Legal & General Group Plc Trims Stock Position in Okta, Inc. $OKTA

Key Points

• Legal & General Group trimmed its Okta stake by 3.4% in the fourth quarter, though it still held 974,376 shares valued at about $84.3 million at the end of the period.
• Okta reported strong quarterly results, posting $0.91 EPS and $765 million in revenue, both above estimates, while revenue rose 11.2% year over year.
• Analyst sentiment improved after earnings, with several firms raising price targets and the stock surging to around its 52-week high as investors reacted positively to the company’s guidance and AI-related growth narrative.

Legal & General Group Plc lessened its position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 3.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 974,376 shares of the company's stock after selling 34,471 shares during the quarter. Legal & General Group Plc owned about 0.55% of Okta worth $84,254,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. New Age Alpha Advisors LLC raised its position in Okta by 4.7% in the fourth quarter. New Age Alpha Advisors LLC now owns 35,767 shares of the company's stock valued at $3,093,000 after purchasing an additional 1,605 shares during the period. Hantz Financial Services Inc. raised its position in Okta by 100.0% in the fourth quarter. Hantz Financial Services Inc. now owns 2,966 shares of the company's stock valued at $256,000 after purchasing an additional 1,483 shares during the period. Swedbank AB raised its position 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. Catalyst Funds Management Pty Ltd purchased a new stake in Okta in the fourth quarter valued at approximately $424,000. Finally, Legato Capital Management LLC purchased a new stake in Okta in the fourth quarter valued at approximately $326,000. Hedge funds and other institutional investors own 86.64% of the company's stock.

Okta Stock Up 30.1%

NASDAQ:OKTA opened at $123.27 on Friday. The company has a fifty day simple moving average of $79.90 and a two-hundred day simple moving average of $82.97. The company has a market cap of $21.80 billion, a price-to-earnings ratio of 89.33, a price-to-earnings-growth ratio of 3.69 and a beta of 0.59. Okta, Inc. has a 52 week low of $62.66 and a 52 week high of $124.79.

Okta (NASDAQ:OKTA - Get Free Report) last posted its quarterly earnings results on Thursday, May 28th. The company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.85 by $0.06. The business 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 4.16%. The company's quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $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 expect that Okta, Inc. will post 1.61 EPS for the current year.

Okta News Summary

Here are the key news stories impacting Okta this week:

• Positive Sentiment: Okta beat consensus on both revenue and earnings, reporting $765 million in revenue and $0.91 EPS, while also raising full-year and next-quarter guidance above expectations. Article Title
• Positive Sentiment: Management highlighted accelerating demand for identity tools tied to AI agents, suggesting a new growth tailwind for Okta’s security platform. Article Title
• Positive Sentiment: A broad list of brokerages raised price targets after the report, including JPMorgan, Barclays, Morgan Stanley, BTIG, Needham, BMO, Truist, RBC, and others, reinforcing the bullish post-earnings setup. Article Title
• Positive Sentiment: Multiple reports said investors are rethinking the “SaaSpocalypse” narrative, with software stocks rebounding sharply as Okta’s results showed resilient demand and improving execution. Article Title

Analyst Ratings Changes

OKTA has been the topic of a number of research analyst reports. Mizuho boosted their target price on Okta from $100.00 to $110.00 and gave the company an "outperform" rating in a research report on Friday. BTIG Research boosted their target price on Okta from $105.00 to $119.00 and gave the company a "buy" rating in a research report on Friday. Berenberg Bank boosted their target price on Okta from $120.00 to $135.00 and gave the company a "buy" rating in a research report on Friday. Royal Bank Of Canada boosted their target price on Okta from $108.00 to $122.00 and gave the company an "outperform" rating in a research report on Friday. Finally, Wells Fargo & Company boosted their target price on Okta from $85.00 to $100.00 and gave the company an "equal weight" rating in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $111.86.

Insiders Place Their Bets

In related news, CEO Todd Mckinnon sold 11,263 shares of the business's stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $81.01, for a total transaction of $912,415.63. Following the completion of the transaction, the chief executive officer owned 97,083 shares in the company, valued at approximately $7,864,693.83. The trade was a 10.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director David Schellhase bought 3,712 shares of the stock in a transaction that occurred on Thursday, April 16th. The shares were purchased at an average price of $72.04 per share, with a total value of $267,412.48. Following the purchase, the director owned 3,712 shares of the company's stock, valued at approximately $267,412.48. This represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 70,884 shares of company stock valued at $5,625,648. Corporate insiders own 4.61% of the company's stock.

Okta Profile

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.

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.