Okta, Inc. $OKTA Stock Position Increased by Torque Asset Management LLC

Key Points

• Torque Asset Management increased its Okta stake by 40.5% in the fourth quarter, bringing its holdings to 289,141 shares worth about $25.0 million. Okta is now its 5th-largest position and makes up 8.7% of the fund’s portfolio.
• Okta reported better-than-expected quarterly results, with EPS of $0.91 versus the $0.85 estimate and revenue of $765 million versus $751.84 million expected. Revenue rose 11.2% year over year, and the company also issued FY2027 and Q2 2027 guidance.
• Analyst sentiment remains generally positive, with several firms raising price targets and the consensus rating at “Moderate Buy” with an average target price of $114.14. Meanwhile, institutional ownership is high at 86.64%, and insider trading has been mixed, with both purchases and sales reported recently.

Torque Asset Management LLC grew its stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 40.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 289,141 shares of the company's stock after acquiring an additional 83,337 shares during the quarter. Okta comprises about 8.7% of Torque Asset Management LLC's investment portfolio, making the stock its 5th biggest holding. Torque Asset Management LLC owned 0.16% of Okta worth $25,002,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in OKTA. Norges Bank purchased a new stake in shares of Okta during the 4th quarter valued at about $175,193,000. First Trust Advisors LP lifted its stake in shares of Okta by 28.2% in the 4th quarter. First Trust Advisors LP now owns 6,030,090 shares of the company's stock worth $521,422,000 after purchasing an additional 1,326,051 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of Okta by 113.7% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,067,128 shares of the company's stock worth $172,895,000 after purchasing an additional 1,099,962 shares during the period. Vanguard Group Inc. lifted its stake in shares of Okta by 5.7% in the 3rd quarter. Vanguard Group Inc. now owns 19,803,227 shares of the company's stock worth $1,815,956,000 after purchasing an additional 1,074,977 shares during the period. Finally, Alyeska Investment Group L.P. lifted its stake in shares of Okta by 276.9% in the 3rd quarter. Alyeska Investment Group L.P. now owns 1,403,499 shares of the company's stock worth $128,701,000 after purchasing an additional 1,031,083 shares during the period. Hedge funds and other institutional investors own 86.64% of the company's stock.

Okta Trading Up 1.6%

Okta stock opened at $118.12 on Tuesday. The firm has a 50 day moving average of $89.59 and a 200 day moving average of $86.11. The firm has a market capitalization of $20.53 billion, a price-to-earnings ratio of 85.59, a P/E/G ratio of 4.21 and a beta of 0.80. Okta, Inc. has a 12-month low of $62.66 and a 12-month high of $142.35.

Okta (NASDAQ:OKTA - Get Free Report) last released its earnings results on Thursday, May 28th. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.06. The company had revenue of $765.00 million during the quarter, compared to analyst estimates of $751.84 million. Okta had a net margin of 8.24% and a return on equity of 4.15%. The firm's quarterly revenue was up 11.2% compared to the same quarter last year. During the same period in the prior year, the firm 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. On average, analysts predict that Okta, Inc. will post 1.74 EPS for the current year.

Insider Buying and Selling

In other news, Director David Schellhase bought 3,712 shares of Okta stock in a transaction that occurred on Thursday, April 16th. The stock was bought at an average cost of $72.04 per share, with a total value of $267,412.48. Following the acquisition, the director owned 3,712 shares of the company's stock, valued at $267,412.48. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Shellye L. Archambeau sold 2,500 shares of the stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $85.00, for a total transaction of $212,500.00. Following the completion of the sale, the director directly owned 9,192 shares of the company's stock, valued at $781,320. This represents a 21.38% 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 159,019 shares of company stock worth $16,449,580 in the last ninety days. Corporate insiders own 4.61% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on OKTA shares. Wells Fargo & Company increased their price objective on shares of Okta from $85.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Friday, May 29th. BTIG Research increased their price objective on shares of Okta from $105.00 to $119.00 and gave the stock a "buy" rating in a research note on Friday, May 29th. Wolfe Research started coverage on shares of Okta in a research note on Thursday, April 16th. They issued an "outperform" rating on the stock. Wall Street Zen cut shares of Okta from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. Finally, BMO Capital Markets increased their price objective on shares of Okta from $95.00 to $120.00 and gave the stock an "outperform" rating in a research note on Friday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $114.14.

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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