Argent Capital Management LLC Purchases New Position in Okta, Inc. $OKTA

Key Points

• Argent Capital Management acquired 20,916 Okta shares worth approximately $4.37 million, while institutional investors collectively own 86.64% of the company.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $200.72; several firms recently raised targets as high as $245.
• Okta shares recently traded near their 12-month high at $216.74 after the company beat quarterly earnings and revenue estimates, though insiders sold more than $34 million in stock over the past three months.

Argent Capital Management LLC acquired a new position in Okta, Inc. (NASDAQ:OKTA - Free Report) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 20,916 shares of the company's stock, valued at approximately $4,374,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC increased its holdings in shares of Okta by 71.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,553,091 shares of the company's stock worth $281,209,000 after purchasing an additional 1,485,963 shares in the last quarter. Pictet Asset Management Holding SA lifted its holdings 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 valued at $195,844,000 after purchasing an additional 550,328 shares in the last quarter. Swedbank AB boosted 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 valued at $174,468,000 after buying an additional 397,507 shares during the last quarter. Bank of America Corp DE boosted 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 valued at $117,821,000 after buying an additional 6,533 shares during the last quarter. Finally, Senvest Management LLC increased its holdings in Okta by 54.5% in the 1st quarter. Senvest Management LLC now owns 830,515 shares of the company's stock worth $65,370,000 after buying an additional 292,900 shares in the last quarter. 86.64% of the stock is owned by institutional investors.

Analysts Set New Price Targets

OKTA has been the topic of several research analyst reports. Stephens upped their target price on shares of Okta from $190.00 to $240.00 and gave the company an "overweight" rating in a research note on Friday, September 25th. Citizens Jmp lifted their price target on shares of Okta from $180.00 to $225.00 and gave the stock a "market outperform" rating in a research note on Monday, September 28th. HSBC cut shares of Okta from a "buy" rating to a "hold" rating in a report on Monday, July 6th. Needham & Company LLC raised their target price on shares of Okta from $200.00 to $230.00 and gave the stock a "buy" rating in a report on Monday, September 21st. Finally, Morgan Stanley lifted their target price on shares of Okta from $200.00 to $245.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $200.72.

Insider Transactions at Okta

In other news, CFO Brett Tighe sold 41,251 shares of the company's stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $162.44, for a total transaction of $6,700,812.44. Following the sale, the chief financial officer directly owned 7,693 shares in the company, valued at approximately $1,249,650.92. This represents a 84.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd McKinnon sold 48,822 shares of the firm's stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $193.48, for a total value of $9,446,080.56. Following the completion of the sale, the chief executive officer directly owned 44,029 shares of the company's stock, valued at $8,518,730.92. The trade was a 52.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 206,702 shares of company stock worth $34,034,508 in the last three months. Insiders own 4.61% of the company's stock.

Okta Price Performance

Shares of OKTA traded up $5.25 on Monday, reaching $216.74. The company's stock had a trading volume of 1,296,580 shares, compared to its average volume of 3,600,043. The stock has a market capitalization of $37.89 billion, a P/E ratio of 130.39, a PEG ratio of 6.58 and a beta of 0.73. The stock's 50 day simple moving average is $165.40 and its two-hundred day simple moving average is $124.61. Okta, Inc. has a 12-month low of $62.66 and a 12-month high of $218.04.

Okta (NASDAQ:OKTA - Get Free Report) last posted its earnings results on Wednesday, August 26th. The company reported $1.05 earnings per share for the quarter, beating analysts' consensus estimates of $0.96 by $0.09. The firm had revenue of $805.00 million during the quarter, compared to analyst estimates of $793.00 million. Okta had a net margin of 9.63% and a return on equity of 4.50%. Okta's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $0.91 earnings per share. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. Analysts expect that Okta, Inc. will post 1.92 earnings per share for the current year.

Okta 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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