1,667,650 Okta, Inc. $OKTA Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring cut its Okta position by 45.9% in the third quarter, selling 1,667,650 shares. It still held 1,966,178 shares, worth about $418.1 million at quarter-end.
• Institutional investors and hedge funds own 86.64% of Okta’s shares, with other investors making both purchases and sales during the reported periods.
• Okta beat quarterly earnings and revenue estimates, reporting EPS of $1.05 versus $0.96 expected and revenue of $805 million versus $793 million expected.

Allspring Global Investments Holdings LLC trimmed its position in Okta, Inc. (NASDAQ:OKTA - Free Report) by 45.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,966,178 shares of the company's stock after selling 1,667,650 shares during the quarter. Okta makes up 0.7% of Allspring Global Investments Holdings LLC's investment portfolio, making the stock its 24th largest position. Allspring Global Investments Holdings LLC owned approximately 1.12% of Okta worth $418,068,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Generali Investments Management Co LLC lifted its stake in Okta by 621.2% during the third quarter. Generali Investments Management Co LLC now owns 21,671 shares of the company's stock worth $4,532,000 after purchasing an additional 18,666 shares during the last quarter. Diversify Wealth Management LLC acquired a new position in Okta in the first quarter valued at approximately $2,077,000. Western Financial Corp CA acquired a new position in Okta in the third quarter valued at approximately $1,673,000. Swiss National Bank increased its stake in Okta by 7.7% in the first quarter. Swiss National Bank now owns 497,300 shares of the company's stock valued at $39,142,000 after purchasing an additional 35,700 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in Okta by 15.7% in the third quarter. Assenagon Asset Management S.A. now owns 215,922 shares of the company's stock valued at $45,151,000 after purchasing an additional 29,287 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

More Okta News

Here are the key news stories impacting Okta this week:

• Positive Sentiment: ETFs bought about $99.5 million of Okta shares on Wednesday, with 36 funds buying versus 15 selling. In a related report, the Invesco S&P 500 Equal Weight Technology ETF initiated an $89.1 million position in Okta, making it its only addition while trimming 74 other holdings. The buying may offer support, though both reports refer to Wednesday’s activity. ETF buying article Invesco RSPT article
• Negative Sentiment: Okta shares declined alongside other software names as Wall Street retreated from AI-associated stocks, a rotation that hit recent software winners. This broad sector-driven selling was a key near-term headwind. Software sell-off article
• Negative Sentiment: A Seeking Alpha contributor downgraded Okta to Sell, arguing that its valuation bubble may be deflating. The bearish valuation view could weigh on sentiment, particularly amid the wider pullback in software stocks. Seeking Alpha downgrade

Insider Transactions at Okta

In other news, insider Eric Kelleher sold 6,395 shares of the firm's stock in a transaction on Friday, September 18th. The shares were sold at an average price of $183.58, for a total value of $1,173,994.10. Following the completion of the sale, the insider owned 18,668 shares in the company, valued at approximately $3,427,071.44. This trade represents a 25.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd McKinnon sold 48,822 shares of Okta stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $193.48, for a total transaction of $9,446,080.56. Following the completion of the sale, the chief executive officer directly owned 44,029 shares in the company, valued at approximately $8,518,730.92. The trade was a 52.58% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 137,766 shares of company stock worth $23,927,112 over the last 90 days. 4.61% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

OKTA has been the topic of a number of research analyst reports. Robert W. Baird raised their price objective on shares of Okta from $200.00 to $235.00 and gave the stock an "outperform" rating in a report on Friday, September 25th. Canaccord Genuity Group upped their target price on shares of Okta from $115.00 to $175.00 and gave the company a "buy" rating in a report on Thursday, August 27th. Guggenheim upped their target price on shares of Okta from $188.00 to $227.00 and gave the company a "buy" rating in a report on Thursday, September 24th. Citizens Jmp increased their target price on shares of Okta from $180.00 to $225.00 and gave the company a "market outperform" rating in a research report on Monday, September 28th. Finally, Barclays lifted their price target on shares of Okta from $180.00 to $215.00 and gave the stock an "overweight" rating in a research note on Thursday, September 24th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $202.38.

Okta Stock Performance

NASDAQ OKTA opened at $168.69 on Monday. The firm's fifty day moving average is $196.81 and its two-hundred day moving average is $126.92. Okta, Inc. has a one year low of $62.66 and a one year high of $235.00. The firm has a market cap of $29.49 billion, a PE ratio of 101.62, a P/E/G ratio of 5.25 and a beta of 0.74.

Okta (NASDAQ:OKTA - Get Free Report) last announced its earnings results on Wednesday, August 26th. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.09. The business had revenue of $805.00 million during the quarter, compared to the consensus estimate of $793.00 million. Okta had a net margin of 9.63% and a return on equity of 4.50%. The business's quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.91 earnings per share. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. Research analysts predict that Okta, Inc. will post 1.92 earnings per share for the current year.

Okta Profile

Okta, Inc provides cloud-based identity and access management services. Its platform helps organizations manage how employees, customers, partners and other users sign in to applications and access digital resources.

Okta's products include single sign-on, multifactor authentication, identity governance and user lifecycle management. Through Auth0, which Okta acquired in 2021, the company also offers tools that developers can use to add identity and authentication features to customer-facing applications.

Founded in 2009 by Todd McKinnon and Frederic Kerrest, Okta serves organizations around the world across a range of industries.

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