Corient Private Wealth LP Sells 117,059 Shares of Okta, Inc. $OKTA

Key Points

• Corient Private Wealth reduced its Okta stake by 76.6%, selling 117,059 shares in the second quarter and retaining 35,824 shares valued at approximately $4.9 million. Institutional investors collectively own 86.64% of Okta.
• Okta recently exceeded quarterly expectations, reporting $1.05 in EPS and $805 million in revenue, with revenue up 10.6% year over year. Analysts remain broadly positive, with a “Moderate Buy” consensus and an average price target of $175.89, although targets range as high as $219.
• Investor sentiment is being supported by the potential for AI-agent demand and cybersecurity growth, but valuation and insider selling remain risks. Executives have sold nearly 154,000 shares worth $23.7 million over the past 90 days, while Okta trades near its 52-week high at a lofty P/E ratio of 109.86.

Corient Private Wealth LP cut its stake in Okta, Inc. (NASDAQ:OKTA - Free Report) by 76.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 35,824 shares of the company's stock after selling 117,059 shares during the quarter. Corient Private Wealth LP's holdings in Okta were worth $4,888,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in OKTA. Eurizon Capital SGR S.p.A. purchased a new position in shares of Okta in the fourth quarter worth $3,122,000. Swedbank AB grew its holdings in shares of Okta by 124.3% during the fourth quarter. Swedbank AB now owns 1,819,081 shares of the company's stock valued at $157,296,000 after buying an additional 1,007,915 shares during the last quarter. Diversify Wealth Management LLC purchased a new stake in shares of Okta during the first quarter valued at $2,077,000. Torque Asset Management LLC grew its holdings in shares of Okta by 40.5% during the fourth quarter. Torque Asset Management LLC now owns 289,141 shares of the company's stock valued at $25,002,000 after buying an additional 83,337 shares during the last quarter. Finally, Swiss National Bank increased its position in shares of Okta by 7.7% in the 1st quarter. Swiss National Bank now owns 497,300 shares of the company's stock valued at $39,142,000 after acquiring an additional 35,700 shares during the period. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

More Okta News

Here are the key news stories impacting Okta this week:

• Positive Sentiment: Investors continue to view AI-agent growth as a potential demand catalyst for Okta’s identity-security platform. CEO Todd McKinnon has described AI agents as a new identity type, while commentary from Jim Cramer suggested that AI-related risks could make Okta’s security software more essential. Jim Cramer Says AI Could Make Okta’s Security Software More Essential
• Positive Sentiment: Cybersecurity stocks have benefited from heightened concern about AI-driven threats, helping Okta shares gain substantially during the week and reach a new 52-week high alongside other security companies. Why Shares of Okta Stock Shot Up 10% This Week
• Positive Sentiment: BTIG raised its Okta price target to $219 and maintained a buy rating, citing additional potential upside. Recent ETF data also showed approximately $142 million of net buying, indicating continued institutional interest.
• Positive Sentiment: Okta appointed Helen Riley, an AI-focused finance and operations executive, to its board after Emilie Choi’s resignation. Management said her experience could help the company capitalize on the opportunity to secure AI. Okta Names Helen Riley to Board of Directors
• Neutral Sentiment: Bank of America lifted its price target from $170 to $200 but kept a neutral rating, signaling that analysts see improved fundamentals but limited near-term upside after the stock’s sharp advance.
• Neutral Sentiment: Okta and Exclusive Networks expanded their distribution partnership in Sub-Saharan Africa, potentially broadening regional reach, though the immediate financial impact is unclear. Exclusive Networks and Okta Extend Strategic Distribution Partnership
• Negative Sentiment: Bernstein downgraded Okta and other cybersecurity stocks as concerns mounted that AI-related optimism and much of the favorable demand outlook may already be reflected in valuations. The downgrade appears to be the main reason for recent selling pressure despite a higher target price.
• Negative Sentiment: Reported insider activity has been heavily weighted toward sales, including transactions by senior executives, adding a modest sentiment headwind at a time when valuation concerns are increasing.

Insiders Place Their Bets

In other Okta news, CFO Brett Tighe sold 41,251 shares of the firm's stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $162.44, for a total value of $6,700,812.44. Following the sale, the chief financial officer directly owned 7,693 shares of the company's stock, valued at approximately $1,249,650.92. This trade represents a 84.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Larissa Schwartz sold 2,463 shares of the business's stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $120.00, for a total value of $295,560.00. Following the completion of the sale, the insider owned 25,241 shares of the company's stock, valued at $3,028,920. This trade represents a 8.89% 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 have sold 153,948 shares of company stock worth $23,709,993 in the last 90 days. 4.61% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. DA Davidson raised their target price on Okta from $165.00 to $190.00 and gave the stock a "buy" rating in a research note on Thursday, August 27th. Bank of America boosted their price target on Okta from $170.00 to $200.00 and gave the company a "neutral" rating in a research note on Friday. BTIG Research increased their price objective on Okta from $187.00 to $219.00 and gave the company a "buy" rating in a report on Thursday. Robert W. Baird raised their price objective on Okta from $175.00 to $185.00 and gave the stock an "outperform" rating in a research note on Thursday, August 27th. Finally, Truist Financial reaffirmed a "buy" rating and set a $200.00 target price (up from $165.00) on shares of Okta in a report on Thursday, August 27th. One analyst has rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $175.89.

Okta Stock Performance

Shares of OKTA opened at $182.37 on Friday. The business's 50-day moving average is $153.56 and its two-hundred day moving average is $115.48. The company has a market capitalization of $31.88 billion, a P/E ratio of 109.86, a P/E/G ratio of 5.67 and a beta of 0.79. Okta, Inc. has a fifty-two week low of $62.66 and a fifty-two week high of $192.59.

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 analysts' consensus estimates of $0.96 by $0.09. The firm had revenue of $805.00 million for 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 company's revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior 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. Analysts forecast that Okta, Inc. will post 1.92 EPS for the current year.

About Okta

Okta, Inc provides cloud-based identity and access management solutions for organizations. Its platform helps businesses securely connect employees, customers, partners and applications while managing authentication, authorization and user access across cloud, on-premises and mobile environments.

The company's offerings include single sign-on, multifactor authentication, adaptive access controls, lifecycle management, identity governance and privileged access capabilities. Through its Customer Identity Cloud, powered by Auth0, Okta also provides tools for developers and businesses to embed authentication and authorization features into applications and digital services.

Founded in 2009 by Todd McKinnon and Frederic Kerrest, Okta completed its initial public offering in 2017.

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