Okta, Inc. $OKTA Shares Purchased by Geode Capital Management LLC

Key Points

• Geode Capital Management boosted its Okta stake by 1.8% in the fourth quarter, ending with 3.26 million shares worth about $281.2 million. Institutional investors overall own 86.64% of the company.
• Several analysts turned more positive on Okta, with firms including Barclays, RBC, and Susquehanna raising price targets. The stock now carries a Moderate Buy consensus and an average target of $111.86.
• Okta reported better-than-expected quarterly results, posting EPS of $0.91 on revenue of $765 million, both above estimates. Revenue rose 11.2% year over year, though insider selling totaled 70,884 shares over the last 90 days.

Geode Capital Management LLC increased its stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 1.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,261,303 shares of the company's stock after purchasing an additional 57,605 shares during the quarter. Geode Capital Management LLC owned 1.84% of Okta worth $281,246,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Allstate Corp lifted its holdings in Okta by 106.5% in the fourth quarter. Allstate Corp now owns 13,359 shares of the company's stock valued at $1,155,000 after acquiring an additional 6,890 shares during the period. Optimize Financial Inc lifted its holdings in Okta by 1.5% in the fourth quarter. Optimize Financial Inc now owns 15,344 shares of the company's stock valued at $1,327,000 after acquiring an additional 220 shares during the period. New Age Alpha Advisors LLC lifted its holdings 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 acquiring an additional 1,605 shares during the period. Hantz Financial Services Inc. lifted its holdings 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 acquiring an additional 1,483 shares during the period. Finally, Swedbank AB lifted its holdings 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 acquiring an additional 1,007,915 shares during the period. Institutional investors and hedge funds own 86.64% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Barclays raised their price target on Okta from $93.00 to $120.00 and gave the company an "overweight" rating in a research report on Friday. Arete Research set a $127.00 price target on Okta and gave the company a "buy" rating in a research report on Tuesday, May 26th. Susquehanna raised their price target on Okta from $80.00 to $110.00 and gave the company a "neutral" rating in a research report on Friday. Scotiabank raised their price target on Okta from $80.00 to $105.00 and gave the company a "sector perform" rating in a research report on Friday. Finally, Royal Bank Of Canada raised their price target on Okta from $108.00 to $122.00 and gave the company an "outperform" rating in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $111.86.

Insider Buying and Selling

In other Okta news, insider Larissa Schwartz sold 1,054 shares of Okta stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $80.00, for a total value of $84,320.00. Following the completion of the sale, the insider owned 48,448 shares in the company, valued at $3,875,840. The trade was a 2.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Jonathan James Addison sold 23,304 shares of Okta stock in a transaction dated Wednesday, March 25th. The shares were sold at an average price of $77.79, for a total value of $1,812,818.16. Following the completion of the transaction, the executive directly owned 4,364 shares in the company, valued at $339,475.56. This represents a 84.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 70,884 shares of company stock worth $5,625,648 over the last ninety days. Insiders own 4.61% of the company's stock.

Okta Price Performance

OKTA opened at $139.79 on Tuesday. The stock has a market capitalization of $24.73 billion, a price-to-earnings ratio of 101.30, a price-to-earnings-growth ratio of 4.78 and a beta of 0.59. The business has a 50-day moving average of $81.09 and a two-hundred day moving average of $83.33. Okta, Inc. has a 12 month low of $62.66 and a 12 month high of $142.35.

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, beating the consensus estimate of $0.85 by $0.06. The company had revenue of $765.00 million during the quarter, compared to analysts' expectations of $751.84 million. Okta had a return on equity of 4.15% and a net margin of 8.24%.The firm's revenue was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.86 EPS. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. Equities research analysts anticipate that Okta, Inc. will post 1.61 earnings per share for the current year.

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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