Okta, Inc. $OKTA Shares Purchased by Fulcrum Asset Management LLP

Key Points

• Fulcrum Asset Management increased its Okta stake by 25% in the third quarter, adding 9,498 shares to hold 47,480 shares valued at about $9.7 million. Institutional investors collectively own 86.64% of Okta.
• Analyst sentiment is broadly positive: MarketBeat reports a “Moderate Buy” consensus and an average price target of $202.38; several firms recently raised their targets, including Morgan Stanley to $245.
• Okta’s latest reported quarter beat expectations, with EPS of $1.05 versus $0.96 expected and revenue of $805 million, up 10.6% year over year. The article also notes that the CEO and CFO sold shares under pre-arranged trading plans.

Fulcrum Asset Management LLP raised its holdings in Okta, Inc. (NASDAQ:OKTA - Free Report) by 25.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 47,480 shares of the company's stock after acquiring an additional 9,498 shares during the quarter. Fulcrum Asset Management LLP's holdings in Okta were worth $9,728,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of OKTA. Shepherd Financial Partners LLC acquired a new position in Okta during the 3rd quarter worth about $295,000. Brighton Jones LLC grew its position in shares of Okta by 2.9% in the 3rd quarter. Brighton Jones LLC now owns 2,800 shares of the company's stock valued at $585,000 after buying an additional 79 shares during the last quarter. Ethic Inc. grew its position in shares of Okta by 0.4% in the 3rd quarter. Ethic Inc. now owns 16,349 shares of the company's stock valued at $3,419,000 after buying an additional 63 shares during the last quarter. Parallel Advisors LLC increased its stake in shares of Okta by 3.4% in the third quarter. Parallel Advisors LLC now owns 6,973 shares of the company's stock valued at $1,458,000 after buying an additional 227 shares during the period. Finally, CenterBook Partners LP acquired a new stake in shares of Okta in the third quarter valued at about $6,378,000. Institutional investors own 86.64% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on the company. Jefferies Financial Group upped their target price on Okta from $200.00 to $240.00 and gave the company a "buy" rating in a report on Thursday, September 24th. TD Cowen raised their price target on shares of Okta from $175.00 to $200.00 and gave the stock a "hold" rating in a report on Thursday, September 24th. Evercore restated an "outperform" rating and set a $240.00 price target on shares of Okta in a report on Thursday, September 24th. Morgan Stanley boosted their price target 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. Finally, Truist Financial upped their price objective on shares of Okta from $200.00 to $235.00 and gave the company a "buy" rating in a research note on Thursday, September 24th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, Okta has an average rating of "Moderate Buy" and an average price target of $202.38.

Trending Headlines about Okta

Here are the key news stories impacting Okta this week:

• Positive Sentiment: ETFs bought about $99.5 million of Okta shares on Wednesday, with 36 funds buying versus 15 selling. In a related report, the Invesco S&P 500 Equal Weight Technology ETF initiated an $89.1 million position in Okta, making it its only addition while trimming 74 other holdings. The buying may offer support, though both reports refer to Wednesday’s activity. ETF buying article Invesco RSPT article
• Negative Sentiment: Okta shares declined alongside other software names as Wall Street retreated from AI-associated stocks, a rotation that hit recent software winners. This broad sector-driven selling was a key near-term headwind. Software sell-off article
• Negative Sentiment: A Seeking Alpha contributor downgraded Okta to Sell, arguing that its valuation bubble may be deflating. The bearish valuation view could weigh on sentiment, particularly amid the wider pullback in software stocks. Seeking Alpha downgrade

Okta Stock Performance

Shares of Okta stock opened at $168.69 on Monday. The business's fifty day simple moving average is $196.81 and its 200 day simple moving average is $126.92. Okta, Inc. has a 12 month low of $62.66 and a 12 month high of $235.00. The firm has a market capitalization of $29.49 billion, a P/E ratio of 101.62, a price-to-earnings-growth ratio of 5.25 and a beta of 0.74.

Okta (NASDAQ:OKTA - Get Free Report) last announced its earnings results on Wednesday, August 26th. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.09. The firm had revenue of $805.00 million during the quarter, compared to analyst estimates of $793.00 million. Okta had a return on equity of 4.50% and a net margin of 9.63%. The business's revenue was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $0.91 EPS. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. Analysts predict that Okta, Inc. will post 1.92 EPS for the current fiscal year.

Insider Buying and Selling

In other Okta news, CFO Brett Tighe sold 41,251 shares of the business's stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $162.44, for a total value of $6,700,812.44. Following the transaction, the chief financial officer directly owned 7,693 shares in the company, valued at $1,249,650.92. The trade was a 84.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd McKinnon sold 48,822 shares of the firm'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 of the company's stock, valued at approximately $8,518,730.92. The trade was a 52.58% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 137,766 shares of company stock worth $23,927,112. Insiders own 4.61% of the company's stock.

Okta Profile

Okta, Inc provides cloud-based identity and access management services. Its platform helps organizations manage how employees, customers, partners and other users sign in to applications and access digital resources.

Okta's products include single sign-on, multifactor authentication, identity governance and user lifecycle management. Through Auth0, which Okta acquired in 2021, the company also offers tools that developers can use to add identity and authentication features to customer-facing applications.

Founded in 2009 by Todd McKinnon and Frederic Kerrest, Okta serves organizations around the world across a range of industries.

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