PointState Capital LP Acquires New Position in Okta, Inc. $OKTA

Key Points

• PointState Capital LP acquired 742,197 shares of Okta, Inc., valued at approximately $78 million, marking it as their 26th largest position.
• Recent analyst ratings show mixed sentiments, with Jefferies Financial Group raising its target price to $105 but other firms like Arete initiating a "sell" rating with a target of $83.
• Insider trading activity includes significant sales from executives, notably a sale by CEO Todd Mckinnon of 31,592 shares for over $3 million, indicating a substantial reduction in their ownership stakes.

PointState Capital LP acquired a new stake in Okta, Inc. (NASDAQ:OKTA - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 742,197 shares of the company's stock, valued at approximately $78,094,000. Okta makes up approximately 1.1% of PointState Capital LP's portfolio, making the stock its 26th largest holding. PointState Capital LP owned 0.43% of Okta at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Wolff Wiese Magana LLC grew its holdings in shares of Okta by 167.4% in the 1st quarter. Wolff Wiese Magana LLC now owns 246 shares of the company's stock valued at $26,000 after acquiring an additional 154 shares in the last quarter. Wayfinding Financial LLC bought a new position in shares of Okta in the 1st quarter valued at about $27,000. Harbour Investments Inc. grew its holdings in shares of Okta by 152.4% in the 1st quarter. Harbour Investments Inc. now owns 260 shares of the company's stock valued at $27,000 after acquiring an additional 157 shares in the last quarter. Rossby Financial LCC bought a new position in shares of Okta in the 1st quarter valued at about $31,000. Finally, Center for Financial Planning Inc. bought a new position in shares of Okta in the 1st quarter valued at about $47,000. Institutional investors own 86.64% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Arete assumed coverage on Okta in a report on Monday, July 7th. They set a "sell" rating and a $83.00 price target for the company. Arete Research upgraded Okta to a "strong sell" rating and set a $83.00 price target for the company in a report on Monday, July 7th. UBS Group reduced their price target on Okta from $150.00 to $130.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. Evercore ISI lifted their price target on Okta from $122.00 to $130.00 and gave the stock an "outperform" rating in a report on Wednesday, May 28th. Finally, Jefferies Financial Group lifted their price target on Okta from $100.00 to $105.00 and gave the stock a "hold" rating in a report on Wednesday, August 27th. Twenty-two equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $118.25.

Okta Trading Up 1.3%

OKTA stock traded up $1.20 during mid-day trading on Monday, hitting $92.68. 2,346,705 shares of the company were exchanged, compared to its average volume of 4,610,761. The business has a 50 day simple moving average of $94.02 and a 200-day simple moving average of $102.11. The stock has a market capitalization of $16.23 billion, a PE ratio of 109.04, a price-to-earnings-growth ratio of 4.46 and a beta of 0.83. Okta, Inc. has a 1-year low of $70.56 and a 1-year high of $127.57.

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

Insider Buying and Selling

In related news, CEO Todd Mckinnon sold 31,592 shares of Okta stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $95.30, for a total value of $3,010,717.60. Following the transaction, the chief executive officer directly owned 20,682 shares of the company's stock, valued at $1,970,994.60. This trade represents a 60.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jacques Frederic Kerrest sold 581 shares of Okta stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $100.29, for a total transaction of $58,268.49. Following the completion of the transaction, 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 quarter. Corporate insiders own 5.68% of the company's stock.

Okta Company Profile

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.