Cullinan Associates Inc. Decreases Stake in Okta, Inc. $OKTA

Key Points

• Cullinan Associates Inc. reduced its stake in Okta, Inc. by 17.9% during the second quarter, selling 6,150 shares and holding 28,300 shares valued at approximately $2.83 million.
• CEO Todd Mckinnon sold 31,968 shares of Okta, while CFO Brett Tighe sold 10,000 shares, indicating significant insider selling activities.
• The stock price of Okta opened at $93.30 with a market cap of $16.33 billion, and analysts have varying ratings, with a consensus target price of $118.94.

Cullinan Associates Inc. lessened its stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 17.9% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 28,300 shares of the company's stock after selling 6,150 shares during the period. Cullinan Associates Inc.'s holdings in Okta were worth $2,829,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of OKTA. Wolff Wiese Magana LLC raised its holdings in shares of Okta by 167.4% during the 1st quarter. Wolff Wiese Magana LLC now owns 246 shares of the company's stock worth $26,000 after acquiring an additional 154 shares during the period. Pinnacle Bancorp Inc. purchased a new position in shares of Okta during the 2nd quarter worth $26,000. Wayfinding Financial LLC purchased a new position in shares of Okta during the 1st quarter worth $27,000. Harbour Investments Inc. increased its position in shares of Okta by 152.4% during the 1st quarter. Harbour Investments Inc. now owns 260 shares of the company's stock worth $27,000 after purchasing an additional 157 shares during the last quarter. Finally, Rossby Financial LCC acquired a new position in Okta in the first quarter valued at about $31,000. Hedge funds and other institutional investors own 86.64% of the company's stock.

Insider Buying and Selling

In other Okta news, CEO Todd Mckinnon sold 31,968 shares of the business's stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $92.33, for a total value of $2,951,605.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Brett Tighe sold 10,000 shares of the business's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $95.00, for a total value of $950,000.00. Following the completion of the sale, the chief financial officer owned 132,288 shares of the company's stock, valued at approximately $12,567,360. This represents a 7.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 137,003 shares of company stock valued at $12,819,238 in the last 90 days. Company insiders own 5.68% of the company's stock.

Okta Stock Down 1.7%

OKTA stock opened at $93.30 on Monday. The business has a 50 day moving average price of $92.49 and a 200 day moving average price of $100.47. The stock has a market cap of $16.33 billion, a price-to-earnings ratio of 109.76, a PEG ratio of 4.58 and a beta of 0.84. Okta, Inc. has a fifty-two week low of $70.92 and a fifty-two week high of $127.57.

Okta (NASDAQ:OKTA - Get Free Report) last posted its earnings results on Tuesday, August 26th. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.84 by $0.07. The firm had revenue of $728,000 billion during the quarter, compared to analysts' expectations of $711.84 million. Okta had a return on equity of 3.31% and a net margin of 6.08%.The firm's revenue was up 12.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.72 earnings per share. Okta has set its FY 2026 guidance at 3.330-3.380 EPS. Q3 2026 guidance at 0.740-0.750 EPS. As a group, sell-side analysts anticipate that Okta, Inc. will post 0.42 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on OKTA. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Okta in a research note on Saturday, September 27th. Bank of America reaffirmed an "underperform" rating and set a $75.00 target price on shares of Okta in a research note on Wednesday, August 27th. Truist Financial raised shares of Okta from a "hold" rating to a "buy" rating and increased their target price for the stock from $100.00 to $125.00 in a research note on Monday, August 25th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $130.00 target price on shares of Okta in a research note on Wednesday, August 27th. Finally, BMO Capital Markets lowered their target price on shares of Okta from $132.00 to $112.00 and set a "market perform" rating for the company in a research note on Wednesday, August 27th. Twenty-two equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $118.94.

Okta Profile

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.

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