Okta, Inc. $OKTA Shares Bought by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Okta position by 15.7% in the third quarter, adding 29,287 shares for a total of 215,922 shares valued at approximately $45.2 million. Institutional investors collectively own 86.64% of Okta.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $202.38; several firms recently raised their targets to between $230 and $245.
• Okta shares opened at $187.26 after declining 10.2%. The company’s latest quarterly results exceeded expectations, with adjusted EPS of $1.05 versus $0.96 expected and revenue of $805 million, up 10.6% year over year.

Assenagon Asset Management S.A. lifted its position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 15.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 215,922 shares of the company's stock after purchasing an additional 29,287 shares during the period. Assenagon Asset Management S.A. owned about 0.12% of Okta worth $45,151,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Covenant Asset Management LLC purchased a new position in Okta during the 3rd quarter worth approximately $209,000. Western Financial Corp CA purchased a new stake in Okta in the third quarter valued at approximately $1,673,000. Essex LLC purchased a new stake in Okta in the third quarter valued at approximately $201,000. Courier Capital LLC lifted its stake in Okta by 50.6% in the third quarter. Courier Capital LLC now owns 14,042 shares of the company's stock valued at $2,936,000 after buying an additional 4,716 shares during the last quarter. Finally, NorthCrest Asset Manangement LLC purchased a new stake in Okta in the third quarter valued at approximately $248,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Okta

In other news, insider Eric Kelleher sold 6,395 shares of the company's 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 transaction, the insider owned 18,668 shares of the company's stock, valued at $3,427,071.44. This represents a 25.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brett Tighe sold 41,251 shares of the company's stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $162.44, for a total transaction of $6,700,812.44. Following the transaction, the chief financial officer directly owned 7,693 shares of the company's stock, valued at approximately $1,249,650.92. This represents a 84.28% 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. Insiders sold 137,766 shares of company stock worth $23,927,112 in the last 90 days. 4.61% of the stock is owned by company insiders.

Analyst Ratings Changes

OKTA has been the topic of several research reports. Morgan Stanley raised their price objective on shares of Okta from $200.00 to $245.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 29th. HSBC cut shares of Okta from a "buy" rating to a "hold" rating in a report on Monday, July 6th. Robert W. Baird increased their target price on shares of Okta from $200.00 to $235.00 and gave the stock an "outperform" rating in a research note on Friday, September 25th. Needham & Company LLC increased their target price on shares of Okta from $200.00 to $230.00 and gave the stock a "buy" rating in a research note on Monday, September 21st. Finally, HC Wainwright began coverage on Okta in a report on Monday, July 6th. They set a "buy" rating on the stock. One analyst has rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $202.38.

Okta Trading Down 10.2%

Shares of Okta stock opened at $187.26 on Friday. Okta, Inc. has a 12-month low of $62.66 and a 12-month high of $235.00. The stock has a market cap of $32.74 billion, a PE ratio of 112.81, a price-to-earnings-growth ratio of 5.83 and a beta of 0.73. The company has a 50-day moving average of $180.34 and a two-hundred day moving average of $133.98.

Okta (NASDAQ:OKTA - Get Free Report) last released its quarterly earnings results on Wednesday, August 26th. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $0.96 by $0.09. Okta had a net margin of 9.63% and a return on equity of 4.50%. The business had revenue of $805.00 million for the quarter, compared to analyst estimates of $793.00 million. During the same period in the prior year, the business earned $0.91 earnings per share. The company's quarterly revenue was up 10.6% on a year-over-year basis. 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, sell-side analysts forecast that Okta, Inc. will post 1.92 EPS for the current fiscal year.

About Okta

Okta, Inc is an identity and access management company that helps organizations secure and manage access to applications, systems, devices and digital services. Its platform is designed to support employees, contractors, partners, customers and other users across cloud-based and on-premises environments.

Okta's products include single sign-on, multifactor authentication, lifecycle management, identity governance, privileged access and identity threat protection. Through its Workforce Identity Cloud and Customer Identity Cloud, the company provides tools for workforce access management and for integrating authentication and authorization capabilities into customer-facing applications.

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