US Bancorp DE Has $58.08 Million Holdings in Okta, Inc. $OKTA

Key Points

• US Bancorp DE raised its stake in Okta by 20.8% in Q4 to 671,653 shares, holding about $58.08 million (0.38% of the company).
• Insiders have been net sellers recently — the CRO sold 23,304 shares and insiders have sold 63,843 shares worth roughly $5.07 million over the past 90 days, leaving insiders with 5.68% ownership.
• Okta beat recent quarterly EPS ($0.90 vs. $0.85) and revenue ($761M vs. $749.9M), its board approved a $1.0 billion share buyback, and analysts hold a consensus "Moderate Buy" with a $101.95 target.

US Bancorp DE lifted its holdings in Okta, Inc. (NASDAQ:OKTA - Free Report) by 20.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 671,653 shares of the company's stock after purchasing an additional 115,665 shares during the period. US Bancorp DE owned 0.38% of Okta worth $58,078,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its position in Okta by 5.7% during the 3rd quarter. Vanguard Group Inc. now owns 19,803,227 shares of the company's stock valued at $1,815,956,000 after purchasing an additional 1,074,977 shares during the period. Robeco Institutional Asset Management B.V. boosted its position in Okta by 52.9% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 465,370 shares of the company's stock valued at $40,241,000 after purchasing an additional 161,069 shares during the period. Elo Mutual Pension Insurance Co boosted its position in Okta by 40.1% during the 3rd quarter. Elo Mutual Pension Insurance Co now owns 52,597 shares of the company's stock valued at $4,823,000 after purchasing an additional 15,058 shares during the period. Bourgeon Capital Management LLC acquired a new position in Okta during the 3rd quarter valued at approximately $7,946,000. Finally, Congress Asset Management Co. boosted its position in Okta by 23.0% during the 4th quarter. Congress Asset Management Co. now owns 98,063 shares of the company's stock valued at $8,480,000 after purchasing an additional 18,325 shares during the period. Institutional investors and hedge funds own 86.64% of the company's stock.

Insider Activity

In other Okta news, CRO Jonathan James Addison sold 23,304 shares of Okta stock in a transaction on Wednesday, March 25th. The stock was sold at an average price of $77.79, for a total transaction of $1,812,818.16. Following the sale, the executive owned 4,364 shares of the company's stock, valued at $339,475.56. The trade was a 84.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Eric Robert Kelleher sold 2,409 shares of Okta stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $80.00, for a total value of $192,720.00. Following the sale, the insider directly owned 15,470 shares in the company, valued at $1,237,600. The trade was a 13.47% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 63,843 shares of company stock worth $5,071,889 over the last ninety days. 5.68% of the stock is currently owned by company insiders.

Okta Price Performance

Shares of Okta stock opened at $73.65 on Friday. The business's fifty day moving average price is $75.64 and its two-hundred day moving average price is $83.15. The company has a market capitalization of $13.03 billion, a P/E ratio of 56.22, a PEG ratio of 2.97 and a beta of 0.76. Okta, Inc. has a 1-year low of $62.66 and a 1-year high of $127.57.

Okta (NASDAQ:OKTA - Get Free Report) last announced its 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 firm 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 firm's revenue for the quarter was up 11.6% on a year-over-year basis. 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. On average, research analysts expect that Okta, Inc. will post 1.61 earnings per share for the current fiscal year.

Okta announced that its board has approved a share buyback program on Monday, January 5th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 6.8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on OKTA. BMO Capital Markets upgraded Okta from a "market perform" rating to an "outperform" rating and boosted their price objective for the company from $83.00 to $97.00 in a research report on Friday, March 6th. Deutsche Bank Aktiengesellschaft reduced their price objective on Okta from $85.00 to $80.00 and set a "hold" rating for the company in a research report on Thursday, March 5th. Berenberg Bank reduced their price objective on Okta from $145.00 to $120.00 and set a "buy" rating for the company in a research report on Thursday, March 5th. Needham & Company LLC reduced their price objective on Okta from $110.00 to $90.00 and set a "buy" rating for the company in a research report on Thursday, March 5th. Finally, Stifel Nicolaus reduced their price objective on Okta from $121.00 to $92.00 and set a "buy" rating for the company in a research report on Thursday, March 5th. Twenty-nine investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $101.95.

About Okta

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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