Pictet Asset Management Holding SA Grows Stock Position in Okta, Inc. $OKTA

Pictet Asset Management Holding SA boosted its stake in Okta, Inc. (NASDAQ:OKTA - Free Report) by 1.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,940,353 shares of the company's stock after acquiring an additional 28,155 shares during the quarter. Pictet Asset Management Holding SA owned about 1.09% of Okta worth $167,861,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Root Financial Partners LLC purchased a new position in Okta in the 3rd quarter worth approximately $26,000. Elevation Wealth Partners LLC boosted its holdings in Okta by 825.0% in the 4th quarter. Elevation Wealth Partners LLC now owns 296 shares of the company's stock worth $26,000 after acquiring an additional 264 shares during the period. Aster Capital Management DIFC Ltd purchased a new position in Okta in the 3rd quarter worth approximately $34,000. Westside Investment Management Inc. boosted its holdings in Okta by 86.9% in the 3rd quarter. Westside Investment Management Inc. now owns 415 shares of the company's stock worth $38,000 after acquiring an additional 193 shares during the period. Finally, Financial Consulate Inc. purchased a new position in Okta in the 3rd quarter worth approximately $40,000. Hedge funds and other institutional investors own 86.64% of the company's stock.

Insider Activity

In other news, Director David Schellhase acquired 3,712 shares of Okta stock in a transaction that occurred on Thursday, April 16th. The shares were purchased at an average cost of $72.04 per share, for a total transaction of $267,412.48. Following the completion of the purchase, the director directly owned 3,712 shares of the company's stock, valued at $267,412.48. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal 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 11,263 shares of the firm's stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $81.01, for a total value of $912,415.63. Following the transaction, the chief executive officer owned 97,083 shares in the company, valued at $7,864,693.83. This trade represents a 10.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 63,843 shares of company stock valued at $5,071,889 over the last three months. 5.68% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

OKTA has been the subject of a number of analyst reports. HSBC upgraded Okta to a "buy" rating in a report on Thursday, April 16th. TD Cowen reduced their target price on Okta from $115.00 to $105.00 and set a "hold" rating for the company in a research note on Tuesday, February 24th. Piper Sandler reduced their target price on Okta from $100.00 to $82.00 and set a "neutral" rating for the company in a research note on Thursday, March 5th. Zacks Research cut Okta from a "strong-buy" rating to a "hold" rating in a research note on Thursday, March 26th. Finally, Sanford C. Bernstein reiterated an "outperform" rating and set a $134.00 target price on shares of Okta in a research note on Friday, March 6th. Twenty-nine analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $101.95.

Okta Stock Up 0.2%

Shares of NASDAQ OKTA opened at $76.14 on Tuesday. The stock's 50 day moving average price is $76.07 and its two-hundred day moving average price is $83.35. Okta, Inc. has a 52-week low of $62.66 and a 52-week high of $127.57. The stock has a market capitalization of $13.47 billion, a P/E ratio of 58.12, a PEG ratio of 2.96 and a beta of 0.76.

Okta (NASDAQ:OKTA - Get Free Report) last announced its quarterly earnings data on Wednesday, March 4th. The company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.05. Okta had a return on equity of 4.18% and a net margin of 8.05%.The firm had revenue of $761.00 million for the quarter, compared to analysts' expectations of $749.87 million. During the same period last year, the business posted $0.78 earnings per share. The firm's revenue for the quarter was up 11.6% on a year-over-year basis. Okta has set its FY 2027 guidance at 3.740-3.820 EPS and its Q1 2027 guidance at 0.840-0.860 EPS. On average, analysts anticipate that Okta, Inc. will post 1.61 EPS for the current year.

Okta declared that its Board of Directors has initiated a stock buyback program on Monday, January 5th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 6.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

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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