Courier Capital LLC Buys 4,716 Shares of Okta, Inc. $OKTA

Key Points

• Courier Capital increased its Okta stake by 50.6% in the third quarter, acquiring 4,716 shares for a total holding of 14,042 shares valued at approximately $2.94 million. Institutional investors collectively own 86.64% of Okta.
• Okta reported quarterly results above expectations, with EPS of $1.05 versus the $0.96 consensus estimate and revenue of $805 million versus $793 million expected. Revenue grew 10.6% year over year.
• Analysts maintain a broadly positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $201.10, while Okta insiders sold $23.9 million worth of shares over the past three months.

Courier Capital LLC boosted its stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 50.6% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,042 shares of the company's stock after purchasing an additional 4,716 shares during the quarter. Courier Capital LLC's holdings in Okta were worth $2,936,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in OKTA. Allspring Global Investments Holdings LLC raised its position in shares of Okta by 71.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,553,091 shares of the company's stock valued at $281,209,000 after purchasing an additional 1,485,963 shares during the period. Pictet Asset Management Holding SA boosted its holdings in shares of Okta by 28.4% during the 1st quarter. Pictet Asset Management Holding SA now owns 2,490,681 shares of the company's stock worth $195,844,000 after buying an additional 550,328 shares during the period. Swedbank AB grew its stake in Okta by 21.9% in the 1st 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 grew its stake in Okta by 0.4% in the 1st 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 raised 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 acquiring an additional 292,900 shares during the period. Institutional investors and hedge funds own 86.64% of the company's stock.

Okta Stock Down 0.2%

NASDAQ OKTA traded down $0.55 during midday trading on Tuesday, hitting $226.53. The company had a trading volume of 2,316,207 shares, compared to its average volume of 3,578,976. The stock has a market cap of $39.60 billion, a price-to-earnings ratio of 136.46, a P/E/G ratio of 7.22 and a beta of 0.73. The firm has a fifty day simple moving average of $175.39 and a two-hundred day simple moving average of $130.67. Okta, Inc. has a fifty-two week low of $62.66 and a fifty-two week 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.09. The company had revenue of $805.00 million for the quarter, compared to the consensus estimate of $793.00 million. Okta had a net margin of 9.63% and a return on equity of 4.50%. The business's revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $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. As a group, equities analysts predict that Okta, Inc. will post 1.92 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Guggenheim boosted their target price on shares of Okta from $188.00 to $227.00 and gave the stock a "buy" rating in a research report on Thursday, September 24th. BTIG Research restated a "buy" rating and set a $219.00 price target on shares of Okta in a report on Thursday, September 24th. Robert W. Baird raised their price target on Okta from $200.00 to $235.00 and gave the company an "outperform" rating in a research report on Friday, September 25th. Scotiabank reiterated an "outperform" rating on shares of Okta in a research note on Monday, September 28th. Finally, UBS Group lifted their price objective on Okta from $150.00 to $200.00 and gave the stock a "buy" rating in a research note on Thursday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $201.10.

Insider Buying and Selling

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 completion of the sale, the chief financial officer owned 7,693 shares in the company, valued at approximately $1,249,650.92. This trade represents a 84.28% decrease in their position. The sale was disclosed in a legal 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 stock was 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 owned 44,029 shares of the company's stock, valued at $8,518,730.92. This represents a 52.58% decrease in their position. 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 a total of 137,766 shares of company stock valued at $23,927,112 over the last three months. 4.61% of the stock is owned by corporate insiders.

About Okta

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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