Cantor Fitzgerald Investment Advisors L.P. Buys New Holdings in Okta, Inc. $OKTA

Key Points

• Cantor Fitzgerald Investment Advisors bought 157,560 Okta shares worth approximately $32.9 million, making the position 1.5% of its portfolio and about 0.09% of Okta’s outstanding stock.
• Okta reported quarterly EPS of $1.05 and revenue of $805 million, beating analyst estimates, while revenue increased 10.6% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $202.38.
• Okta shares were trading up 7.5%, but insiders sold 137,766 shares worth roughly $23.9 million over the past 90 days, including substantial sales by the CEO and CFO under pre-arranged trading plans.

Cantor Fitzgerald Investment Advisors L.P. purchased a new stake in Okta, Inc. (NASDAQ:OKTA - Free Report) in the third quarter, according to its most recent filing with the SEC. The fund purchased 157,560 shares of the company's stock, valued at approximately $32,947,000. Okta comprises 1.5% of Cantor Fitzgerald Investment Advisors L.P.'s portfolio, making the stock its 11th biggest position. Cantor Fitzgerald Investment Advisors L.P. owned approximately 0.09% of Okta as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in OKTA. Allspring Global Investments Holdings LLC raised its position in shares of Okta by 71.9% during 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 during the period. Pictet Asset Management Holding SA grew its position 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 worth $195,844,000 after acquiring an additional 550,328 shares during the last quarter. Swedbank AB grew 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 worth $174,468,000 after acquiring an additional 397,507 shares during the last quarter. Bank of America Corp DE grew 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 worth $117,821,000 after acquiring an additional 6,533 shares during the last quarter. Finally, Senvest Management LLC increased its holdings in shares of 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 acquiring an additional 292,900 shares during the period. 86.64% of the stock is owned by institutional investors and hedge funds.

Okta Trading Up 7.5%

Shares of NASDAQ:OKTA opened at $208.64 on Thursday. The company has a 50 day moving average of $183.23 and a 200-day moving average of $136.88. The firm has a market cap of $36.47 billion, a P/E ratio of 125.69, a P/E/G ratio of 6.04 and a beta of 0.73. Okta, Inc. has a twelve month low of $62.66 and a twelve month high of $235.00.

Okta (NASDAQ:OKTA - Get Free Report) last posted its quarterly earnings data on Wednesday, August 26th. The company reported $1.05 EPS for the quarter, beating analysts' consensus estimates of $0.96 by $0.09. The business had revenue of $805.00 million for 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%. The business's revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter last year, the business earned $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. Equities research analysts forecast that Okta, Inc. will post 1.92 EPS for the current year.

Analyst Upgrades and Downgrades

OKTA has been the topic of several recent research reports. Truist Financial lifted their price objective on shares of Okta from $200.00 to $235.00 and gave the company a "buy" rating in a research report on Thursday, September 24th. Wells Fargo & Company lifted their price target on Okta from $200.00 to $230.00 and gave the company an "overweight" rating in a report on Thursday, September 24th. JPMorgan Chase & Co. boosted their price objective on Okta from $165.00 to $190.00 and gave the stock an "overweight" rating in a research report on Thursday, August 27th. Barclays increased their price objective on Okta from $180.00 to $215.00 and gave the stock an "overweight" rating in a report on Thursday, September 24th. Finally, UBS Group raised their target price on Okta from $150.00 to $200.00 and gave the company a "buy" rating in a research report on Thursday, August 27th. One research analyst has rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $202.38.

Insider Activity at Okta

In related news, CEO Todd McKinnon sold 48,822 shares of the stock in a transaction that occurred on Tuesday, September 22nd. The shares were 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 of the company's stock, valued at $8,518,730.92. This represents a 52.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brett Tighe sold 41,251 shares of the company's stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $162.44, for a total value of $6,700,812.44. Following the completion of the transaction, the chief financial officer directly owned 7,693 shares in the company, valued at $1,249,650.92. This represents a 84.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 137,766 shares of company stock valued at $23,927,112 over the last ninety days. Insiders own 4.61% of the company's stock.

Okta Company Profile

Okta, Inc provides cloud-based identity and access management solutions for organizations worldwide. Its platform helps businesses securely connect employees, contractors, customers and partners with the applications, systems and services they need to use.

The company's offerings include single sign-on, multifactor authentication, identity governance, lifecycle management, directory services and privileged access management. Okta also provides customer identity solutions through Auth0, its developer-focused identity platform, which supports authentication and authorization for applications and digital experiences.

Okta serves enterprises, government agencies, small and medium-sized businesses, developers and other organizations across North America, Europe, Asia-Pacific and additional international markets.

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