Okta, Inc. $OKTA Shares Purchased by Crossmark Global Holdings Inc.

Key Points

• Crossmark Global Holdings increased its Okta stake by 51.7% in the third quarter, bringing its holdings to 15,857 shares valued at approximately $3.3 million. Institutional investors collectively own 86.64% of Okta.
• Okta reported quarterly revenue of $805 million, up 10.6% year over year, and adjusted EPS of $1.05, exceeding analysts’ $0.96 consensus estimate. Shares opened at $213.05, near their 52-week high of $235.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and a $202.38 target price, although insiders sold $23.9 million of stock over the past 90 days, including substantial sales by CEO Todd McKinnon.

Crossmark Global Holdings Inc. boosted its position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 51.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,857 shares of the company's stock after purchasing an additional 5,402 shares during the period. Crossmark Global Holdings Inc.'s holdings in Okta were worth $3,316,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of OKTA. Burkett Financial Services LLC bought a new stake in shares of Okta in the third quarter valued at about $26,000. Polaris Financial Partners acquired a new position in shares of Okta during the third quarter worth about $36,000. Washington Trust Advisors Inc. boosted its position in shares of Okta by 64.2% during the second quarter. Washington Trust Advisors Inc. now owns 197 shares of the company's stock worth $27,000 after buying an additional 77 shares during the period. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Okta by 279.5% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 296 shares of the company's stock worth $40,000 after buying an additional 218 shares in the last quarter. Finally, Western Pacific Wealth Management LP bought a new position in shares of Okta during the third quarter worth about $63,000. Institutional investors and hedge funds own 86.64% of the company's stock.

Okta Price Performance

Shares of NASDAQ OKTA opened at $213.05 on Friday. The stock has a market capitalization of $37.25 billion, a price-to-earnings ratio of 128.34, a PEG ratio of 6.63 and a beta of 0.73. The business has a 50-day moving average of $185.47 and a 200-day moving average of $138.26. Okta, Inc. has a fifty-two week low of $62.66 and a fifty-two week high of $235.00.

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

Insiders Place Their Bets

In other news, CEO Todd McKinnon sold 48,822 shares of the company's stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $193.48, for a total transaction of $9,446,080.56. Following the sale, the chief executive officer owned 44,029 shares in the company, valued at $8,518,730.92. This represents a 52.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 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 that occurred on Friday, September 18th. The shares were sold at an average price of $183.58, for a total value of $1,173,994.10. Following the completion of the sale, the insider directly owned 18,668 shares of the company's stock, valued at approximately $3,427,071.44. The trade was a 25.52% decrease in their position. 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 valued at $23,927,112 in the last 90 days. 4.61% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on OKTA shares. Barclays lifted their target price on Okta from $180.00 to $215.00 and gave the company an "overweight" rating in a research report on Thursday, September 24th. HSBC downgraded Okta from a "buy" rating to a "hold" rating in a research report on Monday, July 6th. Capital One Financial set a $171.00 price target on shares of Okta and gave the stock an "overweight" rating in a research note on Thursday, July 16th. Needham & Company LLC lifted their price objective on shares of Okta from $200.00 to $230.00 and gave the company a "buy" rating in a report on Monday, September 21st. Finally, BMO Capital Markets lifted their price objective on shares of Okta from $230.00 to $245.00 and gave the company an "outperform" rating in a report on Friday, October 9th. One research analyst has rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and eleven have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $202.38.

Okta 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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