M&T Bank Corp Grows Stake in Okta, Inc. $OKTA

Key Points

• M&T Bank Corp boosted its position in Okta by 1,584.2% in Q4, acquiring an additional 59,329 shares to hold 63,074 shares worth about $5.45 million.
• Okta beat the latest quarter's estimates with EPS of $0.90 (vs. $0.85 expected) and revenue of $761 million, up 11.6% year-over-year.
• The company's board approved a $1.00 billion share repurchase plan (up to about 6.8% of outstanding shares), signaling management believes the stock may be undervalued.

M&T Bank Corp boosted its position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 1,584.2% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 63,074 shares of the company's stock after purchasing an additional 59,329 shares during the quarter. M&T Bank Corp's holdings in Okta were worth $5,454,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Root Financial Partners LLC purchased a new position in Okta during the 3rd quarter valued at about $26,000. Elevation Wealth Partners LLC increased its position in Okta by 825.0% during the 4th quarter. Elevation Wealth Partners LLC now owns 296 shares of the company's stock valued at $26,000 after purchasing an additional 264 shares during the period. Aster Capital Management DIFC Ltd purchased a new position in Okta during the 3rd quarter valued at about $34,000. Westside Investment Management Inc. increased its position in Okta by 86.9% during the 3rd quarter. Westside Investment Management Inc. now owns 415 shares of the company's stock valued at $38,000 after purchasing an additional 193 shares during the period. Finally, Financial Consulate Inc. purchased a new position in Okta during the 3rd quarter valued at about $40,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on OKTA shares. Berenberg Bank cut their target price on shares of Okta from $145.00 to $120.00 and set a "buy" rating on the stock in a research report on Thursday, March 5th. Wolfe Research assumed coverage on Okta in a report on Thursday, April 16th. They issued an "outperform" rating on the stock. Royal Bank Of Canada lifted their price target on Okta from $97.00 to $108.00 and gave the company an "outperform" rating in a report on Monday, January 5th. Sanford C. Bernstein reiterated an "outperform" rating and issued a $134.00 price target on shares of Okta in a report on Friday, March 6th. Finally, Jefferies Financial Group cut their price target on Okta from $125.00 to $105.00 and set a "buy" rating on the stock in a report on Monday, March 2nd. Twenty-nine investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $101.95.

Okta Trading Down 0.1%

NASDAQ:OKTA opened at $75.98 on Friday. The company has a market cap of $13.44 billion, a PE ratio of 58.00, a P/E/G ratio of 2.96 and a beta of 0.76. Okta, Inc. has a twelve month low of $62.66 and a twelve month high of $127.57. The company's 50 day moving average is $76.29 and its two-hundred day moving average is $83.54.

Okta (NASDAQ:OKTA - Get Free Report) last released its earnings results on Wednesday, March 4th. The company reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.05. The company had revenue of $761.00 million for the quarter, compared to the consensus estimate of $749.87 million. Okta had a net margin of 8.05% and a return on equity of 4.18%. Okta's revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.78 EPS. Okta has set its FY 2027 guidance at 3.740-3.820 EPS and its Q1 2027 guidance at 0.840-0.860 EPS. As a group, analysts expect that Okta, Inc. will post 1.61 EPS for the current fiscal year.

Okta announced that its board has approved a stock repurchase plan on Monday, January 5th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 6.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at Okta

In other Okta news, insider Eric Robert Kelleher sold 2,409 shares of the business's stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $80.00, for a total transaction of $192,720.00. Following the sale, the insider owned 15,470 shares in the company, valued at approximately $1,237,600. The trade was a 13.47% decrease in their position. The transaction was disclosed in a document filed 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, insider Larissa Schwartz sold 6,377 shares of the business's stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $79.75, for a total value of $508,565.75. Following the sale, the insider owned 54,825 shares in the company, valued at approximately $4,372,293.75. The trade was a 10.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 63,843 shares of company stock worth $5,071,889. 5.68% of the stock is owned by corporate insiders.

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.

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