Okta by 2.0% during the third quarter. Choreo LLC now owns 7,239 shares of the company’s stock worth $664,000 after buying an additional 140 shares during the last quarter. Finally, Raiffeisen Bank International AG lifted its stake in shares of Okta by 3.9% in the third quarter. Raiffeisen Bank International AG now owns 4,369 shares of the company’s stock valued at $410,000 after buying an additional 166 shares in the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

Okta Trading Up 0.5%

Shares of OKTA opened at $79.14 on Thursday. The stock has a 50 day moving average of $80.96 and a 200 day moving average of $85.73. The company has a market capitalization of $14.00 billion, a price-to-earnings ratio of 60.41, a PEG ratio of 3.08 and a beta of 0.79. Okta, Inc. has a 12 month low of $68.77 and a 12 month high of $127.57.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Wednesday, March 4th. The company reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.05. The business had revenue of $761.00 million for 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 business’s revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $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, equities research analysts predict that Okta, Inc. will post 0.42 earnings per share for the current year.

Okta declared that its board has authorized 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 repurchase up to 6.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at Okta

In related news, CFO Brett Tighe sold 10,000 shares of the business’s stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of $95.07, for a total value of $950,700.00. Following the transaction, the chief financial officer directly owned 134,385 shares of the company’s stock, valued at approximately $12,775,981.95. The trade was a 6.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO Jonathan James Addison sold 23,304 shares of the stock in a transaction dated Wednesday, March 25th. The shares were sold at an average price of $77.79, for a total transaction of $1,812,818.16. Following the transaction, the executive owned 4,364 shares of the company’s stock, valued at approximately $339,475.56. The trade was a 84.23% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 69,365 shares of company stock worth $5,696,938. 5.68% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on OKTA. Cantor Fitzgerald reduced their price objective on shares of Okta from $115.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, February 27th. Zacks Research cut shares of Okta from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 26th. Stifel Nicolaus cut their price target on Okta from $121.00 to $92.00 and set a “buy” rating for the company in a research note on Thursday, March 5th. Berenberg Bank decreased their price objective on Okta from $145.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, March 5th. Finally, Morgan Stanley lowered their price objective on Okta from $110.00 to $101.00 and set an “overweight” rating for the company in a research note on Thursday, March 5th. Twenty-six equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $103.25.

About Okta

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.