The Manufacturers Life Insurance Company Grows Stock Holdings in Okta, Inc. $OKTA

Key Points

• Institutional ownership increased: The Manufacturers Life Insurance Company raised its Okta stake by 21.4% to 112,530 shares, while hedge funds and other institutional investors collectively own 86.64% of the company.
• Okta beat quarterly expectations: The company reported earnings of $0.91 per share versus the $0.85 consensus estimate, with revenue of $765 million, up 11.2% year over year.
• Analyst sentiment remains positive but insiders sold shares: Okta has a consensus “Moderate Buy” rating and a $121.81 price target, while insiders sold $22.1 million of stock over the past three months under pre-arranged trading plans.

The Manufacturers Life Insurance Company boosted its stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 21.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 112,530 shares of the company's stock after buying an additional 19,804 shares during the quarter. The Manufacturers Life Insurance Company owned 0.06% of Okta worth $8,857,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Okta during the 4th quarter worth approximately $175,193,000. Allspring Global Investments Holdings LLC increased its stake in Okta by 71.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,553,091 shares of the company's stock valued at $281,209,000 after purchasing an additional 1,485,963 shares in the last quarter. First Trust Advisors LP increased its stake in Okta by 28.2% in the 4th quarter. First Trust Advisors LP now owns 6,030,090 shares of the company's stock valued at $521,422,000 after purchasing an additional 1,326,051 shares in the last quarter. Alyeska Investment Group L.P. increased its stake in Okta by 276.9% in the 3rd quarter. Alyeska Investment Group L.P. now owns 1,403,499 shares of the company's stock valued at $128,701,000 after purchasing an additional 1,031,083 shares in the last quarter. Finally, Swedbank AB raised its holdings in Okta by 124.3% during the fourth quarter. Swedbank AB now owns 1,819,081 shares of the company's stock worth $157,296,000 after purchasing an additional 1,007,915 shares during the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Okta news, insider Eric Robert Kelleher sold 3,977 shares of Okta stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $114.10, for a total value of $453,775.70. Following the completion of the transaction, the insider owned 19,618 shares of the company's stock, valued at $2,238,413.80. The trade was a 16.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Mckinnon sold 68,936 shares of the stock in a transaction dated 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 approximately $5,642,524.08. This trade represents a 64.17% 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. Insiders have sold a total of 168,901 shares of company stock valued at $22,124,162 over the last three months. Company insiders own 4.61% of the company's stock.

Okta Price Performance

Okta stock opened at $147.82 on Wednesday. The company has a market cap of $25.69 billion, a price-to-earnings ratio of 107.12, a price-to-earnings-growth ratio of 5.09 and a beta of 0.77. Okta, Inc. has a 12 month low of $62.66 and a 12 month high of $157.00. The stock's 50-day moving average is $131.25 and its 200-day moving average is $98.34.

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on OKTA shares. Weiss Ratings upgraded shares of Okta from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, June 3rd. DA Davidson lifted their target price on shares of Okta from $110.00 to $130.00 and gave the stock a "buy" rating in a research report on Friday, May 29th. Scotiabank raised shares of Okta from a "sector perform" rating to a "sector outperform" rating and upped their price target for the company from $135.00 to $165.00 in a report on Monday, July 6th. BMO Capital Markets increased their price target on shares of Okta from $95.00 to $120.00 and gave the company an "outperform" rating in a research report on Friday, May 29th. Finally, HSBC cut shares of Okta from a "buy" rating to a "hold" rating in a research note on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $121.81.

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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