CenterBook Partners LP Purchases 30,501 Shares of Okta, Inc. $OKTA

Key Points

• CenterBook Partners LP initiated a stake in Okta, buying 30,501 shares worth approximately $6.38 million in the third quarter. Other institutional investors also opened positions, and institutions collectively own 86.64% of the stock.
• Analysts maintain a “Moderate Buy” consensus on Okta, with an average price target of $202.38; recent target increases included Jefferies’ move to $240.
• Okta’s latest reported quarter beat earnings and revenue estimates, with revenue up 10.6% year over year. Shares recently traded at $168.69, down 1.4% that day.

CenterBook Partners LP bought a new stake in Okta, Inc. (NASDAQ:OKTA - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 30,501 shares of the company's stock, valued at approximately $6,378,000.

A number of other large investors also recently made changes to their positions in the company. Heritage Family Offices LLP bought a new position in shares of Okta in the third quarter valued at approximately $198,000. Calamos Wealth Management LLC purchased a new stake in shares of Okta during the third quarter valued at approximately $243,000. Calamos Advisors LLC bought a new stake in Okta during the third quarter worth $3,990,000. Ariose Capital Management Ltd bought a new stake in Okta during the third quarter worth $12,221,000. Finally, Alta Advisers Ltd purchased a new position in Okta in the third quarter worth $254,000. 86.64% of the stock is owned by institutional investors.

More Okta News

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

Wall Street Analysts Forecast Growth

OKTA has been the subject of several research analyst reports. Jefferies Financial Group raised their target price on Okta from $200.00 to $240.00 and gave the company a "buy" rating in a research report on Thursday, September 24th. JPMorgan Chase & Co. increased their price target on shares of Okta from $165.00 to $190.00 and gave the company an "overweight" rating in a research report on Thursday, August 27th. Canaccord Genuity Group raised their price objective on shares of Okta from $115.00 to $175.00 and gave the stock a "buy" rating in a report on Thursday, August 27th. Stifel Nicolaus lifted their price objective on shares of Okta from $180.00 to $215.00 and gave the stock a "buy" rating in a research report on Thursday, September 24th. Finally, Royal Bank Of Canada boosted their target price on shares of Okta from $195.00 to $230.00 and gave the company an "outperform" rating in a research note on Thursday, September 24th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $202.38.

Okta Stock Down 1.4%

Shares of NASDAQ:OKTA traded down $2.47 during midday trading on Friday, reaching $168.69. 5,290,566 shares of the company traded hands, compared to its average volume of 3,403,562. Okta, Inc. has a 12 month low of $62.66 and a 12 month high of $235.00. The firm has a market capitalization of $29.49 billion, a price-to-earnings ratio of 101.62, a price-to-earnings-growth ratio of 5.75 and a beta of 0.74. The firm's fifty day moving average price is $196.81 and its two-hundred day moving average price is $126.92.

Okta (NASDAQ:OKTA - Get Free Report) last issued its earnings results on Wednesday, August 26th. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.96 by $0.09. The business had revenue of $805.00 million during the quarter, compared to the consensus estimate of $793.00 million. Okta had a return on equity of 4.50% and a net margin of 9.63%. The firm's revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.91 EPS. 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 forecast that Okta, Inc. will post 1.92 earnings per share for the current year.

Insider Activity

In related news, insider Eric Kelleher sold 6,395 shares of the company's stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $183.58, for a total transaction of $1,173,994.10. Following the sale, the insider owned 18,668 shares of the company's stock, valued at approximately $3,427,071.44. This represents a 25.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brett Tighe sold 41,251 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $162.44, for a total transaction of $6,700,812.44. Following the completion of the sale, the chief financial officer owned 7,693 shares in the company, valued at $1,249,650.92. This represents a 84.28% 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. Over the last ninety days, insiders sold 137,766 shares of company stock worth $23,927,112. 4.61% of the stock is owned by company insiders.

Okta Profile

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.