Okta, Inc. $OKTA Shares Sold by E. Ohman J or Asset Management AB

Key Points

• E. Ohman J or Asset Management AB reduced its Okta stake by 12.5% in the third quarter, selling 18,300 shares and retaining 127,856 shares valued at approximately $26.7 million.
• Institutional investors remain heavily involved, owning 86.64% of Okta’s stock, while company insiders sold 137,766 shares worth about $23.9 million over the past quarter under pre-arranged trading plans.
• Analyst sentiment is broadly positive: Okta has a “Moderate Buy” consensus rating and an average price target of $202.38, despite the stock trading down 3.5% and at a high valuation.

E. Ohman J or Asset Management AB cut its stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 12.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 127,856 shares of the company's stock after selling 18,300 shares during the quarter. E. Ohman J or Asset Management AB owned 0.07% of Okta worth $26,736,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Diversify Wealth Management LLC purchased a new position in Okta during the first quarter worth about $2,077,000. Generali Investments Management Co LLC increased its holdings in Okta by 621.2% during the third quarter. Generali Investments Management Co LLC now owns 21,671 shares of the company's stock worth $4,532,000 after buying an additional 18,666 shares during the last quarter. Swiss National Bank increased its stake in shares of Okta by 7.7% during the 1st quarter. Swiss National Bank now owns 497,300 shares of the company's stock worth $39,142,000 after purchasing an additional 35,700 shares during the last quarter. Western Financial Corp CA purchased a new position in Okta in the third quarter valued at approximately $1,673,000. Finally, Avory & Company LLC purchased a new position in Okta in the first quarter valued at approximately $1,593,000. Institutional investors and hedge funds own 86.64% of the company's stock.

Insider Buying and Selling

In other news, insider Eric Kelleher sold 6,395 shares of the business's stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $183.58, for a total value of $1,173,994.10. Following the transaction, the insider directly owned 18,668 shares in the company, valued at $3,427,071.44. The trade was a 25.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 that occurred on Wednesday, September 2nd. The stock was sold at an average price of $162.44, for a total value of $6,700,812.44. Following the sale, the chief financial officer directly owned 7,693 shares in the company, valued at $1,249,650.92. This trade represents a 84.28% decrease in their ownership of the stock. 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 quarter, insiders have sold 137,766 shares of company stock valued at $23,927,112. 4.61% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on OKTA. Weiss Ratings cut shares of Okta from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, October 2nd. DA Davidson boosted their price objective on shares of Okta from $190.00 to $235.00 and gave the company a "buy" rating in a research note on Thursday, September 24th. Stifel Nicolaus lifted their price objective on Okta from $180.00 to $215.00 and gave the company a "buy" rating in a research note on Thursday, September 24th. Jefferies Financial Group raised their target price on shares of Okta from $200.00 to $240.00 and gave the company a "buy" rating in a research note on Thursday, September 24th. Finally, HSBC downgraded shares of Okta from a "buy" rating to a "hold" rating in a report on Monday, July 6th. One investment 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's stock. According to data from MarketBeat, Okta has a consensus rating of "Moderate Buy" and a consensus target price of $202.38.

Okta Trading Down 3.5%

Okta stock opened at $201.33 on Friday. Okta, Inc. has a 12 month low of $62.66 and a 12 month high of $235.00. The business's fifty day simple moving average is $184.16 and its two-hundred day simple moving average is $137.74. The company has a market capitalization of $35.20 billion, a price-to-earnings ratio of 121.28, a price-to-earnings-growth ratio of 6.49 and a beta of 0.73.

Okta (NASDAQ:OKTA - Get Free Report) last released its quarterly earnings data on Wednesday, August 26th. The company reported $1.05 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $793.00 million. During the same period last year, the business earned $0.91 EPS. Okta's revenue was up 10.6% compared to the same quarter last year. 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, equities research analysts predict that Okta, Inc. will post 1.92 EPS for the current year.

About Okta

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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