Adage Capital Partners GP L.L.C. Has $2.63 Million Stock Holdings in Okta, Inc. $OKTA

Adage Capital Partners GP L.L.C. lessened its holdings in Okta, Inc. (NASDAQ:OKTA - Free Report) by 92.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,000 shares of the company's stock after selling 325,000 shares during the period. Adage Capital Partners GP L.L.C.'s holdings in Okta were worth $2,630,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Massachusetts Financial Services Co. MA raised its holdings in shares of 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 in the last quarter. Alkeon Capital Management LLC purchased a new stake in shares of Okta during the first quarter worth $199,918,000. Ninety One UK Ltd purchased a new stake in shares of Okta during the first quarter worth $189,915,000. Point72 Asset Management L.P. raised its holdings in shares of Okta by 236.8% during the fourth quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company's stock worth $176,271,000 after acquiring an additional 1,572,786 shares in the last quarter. Finally, Sachem Head Capital Management LP purchased a new stake in shares of Okta during the fourth quarter worth $105,592,000. Institutional investors and hedge funds own 86.64% of the company's stock.

Insider Buying and Selling

In other news, insider Eric Robert Kelleher sold 16,018 shares of the firm's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $91.81, for a total value of $1,470,612.58. Following the sale, the insider directly owned 7,044 shares of the company's stock, valued at approximately $646,709.64. This trade represents a 69.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Brett Tighe sold 10,000 shares of the firm's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $95.00, for a total value of $950,000.00. Following the completion of the sale, the chief financial officer directly owned 132,288 shares in the company, valued at approximately $12,567,360. This represents a 7.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 88,594 shares of company stock valued at $8,382,790 in the last quarter. Insiders own 5.68% of the company's stock.

Analyst Upgrades and Downgrades

OKTA has been the subject of several recent research reports. Barclays increased their price objective on Okta from $100.00 to $115.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 27th. Zacks Research lowered Okta from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 28th. UBS Group cut their price objective on Okta from $150.00 to $130.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. Stifel Nicolaus increased their price objective on Okta from $120.00 to $130.00 and gave the stock a "buy" rating in a report on Wednesday, May 28th. Finally, Canaccord Genuity Group upgraded Okta from a "hold" rating to a "buy" rating and raised their target price for the company from $115.00 to $120.00 in a report on Tuesday, August 26th. Twenty-two investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $118.25.

Okta Stock Performance

Shares of NASDAQ:OKTA traded down $1.62 during midday trading on Friday, hitting $90.34. The company's stock had a trading volume of 1,810,006 shares, compared to its average volume of 4,403,944. The stock has a market capitalization of $15.82 billion, a price-to-earnings ratio of 106.28, a PEG ratio of 4.48 and a beta of 0.83. The stock's 50 day simple moving average is $93.45 and its 200 day simple moving average is $102.07. Okta, Inc. has a fifty-two week low of $70.92 and a fifty-two week high of $127.57.

Okta (NASDAQ:OKTA - Get Free Report) last issued 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 company had revenue of $728,000 billion for the quarter, compared to the consensus estimate of $711.84 million. Okta had a return on equity of 3.31% and a net margin of 6.08%.The firm's revenue was up 12.7% compared to the same quarter last year. During the same period last year, the business 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. As a group, analysts anticipate that Okta, Inc. will post 0.42 EPS for the current year.

Okta 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.