Okta, Inc. $OKTA Stock: Alamar Capital Management LLC Lowers Holdings

Alamar Capital Management LLC cut its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 50.5% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 10,815 shares of the company’s stock after selling 11,052 shares during the quarter. Okta comprises 1.1% of Alamar Capital Management LLC’s holdings, making the stock its 26th biggest position. Alamar Capital Management LLC’s holdings in Okta were worth $2,262,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently made changes to their positions in the company. Generali Investments Management Co LLC raised its position in Okta by 621.2% during the third quarter. Generali Investments Management Co LLC now owns 21,671 shares of the company’s stock valued at $4,532,000 after purchasing an additional 18,666 shares in the last quarter. Diversify Wealth Management LLC purchased a new stake in shares of Okta during the 1st quarter valued at $2,077,000. Western Financial Corp CA acquired a new position in Okta in the 3rd quarter valued at $1,673,000. Swiss National Bank increased its position in shares of Okta by 7.7% in the 1st quarter. Swiss National Bank now owns 497,300 shares of the company’s stock valued at $39,142,000 after purchasing an additional 35,700 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Okta by 15.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 215,922 shares of the company’s stock valued at $45,151,000 after purchasing an additional 29,287 shares in the last quarter. Institutional investors own 86.64% of the company’s stock.

More Okta News

Here are the key news stories impacting Okta this week:

• Positive Sentiment: ETFs bought about $99.5 million of Okta shares on Wednesday, with 36 funds buying versus 15 selling. In a related report, the Invesco S&P 500 Equal Weight Technology ETF initiated an $89.1 million position in Okta, making it its only addition while trimming 74 other holdings. The buying may offer support, though both reports refer to Wednesday’s activity. ETF buying article Invesco RSPT article
• Negative Sentiment: Okta shares declined alongside other software names as Wall Street retreated from AI-associated stocks, a rotation that hit recent software winners. This broad sector-driven selling was a key near-term headwind. Software sell-off article
• Negative Sentiment: A Seeking Alpha contributor downgraded Okta to Sell, arguing that its valuation bubble may be deflating. The bearish valuation view could weigh on sentiment, particularly amid the wider pullback in software stocks. Seeking Alpha downgrade

Insider Activity at Okta

In other news, insider Eric Kelleher sold 6,395 shares of the business’s stock in a transaction on Friday, September 18th. The shares were sold at an average price of $183.58, for a total transaction of $1,173,994.10. Following the completion of the sale, the insider owned 18,668 shares of the company’s stock, valued at $3,427,071.44. The trade was a 25.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brett Tighe sold 41,251 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $162.44, for a total value of $6,700,812.44. Following the completion of the sale, the chief financial officer owned 7,693 shares of the company’s stock, valued at $1,249,650.92. This trade represents a 84.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 137,766 shares of company stock worth $23,927,112. Corporate insiders own 4.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on OKTA. Piper Sandler upped their price objective on shares of Okta from $105.00 to $160.00 and gave the company a “neutral” rating in a research note on Thursday, August 27th. Capital One Financial upgraded Okta from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $126.00 to $171.00 in a research report on Thursday, July 16th. Stifel Nicolaus increased their target price on shares of Okta from $180.00 to $215.00 and gave the stock a “buy” rating in a report on Thursday, September 24th. Wells Fargo & Company boosted their price objective on Okta from $200.00 to $230.00 and gave the company an “overweight” rating in a research report on Thursday, September 24th. Finally, Bank of America boosted their target price on shares of Okta from $170.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, September 24th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $202.38.

Okta Trading Down 1.4%

Shares of Okta stock opened at $168.69 on Friday. The firm has a market capitalization of $29.49 billion, a PE ratio of 101.62, a price-to-earnings-growth ratio of 5.75 and a beta of 0.74. Okta, Inc. has a 12 month low of $62.66 and a 12 month high of $235.00. The business’s 50-day moving average price is $196.81 and its 200-day moving average price is $126.92.

Okta (NASDAQ:OKTA) last released its earnings results on Wednesday, August 26th. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.09. The business had revenue of $805.00 million for the quarter, compared to the consensus estimate of $793.00 million. Okta had a return on equity of 4.50% and a net margin of 9.63%. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.91 earnings per share. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. As a group, analysts predict that Okta, Inc. will post 1.92 earnings per share for the current fiscal year.

Okta Profile

Okta, Inc provides cloud-based identity and access management services. Its platform helps organizations manage how employees, customers, partners and other users sign in to applications and access digital resources.

Okta’s products include single sign-on, multifactor authentication, identity governance and user lifecycle management. Through Auth0, which Okta acquired in 2021, the company also offers tools that developers can use to add identity and authentication features to customer-facing applications.

Founded in 2009 by Todd McKinnon and Frederic Kerrest, Okta serves organizations around the world across a range of industries.