Sellaronda Global Management LP Sells 15,000 Shares of Okta, Inc. $OKTA

Key Points

• Sellaronda Global Management LP cut its Okta stake by 8.1% in the first quarter, selling 15,000 shares and ending with 170,000 shares valued at about $13.4 million.
• Okta reported stronger-than-expected quarterly results, posting $0.91 EPS versus $0.85 expected and revenue of $765 million, up 11.2% year over year.
• Analyst sentiment remains mixed but constructive: HSBC and Wall Street Zen downgraded the stock to hold, while the overall consensus still sits at a Moderate Buy with an average target price of $121.81.

Sellaronda Global Management LP reduced its stake in Okta, Inc. (NASDAQ:OKTA - Free Report) by 8.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 170,000 shares of the company's stock after selling 15,000 shares during the period. Okta makes up approximately 8.8% of Sellaronda Global Management LP's holdings, making the stock its 7th largest holding. Sellaronda Global Management LP owned approximately 0.10% of Okta worth $13,381,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of OKTA. SHP Wealth Management acquired a new position in Okta during the fourth quarter worth $27,000. Torren Management LLC acquired a new stake in shares of Okta in the 4th quarter valued at $32,000. Spire Wealth Management boosted its stake in shares of Okta by 30.8% in the 4th quarter. Spire Wealth Management now owns 505 shares of the company's stock valued at $44,000 after purchasing an additional 119 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in shares of Okta in the 4th quarter worth about $56,000. Finally, Assetmark Inc. grew its holdings in shares of Okta by 81.1% in the 1st quarter. Assetmark Inc. now owns 719 shares of the company's stock worth $57,000 after purchasing an additional 322 shares during the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

Okta Stock Down 0.4%

OKTA stock opened at $136.10 on Friday. Okta, Inc. has a twelve month low of $62.66 and a twelve month high of $157.00. The company has a market cap of $23.66 billion, a P/E ratio of 98.62, a PEG ratio of 4.91 and a beta of 0.77. The business has a fifty day moving average of $123.08 and a 200-day moving average of $95.65.

Okta (NASDAQ:OKTA - Get Free Report) last announced its quarterly earnings data on Thursday, May 28th. The company reported $0.91 EPS for the quarter, topping analysts' consensus estimates of $0.85 by $0.06. Okta had a return on equity of 4.15% and a net margin of 8.24%.The firm had revenue of $765.00 million during the quarter, compared to analyst estimates of $751.84 million. During the same period last year, the company earned $0.86 earnings per share. The company's revenue was up 11.2% on a year-over-year basis. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. As a group, equities research analysts anticipate that Okta, Inc. will post 1.75 earnings per share for the current fiscal year.

Analyst Ratings Changes

OKTA has been the subject of several analyst reports. HSBC downgraded shares of Okta from a "buy" rating to a "hold" rating in a report on Monday, July 6th. Wells Fargo & Company raised their price objective on shares of Okta from $100.00 to $150.00 and gave the stock an "equal weight" rating in a report on Monday. Citigroup reiterated an "outperform" rating on shares of Okta in a research note on Friday, May 29th. The Goldman Sachs Group assumed coverage on Okta in a research report on Monday, July 6th. They set a "buy" rating on the stock. Finally, Wall Street Zen cut Okta from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Okta currently has a consensus rating of "Moderate Buy" and an average target price of $121.81.

Insider Buying and Selling at Okta

In other Okta news, CFO Brett Tighe sold 65,000 shares of the company's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $117.25, for a total transaction of $7,621,250.00. Following the completion of the sale, the chief financial officer owned 119,680 shares in the company, valued at approximately $14,032,480. The trade was a 35.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Larissa Schwartz sold 2,463 shares of the firm's stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $120.00, for a total value of $295,560.00. Following the completion of the transaction, the insider owned 25,241 shares in the company, valued at $3,028,920. This represents a 8.89% 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 174,224 shares of company stock valued at $22,534,353 over the last 90 days. Company insiders own 4.61% of the company's stock.

Okta 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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