8,003 Shares of Okta, Inc. $OKTA Purchased by Western Financial Corp CA

Key Points

• Western Financial Corp CA purchased 8,003 Okta shares worth approximately $1.67 million during the third quarter. Institutional investors collectively own 86.64% of the company.
• Okta shares fell 6.5% to $211.91, despite the company exceeding quarterly earnings and revenue estimates, reporting $1.05 in EPS and $805 million in revenue.
• Analysts maintain a generally bullish outlook, with a consensus “Moderate Buy” rating and an average price target of $201.10, while insiders sold roughly $23.9 million of stock over the past 90 days.

Western Financial Corp CA purchased a new position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 8,003 shares of the company's stock, valued at approximately $1,673,000.

Several other institutional investors have also modified their holdings of the business. Allspring Global Investments Holdings LLC raised its holdings in Okta by 71.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,553,091 shares of the company's stock worth $281,209,000 after buying an additional 1,485,963 shares during the period. Pictet Asset Management Holding SA increased its position in shares of Okta by 28.4% during the first quarter. Pictet Asset Management Holding SA now owns 2,490,681 shares of the company's stock worth $195,844,000 after acquiring an additional 550,328 shares in the last quarter. Swedbank AB increased its position in shares of Okta by 21.9% during the first quarter. Swedbank AB now owns 2,216,588 shares of the company's stock worth $174,468,000 after acquiring an additional 397,507 shares in the last quarter. Bank of America Corp DE increased its position in shares of Okta by 0.4% during the first quarter. Bank of America Corp DE now owns 1,496,896 shares of the company's stock worth $117,821,000 after acquiring an additional 6,533 shares in the last quarter. Finally, Senvest Management LLC raised its holdings in shares of Okta by 54.5% during the first quarter. Senvest Management LLC now owns 830,515 shares of the company's stock worth $65,370,000 after acquiring an additional 292,900 shares during the period. Institutional investors own 86.64% of the company's stock.

Okta Stock Down 6.5%

OKTA traded down $14.62 during trading hours on Wednesday, hitting $211.91. 4,631,692 shares of the company's stock were exchanged, compared to its average volume of 3,584,352. The stock has a market cap of $37.05 billion, a price-to-earnings ratio of 127.66, a PEG ratio of 7.06 and a beta of 0.73. Okta, Inc. has a 1-year low of $62.66 and a 1-year high of $235.00. The stock's 50-day moving average is $176.97 and its two-hundred day moving average is $131.71.

Okta (NASDAQ:OKTA - Get Free Report) last issued its quarterly earnings results on Wednesday, August 26th. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.96 by $0.09. The firm had revenue of $805.00 million for the quarter, compared to analysts' expectations of $793.00 million. Okta had a net margin of 9.63% and a return on equity of 4.50%. The company's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.91 EPS. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. On average, equities research analysts anticipate that Okta, Inc. will post 1.92 EPS for the current year.

Insider Buying and Selling at Okta

In other Okta news, CFO Brett Tighe sold 41,251 shares of the business's stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $162.44, for a total transaction of $6,700,812.44. Following the transaction, the chief financial officer owned 7,693 shares of the company's stock, valued at $1,249,650.92. The trade was a 84.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Kelleher sold 6,395 shares of the stock in a transaction that occurred 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 directly owned 18,668 shares of the company's stock, valued at approximately $3,427,071.44. The trade was a 25.52% 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 a total of 137,766 shares of company stock worth $23,927,112 over the last ninety days. 4.61% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on OKTA shares. Evercore reaffirmed an "outperform" rating and issued a $240.00 price objective on shares of Okta in a research report on Thursday, September 24th. Truist Financial upped their target price on shares of Okta from $200.00 to $235.00 and gave the stock a "buy" rating in a research note on Thursday, September 24th. Wells Fargo & Company increased their target price on Okta from $200.00 to $230.00 and gave the stock an "overweight" rating in a report on Thursday, September 24th. Citigroup reissued a "market outperform" rating on shares of Okta in a research note on Thursday, September 24th. Finally, Cantor Fitzgerald lifted their price target on Okta from $170.00 to $200.00 and gave the company an "overweight" rating in a research note on Thursday, August 27th. One analyst has rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $201.10.

Okta Company Profile

Okta, Inc is an identity and access management company that helps organizations secure and manage access to applications, systems, devices and digital services. Its platform is designed to support employees, contractors, partners, customers and other users across cloud-based and on-premises environments.

Okta's products include single sign-on, multifactor authentication, lifecycle management, identity governance, privileged access and identity threat protection. Through its Workforce Identity Cloud and Customer Identity Cloud, the company provides tools for workforce access management and for integrating authentication and authorization capabilities into customer-facing applications.

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