Bayforest Capital Ltd Invests $374,000 in Okta, Inc. $OKTA

Key Points

• Bayforest Capital Ltd has acquired 3,559 shares of Okta, Inc., valued at approximately $374,000, during the first quarter, emphasizing increased institutional interest in the stock.
• Okta's stock has seen significant insider selling, with executives Jonathan James Addison and Eric Robert Kelleher each reducing their positions by more than 56% and 69% respectively.
• Despite reporting earnings of $0.91 per share, which exceeded analyst expectations, Okta's stock is currently down 3.9% as of Thursday, with a market cap of $15.79 billion.

Bayforest Capital Ltd acquired a new position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 3,559 shares of the company's stock, valued at approximately $374,000.

Other institutional investors also recently bought and sold shares of the company. Wolff Wiese Magana LLC grew its stake in Okta by 167.4% during the first quarter. Wolff Wiese Magana LLC now owns 246 shares of the company's stock worth $26,000 after buying an additional 154 shares during the period. Wayfinding Financial LLC purchased a new stake in Okta during the first quarter worth approximately $27,000. Harbour Investments Inc. grew its stake in Okta by 152.4% during the first quarter. Harbour Investments Inc. now owns 260 shares of the company's stock worth $27,000 after buying an additional 157 shares during the period. Rossby Financial LCC purchased a new stake in Okta during the first quarter worth approximately $31,000. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in Okta during the fourth quarter worth approximately $40,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OKTA has been the topic of a number of recent research reports. Barclays boosted their target price on shares of Okta from $100.00 to $115.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 27th. Guggenheim reissued a "buy" rating and set a $138.00 target price on shares of Okta in a research report on Wednesday, August 27th. JPMorgan Chase & Co. boosted their target price on shares of Okta from $120.00 to $140.00 and gave the stock an "overweight" rating in a research report on Friday, May 23rd. Arete Research raised shares of Okta to a "strong sell" rating and set a $83.00 target price on the stock in a research report on Monday, July 7th. Finally, DA Davidson reduced their target price on shares of Okta from $145.00 to $140.00 and set a "buy" rating on the stock in a research report on Wednesday, May 28th. Twenty-two equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $118.25.

Okta Price Performance

OKTA traded down $1.62 during trading on Friday, hitting $90.34. The company had a trading volume of 1,810,006 shares, compared to its average volume of 4,403,944. The company has a market cap of $15.82 billion, a PE ratio of 106.28, a P/E/G ratio of 4.48 and a beta of 0.83. The business has a 50-day moving average of $93.45 and a 200-day moving average of $102.07. Okta, Inc. has a 1-year low of $70.92 and a 1-year high of $127.57.

Okta (NASDAQ:OKTA - Get Free Report) last posted its quarterly earnings results on Tuesday, August 26th. The company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.07. The firm had revenue of $728,000 billion for the quarter, compared to analysts' expectations of $711.84 million. Okta had a net margin of 6.08% and a return on equity of 3.31%. The firm's quarterly revenue was up 12.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.72 earnings per share. Okta has set its FY 2026 guidance at 3.330-3.380 EPS. Q3 2026 guidance at 0.740-0.750 EPS. Research analysts forecast that Okta, Inc. will post 0.42 earnings per share for the current year.

Insider Activity at Okta

In other Okta news, CRO Jonathan James Addison sold 9,000 shares of the stock in a transaction on Friday, July 25th. The shares were sold at an average price of $100.00, for a total transaction of $900,000.00. Following the sale, the executive directly owned 7,067 shares of the company's stock, valued at approximately $706,700. This represents a 56.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jacques Frederic Kerrest sold 581 shares of the stock in a transaction on Friday, June 20th. The stock was sold at an average price of $100.29, for a total transaction of $58,268.49. Following the sale, the director directly owned 2,832 shares in the company, valued at $284,021.28. This trade represents a 17.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 88,594 shares of company stock valued at $8,382,790 in the last ninety days. 5.68% of the stock is owned by insiders.

About Okta

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.