Okta, Inc. $OKTA Shares Sold by WINTON GROUP Ltd

Key Points

• WINTON GROUP Ltd cut its Okta stake by 92.5% in the second quarter, selling 70,467 shares and retaining 5,716 shares worth approximately $780,000. Institutional investors collectively own 86.64% of Okta.
• Analysts remain broadly bullish, with Morgan Stanley, JPMorgan and Cantor Fitzgerald raising price targets to $190–$200. Okta has a “Moderate Buy” consensus rating and an average target price of $173.45.
• Okta exceeded quarterly expectations, reporting adjusted earnings of $1.05 per share versus a $0.96 estimate and revenue of $805 million, up 10.6% year over year. Meanwhile, insiders sold $23.7 million of stock over the past 90 days under pre-arranged trading plans.

WINTON GROUP Ltd cut its holdings in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 92.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,716 shares of the company's stock after selling 70,467 shares during the quarter. WINTON GROUP Ltd's holdings in Okta were worth $780,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Washington Trust Advisors Inc. grew its stake in shares of Okta by 64.2% in the second quarter. Washington Trust Advisors Inc. now owns 197 shares of the company's stock worth $27,000 after acquiring an additional 77 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its stake in shares of Okta by 279.5% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 296 shares of the company's stock valued at $40,000 after acquiring an additional 218 shares in the last quarter. SHP Wealth Management acquired a new stake in shares of Okta in the fourth quarter valued at $27,000. Assetmark Inc. boosted its holdings in Okta by 81.1% in the first quarter. Assetmark Inc. now owns 719 shares of the company's stock valued at $57,000 after purchasing an additional 322 shares during the period. Finally, SJS Investment Consulting Inc. boosted its holdings in Okta by 1,265.5% in the first quarter. SJS Investment Consulting Inc. now owns 751 shares of the company's stock valued at $59,000 after purchasing an additional 696 shares during the period. Hedge funds and other institutional investors own 86.64% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on OKTA. Morgan Stanley upped their price target on Okta from $180.00 to $200.00 and gave the stock an "overweight" rating in a report on Thursday, August 27th. JPMorgan Chase & Co. boosted their price objective on Okta from $165.00 to $190.00 and gave the stock an "overweight" rating in a research report on Thursday, August 27th. Cantor Fitzgerald raised their target price on shares of Okta from $170.00 to $200.00 and gave the company an "overweight" rating in a report on Thursday, August 27th. Sanford C. Bernstein lifted their price target on shares of Okta from $141.00 to $143.00 and gave the stock an "outperform" rating in a research note on Thursday, August 27th. Finally, Citigroup reiterated a "market outperform" rating on shares of Okta in a report on Thursday, August 27th. One research analyst has rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat, Okta currently has a consensus rating of "Moderate Buy" and an average target price of $173.45.

Insider Activity at Okta

In related news, CFO Brett Tighe sold 41,251 shares of the stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $162.44, for a total value of $6,700,812.44. Following the transaction, the chief financial officer directly owned 7,693 shares of the company's stock, valued at $1,249,650.92. This trade represents a 84.28% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd McKinnon sold 68,936 shares of Okta stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $146.62, for a total transaction of $10,107,396.32. Following the sale, the chief executive officer owned 38,484 shares in the company, valued at $5,642,524.08. This represents a 64.17% decrease in their ownership of the stock. 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 sold a total of 155,376 shares of company stock worth $23,734,135 in the last ninety days. Company insiders own 4.61% of the company's stock.

Okta Stock Performance

NASDAQ:OKTA opened at $186.45 on Tuesday. Okta, Inc. has a 1 year low of $62.66 and a 1 year high of $189.72. The stock has a market cap of $32.60 billion, a P/E ratio of 112.32, a P/E/G ratio of 5.18 and a beta of 0.79. The stock has a 50-day simple moving average of $150.19 and a 200-day simple moving average of $112.56.

Okta (NASDAQ:OKTA - Get Free Report) last issued its earnings results on Wednesday, August 26th. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.09. The business had revenue of $805.00 million for the quarter, compared to analyst estimates of $793.00 million. Okta had a return on equity of 4.50% and a net margin of 9.63%.The business's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the company earned $0.91 EPS. 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.

Okta Profile

Okta, Inc provides cloud-based identity and access management solutions for organizations. Its platform helps businesses securely connect employees, customers, partners and applications while managing authentication, authorization and user access across cloud, on-premises and mobile environments.

The company's offerings include single sign-on, multifactor authentication, adaptive access controls, lifecycle management, identity governance and privileged access capabilities. Through its Customer Identity Cloud, powered by Auth0, Okta also provides tools for developers and businesses to embed authentication and authorization features into applications and digital services.

Founded in 2009 by Todd McKinnon and Frederic Kerrest, Okta completed its initial public offering in 2017.

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