CWA Asset Management Group LLC Purchases New Stake in Okta, Inc. $OKTA

Key Points

• CWA Asset Management Group purchased 21,549 Okta shares worth approximately $4.5 million during the third quarter. Institutional investors collectively own 86.64% of the company.
• Okta insiders sold 137,766 shares valued at about $23.9 million over the past three months, including substantial sales by CEO Todd McKinnon and insider Eric Kelleher under pre-arranged trading plans.
• Analysts maintain a generally positive outlook, with Okta carrying a “Moderate Buy” consensus rating and an average price target of $202.38. The company recently exceeded quarterly earnings and revenue expectations.

CWA Asset Management Group LLC purchased a new stake in Okta, Inc. (NASDAQ:OKTA - Free Report) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 21,549 shares of the company's stock, valued at approximately $4,506,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its position in Okta by 71.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,553,091 shares of the company's stock worth $281,209,000 after acquiring an additional 1,485,963 shares in the last quarter. Pictet Asset Management Holding SA boosted its position 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 purchasing an additional 550,328 shares in the last quarter. Quantinno Capital Management LP boosted its position in shares of Okta by 114.3% during the 1st quarter. Quantinno Capital Management LP now owns 746,009 shares of the company's stock worth $58,718,000 after purchasing an additional 397,951 shares in the last quarter. Swedbank AB boosted its position in shares of Okta by 21.9% during the 1st quarter. Swedbank AB now owns 2,216,588 shares of the company's stock worth $174,468,000 after purchasing an additional 397,507 shares in the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of Okta by 641.7% during the 1st quarter. SG Americas Securities LLC now owns 392,421 shares of the company's stock worth $30,887,000 after purchasing an additional 339,515 shares during the period. Institutional investors and hedge funds own 86.64% of the company's stock.

Insider Buying and Selling

In related news, CEO Todd McKinnon sold 48,822 shares of the stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $193.48, for a total value of $9,446,080.56. Following the sale, the chief executive officer directly owned 44,029 shares of the company's stock, valued at approximately $8,518,730.92. This represents a 52.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Kelleher sold 6,395 shares of the stock in a transaction dated 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 completion of the sale, the insider directly owned 18,668 shares in the company, valued at approximately $3,427,071.44. The trade was a 25.52% 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 137,766 shares of company stock worth $23,927,112 in the last three months. Corporate insiders own 4.61% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. HSBC downgraded shares of Okta from a "buy" rating to a "hold" rating in a report on Monday, July 6th. Stifel Nicolaus boosted their price objective on shares of Okta from $180.00 to $215.00 and gave the stock a "buy" rating in a report on Thursday, September 24th. Evercore restated an "outperform" rating and set a $240.00 target price on shares of Okta in a research report on Thursday, September 24th. Oppenheimer upped their target price on shares of Okta from $190.00 to $227.00 and gave the stock an "outperform" rating in a research report on Thursday, September 24th. Finally, Barclays increased their target price on shares of Okta from $180.00 to $215.00 and gave the company an "overweight" rating in a report on Thursday, September 24th. One research 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's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $202.38.

Okta Stock Performance

OKTA opened at $194.02 on Wednesday. The company has a market cap of $33.92 billion, a price-to-earnings ratio of 116.88, a PEG ratio of 5.91 and a beta of 0.73. Okta, Inc. has a one year low of $62.66 and a one year high of $235.00. The business's fifty day moving average is $182.00 and its two-hundred day moving average is $135.98.

Okta (NASDAQ:OKTA - Get Free Report) last announced its quarterly earnings results on Wednesday, August 26th. The company reported $1.05 earnings per share for the quarter, beating analysts' consensus estimates of $0.96 by $0.09. The business had revenue of $805.00 million during the quarter, compared to analysts' expectations of $793.00 million. Okta had a return on equity of 4.50% and a net margin of 9.63%. 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 posted $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. On average, analysts predict that Okta, Inc. will post 1.92 EPS for the current fiscal year.

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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