AlphaQuest LLC Reduces Position in Okta, Inc. $OKTA

Key Points

• AlphaQuest LLC significantly reduced its stake in Okta, Inc. by 94.6% during the first quarter, leaving it with only 557 shares worth approximately $59,000.
• Insider selling included CFO Brett Tighe and CRO Jonathan James Addison, who collectively sold 19,000 shares valued at nearly $1.85 million.
• Okta recently reported an EPS of $0.91 for its last quarter, exceeding analyst expectations and showing a 12.7% year-over-year revenue growth.

AlphaQuest LLC lessened its stake in Okta, Inc. (NASDAQ:OKTA - Free Report) by 94.6% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 557 shares of the company's stock after selling 9,694 shares during the quarter. AlphaQuest LLC's holdings in Okta were worth $59,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Okta by 3.4% during the first quarter. Vanguard Group Inc. now owns 17,792,886 shares of the company's stock valued at $1,872,167,000 after acquiring an additional 582,956 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Okta by 52.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 12,126 shares of the company's stock valued at $956,000 after purchasing an additional 4,171 shares in the last quarter. Trek Financial LLC purchased a new position in shares of Okta in the first quarter valued at $426,000. Merit Financial Group LLC purchased a new position in Okta during the first quarter worth about $823,000. Finally, Stephens Investment Management Group LLC grew its position in Okta by 10.4% during the first quarter. Stephens Investment Management Group LLC now owns 499,125 shares of the company's stock worth $52,518,000 after buying an additional 46,818 shares in the last quarter. Institutional investors own 86.64% of the company's stock.

Wall Street Analysts Forecast Growth

OKTA has been the subject of several research analyst reports. Stephens reaffirmed an "equal weight" rating and set a $127.00 price target on shares of Okta in a research note on Tuesday, May 27th. JPMorgan Chase & Co. upped their price target on Okta from $120.00 to $140.00 and gave the company an "overweight" rating in a research report on Friday, May 23rd. DA Davidson lowered their price target on Okta from $145.00 to $140.00 and set a "buy" rating for the company in a research report on Wednesday, May 28th. Royal Bank Of Canada upped their price target on Okta from $113.00 to $115.00 and gave the company an "outperform" rating in a research report on Wednesday, August 27th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $125.00 price target on shares of Okta in a research report on Wednesday, August 27th. Twenty-two equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $118.25.

Insiders Place Their Bets

In other Okta news, CEO Todd Mckinnon sold 31,592 shares of Okta stock in a transaction 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 approximately $1,970,994.60. The trade was a 60.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jacques Frederic Kerrest sold 581 shares of the business's stock in a transaction 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 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 have sold 88,594 shares of company stock valued at $8,382,790 over the last quarter. Corporate insiders own 5.68% of the company's stock.

Okta Stock Performance

Shares of NASDAQ OKTA traded down $0.01 during midday trading on Tuesday, hitting $92.68. 726,530 shares of the stock traded hands, compared to its average volume of 3,719,852. Okta, Inc. has a one year low of $70.56 and a one year high of $127.57. The firm has a 50-day moving average of $94.02 and a two-hundred day moving average of $102.11. The firm has a market capitalization of $16.22 billion, a P/E ratio of 109.03, a PEG ratio of 4.46 and a beta of 0.83.

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

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.