Acadian Asset Management LLC Sells 89,516 Shares of Okta, Inc. $OKTA

Key Points

• Acadian Asset Management LLC has reduced its stake in Okta, Inc. by 47.1%, now owning around 100,354 shares valued at approximately $10.55 million.
• Insider selling activities were reported, with notable sales including CRO Jonathan James Addison selling 9,000 shares and CEO Todd Mckinnon selling 31,592 shares of Okta.
• Analysts show a mixed outlook on Okta, with a consensus rating of "Moderate Buy" and a target price around $118.25, reflecting varied predictions across different firms.

Acadian Asset Management LLC decreased its holdings in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 47.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 100,354 shares of the company's stock after selling 89,516 shares during the quarter. Acadian Asset Management LLC owned approximately 0.06% of Okta worth $10,553,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of OKTA. Massachusetts Financial Services Co. MA raised its stake in Okta by 325.6% during the first quarter. Massachusetts Financial Services Co. MA now owns 3,699,944 shares of the company's stock worth $389,308,000 after acquiring an additional 2,830,582 shares during the period. Alkeon Capital Management LLC acquired a new stake in Okta during the first quarter worth about $199,918,000. Ninety One UK Ltd acquired a new stake in Okta during the first quarter worth about $189,915,000. Sachem Head Capital Management LP acquired a new stake in Okta during the fourth quarter worth about $105,592,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Okta by 76.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,748,847 shares of the company's stock worth $289,234,000 after acquiring an additional 1,189,222 shares during the period. Institutional investors and hedge funds own 86.64% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. BMO Capital Markets dropped their price objective on shares of Okta from $132.00 to $112.00 and set a "market perform" rating on the stock in a research note on Wednesday, August 27th. JPMorgan Chase & Co. raised their price target on shares of Okta from $120.00 to $140.00 and gave the company an "overweight" rating in a research note on Friday, May 23rd. DA Davidson dropped their price target on shares of Okta from $145.00 to $140.00 and set a "buy" rating on the stock in a research note on Wednesday, May 28th. Bank of America restated an "underperform" rating and issued a $75.00 price target on shares of Okta in a research note on Wednesday, August 27th. Finally, UBS Group dropped their price target on shares of Okta from $150.00 to $130.00 and set a "buy" rating on the stock in a research note on Wednesday, May 28th. Twenty-two analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $118.25.

Okta Trading Up 0.6%

OKTA stock traded up $0.57 during midday trading on Monday, reaching $90.91. The company had a trading volume of 1,697,494 shares, compared to its average volume of 4,389,248. Okta, Inc. has a 1 year low of $70.92 and a 1 year high of $127.57. The company has a market capitalization of $15.92 billion, a P/E ratio of 106.95, a PEG ratio of 4.40 and a beta of 0.83. The company has a 50 day moving average of $93.32 and a two-hundred day moving average of $102.16.

Okta (NASDAQ:OKTA - Get Free Report) last released its earnings results on Tuesday, August 26th. The company reported $0.91 earnings per share (EPS) for the quarter, topping 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 quarter in the prior year, the firm earned $0.72 EPS. The company's revenue was up 12.7% compared to the same quarter last year. Okta has set its FY 2026 guidance at 3.330-3.380 EPS. Q3 2026 guidance at 0.740-0.750 EPS. On average, sell-side analysts anticipate that Okta, Inc. will post 0.42 earnings per share for the current year.

Insider Buying and Selling

In other Okta news, CEO Todd Mckinnon sold 31,592 shares of the 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 completion of the sale, the chief executive officer owned 20,682 shares in the company, valued at $1,970,994.60. This represents a 60.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Jonathan James Addison sold 9,000 shares of the firm's 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 transaction, the executive owned 7,067 shares in the company, valued at $706,700. This represents a 56.02% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 88,594 shares of company stock worth $8,382,790. 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.