North Dakota State Investment Board Makes New Investment in Okta, Inc. $OKTA

North Dakota State Investment Board acquired a new position in shares of Okta, Inc. (NASDAQ:OKTA) during the fourth quarter, Holdings Channel reports. The fund acquired 8,969 shares of the company’s stock, valued at approximately $776,000.

Other hedge funds also recently made changes to their positions in the company. Root Financial Partners LLC bought a new stake in shares of Okta during the 3rd quarter worth $26,000. Elevation Wealth Partners LLC raised its stake in shares of Okta by 825.0% during the 4th quarter. Elevation Wealth Partners LLC now owns 296 shares of the company’s stock worth $26,000 after purchasing an additional 264 shares during the period. Torren Management LLC bought a new stake in shares of Okta during the 4th quarter worth $32,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Okta during the 3rd quarter worth $34,000. Finally, Westside Investment Management Inc. raised its stake in shares of Okta by 86.9% during the 3rd quarter. Westside Investment Management Inc. now owns 415 shares of the company’s stock worth $38,000 after purchasing an additional 193 shares during the period. 86.64% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on OKTA. Scotiabank lowered their target price on Okta from $85.00 to $80.00 and set a “sector perform” rating on the stock in a research note on Thursday, March 5th. Wall Street Zen cut Okta from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Truist Financial lowered their target price on Okta from $115.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th. Deutsche Bank Aktiengesellschaft lowered their target price on Okta from $85.00 to $80.00 and set a “hold” rating on the stock in a research note on Thursday, March 5th. Finally, Morgan Stanley lowered their price objective on Okta from $110.00 to $101.00 and set an “overweight” rating on the stock in a research note on Thursday, March 5th. Twenty-nine research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $101.19.

Key Stories Impacting Okta

Here are the key news stories impacting Okta this week:

• Positive Sentiment: Okta gained traction after broader software names rebounded, as investors became less concerned that AI will be an “existential” threat to traditional software companies. US software stocks rebound, seeking to loosen AI’s grip
• Positive Sentiment: Jefferies said Okta is likely to beat its first-quarter bookings target and kept a Buy rating with a $105 price target, arguing the stock still looks compelling on valuation. Okta set to beat Q1 bookings target but Q2 outlook may disappoint, Jefferies says
• Positive Sentiment: Oppenheimer also said Okta could deliver modest upside to fiscal Q1 revenue estimates, adding to expectations for a solid upcoming report. Okta Likely to Deliver Modest Fiscal Q1 Revenue Upside, Oppenheimer Says
• Neutral Sentiment: TD Cowen reiterated a Hold rating on Okta, which signals a more cautious stance but does not materially change the bullish narrative. TD Cowen Keeps Their Hold Rating on Okta (OKTA)
• Negative Sentiment: Company director Shellye L. Archambeau sold 2,500 shares in a pre-arranged Rule 10b5-1 transaction, which may be viewed as a modest insider selling signal. SEC filing

Okta Trading Up 3.9%

Shares of NASDAQ OKTA opened at $89.04 on Thursday. Okta, Inc. has a 12 month low of $62.66 and a 12 month high of $127.52. The firm has a market capitalization of $15.75 billion, a price-to-earnings ratio of 67.97, a PEG ratio of 3.34 and a beta of 0.59. The business has a 50-day moving average of $77.45 and a 200-day moving average of $82.52.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Wednesday, March 4th. The company reported $0.90 EPS for the quarter, topping the consensus estimate of $0.85 by $0.05. Okta had a return on equity of 4.18% and a net margin of 8.05%.The company had revenue of $761.00 million during the quarter, compared to analyst estimates of $749.87 million. During the same quarter in the previous year, the firm earned $0.78 earnings per share. Okta’s revenue was up 11.6% on a year-over-year basis. 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, analysts predict that Okta, Inc. will post 1.61 earnings per share for the current year.

Insider Activity at Okta

In other news, CRO Jonathan James Addison sold 23,304 shares of the business’s stock in a transaction dated 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 completion of the transaction, the executive owned 4,364 shares of the company’s stock, valued at approximately $339,475.56. The trade was a 84.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Schellhase acquired 3,712 shares of the business’s stock in a transaction dated Thursday, April 16th. The shares were acquired at an average cost of $72.04 per share, with a total value of $267,412.48. Following the acquisition, the director directly owned 3,712 shares of the company’s stock, valued at $267,412.48. This represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 70,884 shares of company stock valued at $5,625,648 in the last ninety days. 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.