Tredje AP fonden Cuts Stock Position in Okta, Inc. $OKTA

Key Points

• Tredje AP fonden cut its Okta stake by 54.5% in the fourth quarter, selling 253,650 shares and leaving it with 211,985 shares worth about $18.33 million.
• Several analysts remain bullish overall, with Okta carrying a Moderate Buy consensus and an average price target of $101.19, even as some firms trimmed their targets or issued hold ratings.
• Insider selling has also been notable: CEO Todd McKinnon and insider Eric Robert Kelleher both sold shares recently, and insiders sold 68,384 shares worth about $5.41 million over the last quarter.

Tredje AP fonden cut its position in Okta, Inc. (NASDAQ:OKTA - Free Report) by 54.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 211,985 shares of the company's stock after selling 253,650 shares during the quarter. Tredje AP fonden owned approximately 0.12% of Okta worth $18,330,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Integrated Wealth Concepts LLC purchased a new position in shares of Okta in the 1st quarter worth approximately $225,000. NewEdge Advisors LLC lifted its position in Okta by 853.4% during the first quarter. NewEdge Advisors LLC now owns 5,530 shares of the company's stock valued at $582,000 after acquiring an additional 4,950 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in Okta in the second quarter valued at approximately $244,000. Invesco Ltd. boosted its stake in Okta by 34.1% in the second quarter. Invesco Ltd. now owns 430,844 shares of the company's stock valued at $43,071,000 after acquiring an additional 109,614 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in Okta by 122.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,621 shares of the company's stock worth $162,000 after purchasing an additional 893 shares during the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. KeyCorp upped their price target on Okta from $95.00 to $103.00 and gave the stock an "overweight" rating in a research report on Monday. TD Cowen dropped their target price on Okta from $115.00 to $105.00 and set a "hold" rating on the stock in a research note on Tuesday, February 24th. UBS Group set a $85.00 target price on Okta in a research report on Thursday, April 16th. Mizuho decreased their price target on Okta from $110.00 to $100.00 and set an "outperform" rating for the company in a research note on Tuesday, February 17th. Finally, Oppenheimer lowered their price target on Okta from $120.00 to $110.00 and set an "outperform" rating for the company in a report on Thursday, March 5th. Twenty-eight equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $101.19.

Insider Transactions at Okta

In other Okta news, insider Eric Robert Kelleher sold 2,409 shares of Okta stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $80.00, for a total transaction of $192,720.00. Following the completion of the sale, the insider directly owned 15,470 shares in the company, valued at approximately $1,237,600. The trade was a 13.47% decrease in their position. The sale 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 company's stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $81.01, for a total transaction of $912,415.63. Following the completion of the sale, the chief executive officer directly 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 have sold 68,384 shares of company stock valued at $5,413,148 over the last quarter. Company insiders own 4.61% of the company's stock.

Okta Price Performance

NASDAQ OKTA opened at $87.04 on Tuesday. The stock's fifty day moving average price is $77.17 and its 200 day moving average price is $82.52. Okta, Inc. has a 1 year low of $62.66 and a 1 year high of $127.52. The company has a market cap of $15.40 billion, a price-to-earnings ratio of 66.44, a PEG ratio of 3.22 and a beta of 0.59.

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

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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