Okta, Inc. $OKTA Shares Sold by Granahan Investment Management LLC

Key Points

• Granahan Investment Management reduced its Okta stake by 16.9% in the first quarter, selling 8,309 shares and ending with 40,843 shares worth about $3.2 million.
• Okta reported better-than-expected quarterly results, posting EPS of $0.91 versus $0.85 expected and revenue of $765 million, up 11.2% year over year.
• Wall Street sentiment remains constructive, with several analysts raising targets and the stock carrying a Moderate Buy consensus rating and average target price of $121.81.

Granahan Investment Management LLC lowered its holdings in Okta, Inc. (NASDAQ:OKTA - Free Report) by 16.9% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 40,843 shares of the company's stock after selling 8,309 shares during the period. Granahan Investment Management LLC's holdings in Okta were worth $3,215,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of OKTA. Robeco Institutional Asset Management B.V. increased its position in Okta by 52.9% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 465,370 shares of the company's stock worth $40,241,000 after buying an additional 161,069 shares during the period. Eurizon Capital SGR S.p.A. acquired a new position in shares of Okta during the fourth quarter valued at $3,122,000. Swedbank AB grew its position in shares of Okta by 124.3% during the fourth quarter. Swedbank AB now owns 1,819,081 shares of the company's stock worth $157,296,000 after acquiring an additional 1,007,915 shares during the last quarter. Diversify Wealth Management LLC acquired a new stake in shares of Okta in the 1st quarter worth about $2,077,000. Finally, Torque Asset Management LLC lifted its position in Okta by 40.5% in the 4th quarter. Torque Asset Management LLC now owns 289,141 shares of the company's stock valued at $25,002,000 after purchasing an additional 83,337 shares during the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Okta Stock Performance

Shares of NASDAQ:OKTA opened at $138.50 on Friday. Okta, Inc. has a one year low of $62.66 and a one year high of $157.00. The stock has a fifty day moving average of $124.19 and a 200-day moving average of $95.95. The company has a market capitalization of $24.07 billion, a PE ratio of 100.36, a price-to-earnings-growth ratio of 4.98 and a beta of 0.77.

Okta (NASDAQ:OKTA - Get Free Report) last released its quarterly earnings data on Thursday, May 28th. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.06. The business had revenue of $765.00 million during the quarter, compared to analyst estimates of $751.84 million. Okta had a return on equity of 4.15% and a net margin of 8.24%.The company's revenue was up 11.2% compared to the same quarter last year. During the same period last year, the company posted $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. As a group, research analysts forecast that Okta, Inc. will post 1.75 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Capital One Financial set a $171.00 price target on shares of Okta and gave the company an "overweight" rating in a research note on Thursday, July 16th. HC Wainwright began coverage on Okta in a research report on Monday, July 6th. They set a "buy" rating for the company. Scotiabank upgraded shares of Okta from a "sector perform" rating to a "sector outperform" rating and lifted their price objective for the company from $135.00 to $165.00 in a research note on Monday, July 6th. Wedbush reiterated an "outperform" rating and issued a $60.00 target price on shares of Okta in a research report on Friday, May 29th. Finally, Barclays upped their price target on shares of Okta from $93.00 to $120.00 and gave the stock an "overweight" rating in a research note on Friday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Okta has a consensus rating of "Moderate Buy" and an average target price of $121.81.

Insiders Place Their Bets

In related news, insider Eric Robert Kelleher sold 3,977 shares of Okta stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $114.10, for a total value of $453,775.70. Following the transaction, the insider owned 19,618 shares of the company's stock, valued at approximately $2,238,413.80. This trade represents a 16.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brett Tighe sold 65,000 shares of the business's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $117.25, for a total value of $7,621,250.00. Following the sale, the chief financial officer owned 119,680 shares in the company, valued at approximately $14,032,480. The trade was a 35.20% 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 have sold a total of 174,224 shares of company stock worth $22,534,353 over the last three months. Company insiders own 4.61% of the company's stock.

Okta Company 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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