Paloma Partners Management Co Cuts Stake in Okta, Inc. $OKTA

Key Points

• Paloma Partners Management Co significantly reduced its stake in Okta, Inc. by 73.9%, selling 165,569 shares during the first quarter, leaving them with 58,484 shares valued at $6.15 million.
• Despite Paloma's sell-off, several other institutional investors, including Ameriprise Financial Inc. with a dramatic increase of 2,135.7% in its holdings, have recently modified their positions in Okta.
• As of the latest analyst ratings, Okta has an average rating of "Moderate Buy" with a target price of $118.25, while the stock's recent performance shows a fluctuation with a 1-year low of $70.56 and a high of $127.57.

Paloma Partners Management Co trimmed its position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 73.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 58,484 shares of the company's stock after selling 165,569 shares during the period. Okta makes up approximately 0.8% of Paloma Partners Management Co's investment portfolio, making the stock its 29th largest position. Paloma Partners Management Co's holdings in Okta were worth $6,154,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in 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 valued at $26,000 after purchasing an additional 154 shares in the last quarter. Wayfinding Financial LLC bought a new position in Okta in the 1st quarter valued at approximately $27,000. Harbour Investments Inc. raised its holdings in Okta by 152.4% in the 1st quarter. Harbour Investments Inc. now owns 260 shares of the company's stock valued at $27,000 after buying an additional 157 shares during the last quarter. Rossby Financial LCC bought a new position in Okta during the 1st quarter worth approximately $31,000. Finally, University of Texas Texas AM Investment Management Co. bought a new position in Okta during the 4th quarter worth approximately $40,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Okta Stock Performance

OKTA traded up $1.74 during mid-day trading on Friday, reaching $91.48. 3,277,690 shares of the stock were exchanged, compared to its average volume of 3,746,171. The stock has a market capitalization of $16.02 billion, a PE ratio of 107.62, a price-to-earnings-growth ratio of 4.38 and a beta of 0.83. The company has a 50 day moving average price of $94.30 and a two-hundred day moving average price of $102.06. Okta, Inc. has a 1 year low of $70.56 and a 1 year high of $127.57.

Okta (NASDAQ:OKTA - Get Free Report) last announced its quarterly earnings data on Tuesday, August 26th. The company reported $0.91 earnings per share (EPS) for the quarter, beating 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 business had revenue of $728,000 billion for the quarter, compared to analysts' expectations of $711.84 million. During the same period in the previous year, the business posted $0.72 EPS. The firm's quarterly 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. Sell-side analysts expect that Okta, Inc. will post 0.42 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

OKTA has been the subject of several research analyst reports. Roth Capital reiterated a "buy" rating and issued a $119.00 price objective on shares of Okta in a research note on Wednesday, May 28th. Evercore ISI lifted their price objective on shares of Okta from $122.00 to $130.00 and gave the company an "outperform" rating in a research note on Wednesday, May 28th. DA Davidson lowered their price objective on shares of Okta from $145.00 to $140.00 and set a "buy" rating for the company in a research note on Wednesday, May 28th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $130.00 price objective on shares of Okta in a research note on Wednesday, August 27th. Finally, Arete initiated coverage on shares of Okta in a research report on Monday, July 7th. They issued a "sell" rating and a $83.00 price target for the company. Twenty-two investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $118.25.

Insider Activity

In other Okta news, insider Eric Robert Kelleher sold 16,018 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $91.81, for a total value of $1,470,612.58. Following the completion of the sale, the insider owned 7,044 shares of the company's stock, valued at $646,709.64. This represents a 69.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jacques Frederic Kerrest sold 581 shares of the company's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $100.29, for a total value of $58,268.49. Following the completion of the sale, the director directly owned 2,832 shares of the company's stock, valued at approximately $284,021.28. This represents a 17.02% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 88,594 shares of company stock valued at $8,382,790. 5.68% of the stock is currently owned by insiders.

About Okta

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.