Ion Asset Management Ltd. Decreases Stock Position in Okta, Inc. $OKTA

Key Points

• Ion Asset Management Ltd. reduced its stake in Okta, Inc. by 3.8%, now holding 196,400 shares, which amounts to about $20.67 million.
• Wall Street analysts have mixed views on Okta, with 22 analysts rating it as a Buy and a consensus target price of $118.25; however, Zacks recently downgraded it from "strong-buy" to "hold."
• Insider trading activity shows significant sales, with an insider selling 16,018 shares for a total of $1.47 million, indicating potential concerns about the stock's future performance.

Ion Asset Management Ltd. lessened its holdings in Okta, Inc. (NASDAQ:OKTA - Free Report) by 3.8% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 196,400 shares of the company's stock after selling 7,800 shares during the period. Okta makes up approximately 1.3% of Ion Asset Management Ltd.'s portfolio, making the stock its 14th biggest holding. Ion Asset Management Ltd. owned 0.11% of Okta worth $20,665,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wolff Wiese Magana LLC boosted its stake in shares of Okta by 167.4% in the 1st quarter. Wolff Wiese Magana LLC now owns 246 shares of the company's stock worth $26,000 after buying an additional 154 shares during the last quarter. Wayfinding Financial LLC purchased a new position in Okta in the first quarter valued at approximately $27,000. Harbour Investments Inc. lifted its stake in Okta by 152.4% in the first quarter. Harbour Investments Inc. now owns 260 shares of the company's stock valued at $27,000 after purchasing an additional 157 shares during the last quarter. Rossby Financial LCC purchased a new position in Okta in the first quarter valued at approximately $31,000. Finally, Center for Financial Planning Inc. purchased a new position in Okta in the first quarter valued at approximately $47,000. Hedge funds and other institutional investors own 86.64% of the company's stock.

Insider Buying and Selling

In other Okta news, CEO Todd Mckinnon sold 31,592 shares of the firm's stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $95.30, for a total transaction of $3,010,717.60. Following the sale, the chief executive officer owned 20,682 shares in the company, valued at $1,970,994.60. This trade represents a 60.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Eric Robert Kelleher sold 16,018 shares of the firm's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $91.81, for a total value of $1,470,612.58. Following the sale, the insider owned 7,044 shares in the company, valued at $646,709.64. The trade was a 69.46% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 88,594 shares of company stock valued at $8,382,790 in the last ninety days. 5.68% of the stock is owned by insiders.

Okta Stock Up 1.3%

Shares of OKTA stock traded up $1.20 on Monday, reaching $92.68. The company's stock had a trading volume of 2,346,705 shares, compared to its average volume of 4,610,761. Okta, Inc. has a 12-month low of $70.56 and a 12-month high of $127.57. The company has a market capitalization of $16.23 billion, a P/E ratio of 109.04, a PEG ratio of 4.46 and a beta of 0.83. The stock's 50 day simple moving average is $94.02 and its 200-day simple moving average is $102.11.

Okta (NASDAQ:OKTA - Get Free Report) last issued its quarterly earnings data on Tuesday, August 26th. The company reported $0.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.84 by $0.07. Okta had a return on equity of 3.31% and a net margin of 6.08%.The company had revenue of $728,000 billion for the quarter, compared to the consensus estimate of $711.84 million. During the same quarter last year, the business posted $0.72 earnings per share. The firm's revenue was up 12.7% compared to the same quarter last year. Okta has set its FY 2026 guidance at 3.330-3.380 EPS. Q3 2026 guidance at 0.740-0.750 EPS. Research analysts expect that Okta, Inc. will post 0.42 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on OKTA. Needham & Company LLC reiterated a "buy" rating and issued a $125.00 price objective on shares of Okta in a research note on Wednesday, August 27th. Arete began coverage on Okta in a research note on Monday, July 7th. They issued a "sell" rating and a $83.00 price objective on the stock. Bank of America reiterated an "underperform" rating and issued a $75.00 price objective on shares of Okta in a research note on Wednesday, August 27th. JPMorgan Chase & Co. upped their price objective on Okta from $120.00 to $140.00 and gave the company an "overweight" rating in a research note on Friday, May 23rd. Finally, Stifel Nicolaus upped their price objective on Okta from $120.00 to $130.00 and gave the company a "buy" rating in a research note on Wednesday, May 28th. Twenty-two analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $118.25.

Okta Company Profile

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.