Calamos Advisors LLC Acquires New Stake in Okta, Inc. $OKTA

Key Points

• Calamos Advisors initiated a position in Okta, buying 19,079 shares worth approximately $3.99 million in the third quarter; institutional investors own 86.64% of the stock.
• Okta’s latest reported quarter beat expectations, with EPS of $1.05 versus $0.96 expected and revenue of $805 million, up 10.6% year over year.
• Investor sentiment is mixed: ETF buying has provided support, while a broader software-stock selloff and a valuation-focused downgrade have weighed on shares. Analysts overall maintain a “Moderate Buy” consensus with a $202.38 price target.

Calamos Advisors LLC acquired a new stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 19,079 shares of the company's stock, valued at approximately $3,990,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Versant Capital Management Inc raised its stake in shares of Okta by 11.9% in the third quarter. Versant Capital Management Inc now owns 563 shares of the company's stock valued at $118,000 after buying an additional 60 shares during the period. MGO One Seven LLC lifted its position in shares of Okta by 3.9% during the 3rd quarter. MGO One Seven LLC now owns 1,614 shares of the company's stock valued at $338,000 after buying an additional 60 shares during the last quarter. Washington Trust Advisors Inc. grew its stake in shares of Okta by 64.2% during the 2nd quarter. Washington Trust Advisors Inc. now owns 197 shares of the company's stock worth $27,000 after acquiring an additional 77 shares during the period. Fifth Third Wealth Advisors LLC grew its stake in shares of Okta by 1.6% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 4,817 shares of the company's stock worth $1,007,000 after acquiring an additional 78 shares during the period. Finally, Novem Group increased its holdings in Okta by 5.5% in the 3rd quarter. Novem Group now owns 1,795 shares of the company's stock worth $375,000 after acquiring an additional 93 shares during the last quarter. 86.64% of the stock is owned by institutional investors.

Key Headlines Impacting Okta

Here are the key news stories impacting Okta this week:

• Positive Sentiment: ETFs bought about $99.5 million of Okta shares on Wednesday, with 36 funds buying versus 15 selling. In a related report, the Invesco S&P 500 Equal Weight Technology ETF initiated an $89.1 million position in Okta, making it its only addition while trimming 74 other holdings. The buying may offer support, though both reports refer to Wednesday’s activity. ETF buying article Invesco RSPT article
• Negative Sentiment: Okta shares declined alongside other software names as Wall Street retreated from AI-associated stocks, a rotation that hit recent software winners. This broad sector-driven selling was a key near-term headwind. Software sell-off article
• Negative Sentiment: A Seeking Alpha contributor downgraded Okta to Sell, arguing that its valuation bubble may be deflating. The bearish valuation view could weigh on sentiment, particularly amid the wider pullback in software stocks. Seeking Alpha downgrade

Okta Price Performance

Okta stock opened at $168.69 on Monday. Okta, Inc. has a one year low of $62.66 and a one year high of $235.00. The business has a fifty day moving average price of $196.81 and a 200-day moving average price of $126.92. The firm has a market capitalization of $29.49 billion, a P/E ratio of 101.62, a PEG ratio of 5.25 and a beta of 0.74.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on OKTA shares. Jefferies Financial Group boosted their price objective on Okta from $200.00 to $240.00 and gave the company a "buy" rating in a research note on Thursday, September 24th. Royal Bank Of Canada upped their price objective on shares of Okta from $195.00 to $230.00 and gave the company an "outperform" rating in a report on Thursday, September 24th. DA Davidson increased their target price on shares of Okta from $190.00 to $235.00 and gave the stock a "buy" rating in a research report on Thursday, September 24th. Truist Financial lifted 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. Finally, Sanford C. Bernstein lowered shares of Okta from an "outperform" rating to a "market perform" rating and boosted their price target for the company from $143.00 to $174.00 in a research report on Thursday, September 17th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $202.38.

Insiders Place Their Bets

In other news, insider Eric Kelleher sold 6,395 shares of the company's stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $183.58, for a total transaction of $1,173,994.10. Following the sale, the insider directly owned 18,668 shares in the company, valued at $3,427,071.44. This represents a 25.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd McKinnon sold 48,822 shares of the stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $193.48, for a total transaction of $9,446,080.56. Following the completion of the sale, the chief executive officer directly owned 44,029 shares in the company, valued at approximately $8,518,730.92. The trade was a 52.58% decrease in their ownership of the stock. 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 in the last quarter. 4.61% of the stock is owned by company insiders.

About Okta

Okta, Inc provides cloud-based identity and access management services. Its platform helps organizations manage how employees, customers, partners and other users sign in to applications and access digital resources.

Okta's products include single sign-on, multifactor authentication, identity governance and user lifecycle management. Through Auth0, which Okta acquired in 2021, the company also offers tools that developers can use to add identity and authentication features to customer-facing applications.

Founded in 2009 by Todd McKinnon and Frederic Kerrest, Okta serves organizations around the world across a range of industries.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.