Fjarde AP Fonden Fourth Swedish National Pension Fund Increases Position in Okta, Inc. $OKTA

Key Points

• Fjarde AP Fonden nearly doubled its Okta stake in Q1, increasing holdings by 97.4% to 79,750 shares valued at about $6.28 million.
• Okta’s latest quarterly results beat expectations, with EPS of $0.91 versus $0.85 expected and revenue of $765 million, up 11.2% year over year.
• Analyst sentiment remains positive overall: several firms raised price targets, and Okta now has a consensus rating of “Moderate Buy” with an average target price of $116.83.

Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 97.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 79,750 shares of the company's stock after acquiring an additional 39,350 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in Okta were worth $6,277,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Robeco Institutional Asset Management B.V. increased its stake in shares of Okta by 52.9% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 465,370 shares of the company's stock valued at $40,241,000 after acquiring an additional 161,069 shares during the last quarter. Eurizon Capital SGR S.p.A. purchased a new stake in Okta in the fourth quarter valued at approximately $3,122,000. Swedbank AB grew its holdings in Okta by 124.3% in the fourth quarter. Swedbank AB now owns 1,819,081 shares of the company's stock valued at $157,296,000 after purchasing an additional 1,007,915 shares during the period. Congress Asset Management Co. increased its position in Okta by 23.0% during the fourth quarter. Congress Asset Management Co. now owns 98,063 shares of the company's stock worth $8,480,000 after purchasing an additional 18,325 shares during the last quarter. Finally, Torque Asset Management LLC increased its position in Okta by 40.5% during the fourth quarter. Torque Asset Management LLC now owns 289,141 shares of the company's stock worth $25,002,000 after purchasing an additional 83,337 shares during the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Okta

In related news, Director Shellye L. Archambeau sold 2,500 shares of Okta stock in a transaction on Monday, May 18th. The shares were sold at an average price of $85.00, for a total transaction of $212,500.00. Following the sale, the director owned 9,192 shares of the company's stock, valued at $781,320. The trade was a 21.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director David Schellhase acquired 3,712 shares of the business's stock in a transaction on Thursday, April 16th. The stock was purchased at an average price of $72.04 per share, for a total transaction of $267,412.48. Following the acquisition, the director directly owned 3,712 shares in the company, valued at $267,412.48. This represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 111,665 shares of company stock worth $12,935,522. 4.61% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

OKTA has been the topic of a number of research analyst reports. Barclays lifted their price target on shares of Okta from $93.00 to $120.00 and gave the company an "overweight" rating in a report on Friday, May 29th. DA Davidson increased their target price on Okta from $110.00 to $130.00 and gave the stock a "buy" rating in a research report on Friday, May 29th. Wedbush reiterated an "outperform" rating and issued a $60.00 target price on shares of Okta in a report on Friday, May 29th. Morgan Stanley upped their price target on Okta from $101.00 to $115.00 and gave the stock an "overweight" rating in a research note on Friday, May 29th. Finally, Needham & Company LLC raised their price objective on Okta from $120.00 to $140.00 and gave the stock a "buy" rating in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Okta currently has an average rating of "Moderate Buy" and an average target price of $116.83.

Okta Stock Performance

Okta stock opened at $141.42 on Monday. The stock's 50 day moving average price is $104.23 and its 200 day moving average price is $90.02. The firm has a market capitalization of $24.58 billion, a PE ratio of 102.48, a price-to-earnings-growth ratio of 5.09 and a beta of 0.77. Okta, Inc. has a one year low of $62.66 and a one year high of $145.95.

Okta (NASDAQ:OKTA - Get Free Report) last issued its quarterly earnings data on Thursday, May 28th. The company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.06. The company had revenue of $765.00 million during the quarter, compared to the consensus estimate of $751.84 million. Okta had a net margin of 8.24% and a return on equity of 4.15%. Okta's revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter last year, the company earned $0.86 earnings per share. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. On average, analysts forecast that Okta, Inc. will post 1.75 earnings per share for the current fiscal year.

About Okta

Okta, Inc is a publicly traded provider of identity and access management solutions, headquartered in San Francisco, California. Founded in 2009 by Todd McKinnon and Frederic Kerrest, the company completed its initial public offering in April 2017. Under the leadership of McKinnon as chief executive officer and Kerrest as chief operating officer, Okta has grown into a leading vendor in the cybersecurity space, focusing on secure user authentication, single sign-on and lifecycle management for digital identities.

At the core of Okta's offering is the Okta Identity Cloud, a suite of cloud-native services that enable organizations to manage user access across web and mobile applications, on-premises systems and APIs.

Want to see what other hedge funds are holding OKTA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Okta, Inc. (NASDAQ:OKTA - Free Report).

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.