Pictet Asset Management Holding SA Sells 467,586 Shares of Okta, Inc. $OKTA

Key Points

• Pictet Asset Management cut its Okta stake by 21.4%, selling 467,586 shares in the third quarter; it retained 1,718,967 shares, worth about $359.3 million at quarter-end.
• Okta reported quarterly EPS of $1.05, beating the $0.96 consensus, and revenue of $805 million versus a $793 million estimate; revenue rose 10.6% year over year.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $202.38, though recent software-sector weakness and a bearish valuation call weighed on sentiment.

Pictet Asset Management Holding SA lessened its holdings in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 21.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,718,967 shares of the company's stock after selling 467,586 shares during the quarter. Pictet Asset Management Holding SA owned 0.98% of Okta worth $359,297,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Burkett Financial Services LLC acquired a new stake in shares of Okta during the third quarter worth approximately $26,000. Washington Trust Advisors Inc. increased 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 buying an additional 77 shares during the last quarter. Laurel Wealth Advisors LLC acquired a new stake in Okta in the third quarter valued at $33,000. Polaris Financial Partners acquired a new stake in Okta in the third quarter valued at $36,000. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in 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. 86.64% of the stock is owned by institutional investors and hedge funds.

Okta Price Performance

Shares of OKTA opened at $168.69 on Friday. The business's fifty day moving average price is $196.81 and its 200 day moving average price is $126.92. Okta, Inc. has a 12-month low of $62.66 and a 12-month high of $235.00. The stock has a market capitalization of $29.49 billion, a PE ratio of 101.62, a price-to-earnings-growth ratio of 5.25 and a beta of 0.74.

Okta (NASDAQ:OKTA - Get Free Report) last released its quarterly earnings data on Wednesday, August 26th. The company reported $1.05 EPS for the quarter, topping analysts' consensus estimates of $0.96 by $0.09. The firm had revenue of $805.00 million during the quarter, compared to the consensus estimate of $793.00 million. Okta had a net margin of 9.63% and a return on equity of 4.50%. The firm's revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.91 earnings per share. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. As a group, research analysts anticipate that Okta, Inc. will post 1.92 earnings per share for the current fiscal year.

Key Okta News

Here are the key news stories impacting Okta this week:

• Positive Sentiment: ETFs bought about $99.5 million of Okta shares on Wednesday, with 36 funds buying versus 15 selling. In a related report, the Invesco S&P 500 Equal Weight Technology ETF initiated an $89.1 million position in Okta, making it its only addition while trimming 74 other holdings. The buying may offer support, though both reports refer to Wednesday’s activity. ETF buying article Invesco RSPT article
• Negative Sentiment: Okta shares declined alongside other software names as Wall Street retreated from AI-associated stocks, a rotation that hit recent software winners. This broad sector-driven selling was a key near-term headwind. Software sell-off article
• Negative Sentiment: A Seeking Alpha contributor downgraded Okta to Sell, arguing that its valuation bubble may be deflating. The bearish valuation view could weigh on sentiment, particularly amid the wider pullback in software stocks. Seeking Alpha downgrade

Analysts Set New Price Targets

OKTA has been the topic of a number of research analyst reports. Piper Sandler increased their price objective on shares of Okta from $105.00 to $160.00 and gave the company a "neutral" rating in a research note on Thursday, August 27th. Capital One Financial raised shares of Okta from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $126.00 to $171.00 in a research report on Thursday, July 16th. Jefferies Financial Group upped their target price on shares of Okta from $200.00 to $240.00 and gave the company a "buy" rating in a research note on Thursday, September 24th. Wall Street Zen cut shares of Okta from a "buy" rating to a "hold" rating in a research report on Monday, October 12th. Finally, JPMorgan Chase & Co. increased their price target on shares of Okta from $165.00 to $190.00 and gave the stock an "overweight" rating in a research report on Thursday, August 27th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $202.38.

Insider Activity

In related news, CEO Todd McKinnon sold 48,822 shares of the business's stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $193.48, for a total transaction of $9,446,080.56. Following the completion of the sale, the chief executive officer owned 44,029 shares of the company's stock, valued at $8,518,730.92. This represents a 52.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Kelleher sold 6,395 shares of the stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $183.58, for a total transaction of $1,173,994.10. Following the sale, the insider owned 18,668 shares in the company, valued at approximately $3,427,071.44. This trade represents a 25.52% decrease in their position. 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. In the last three months, insiders sold 137,766 shares of company stock valued at $23,927,112. Company insiders own 4.61% of the company's stock.

Okta Company Profile

Okta, Inc provides cloud-based identity and access management services. Its platform helps organizations manage how employees, customers, partners and other users sign in to applications and access digital resources.

Okta's products include single sign-on, multifactor authentication, identity governance and user lifecycle management. Through Auth0, which Okta acquired in 2021, the company also offers tools that developers can use to add identity and authentication features to customer-facing applications.

Founded in 2009 by Todd McKinnon and Frederic Kerrest, Okta serves organizations around the world across a range of industries.

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