Okta, Inc. $OKTA Shares Bought by Pier 88 Investment Partners LLC

Pier 88 Investment Partners LLC raised its holdings in Okta, Inc. (NASDAQ:OKTA) by 609.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 22,000 shares of the company’s stock after purchasing an additional 18,900 shares during the period. Okta comprises 1.1% of Pier 88 Investment Partners LLC’s holdings, making the stock its 26th largest position. Pier 88 Investment Partners LLC’s holdings in Okta were worth $4,600,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Maryland State Retirement & Pension System raised its position in Okta by 3.6% during the third quarter. Maryland State Retirement & Pension System now owns 9,824 shares of the company’s stock worth $2,054,000 after acquiring an additional 344 shares during the period. Advisor Resource Council purchased a new position in Okta during the third quarter valued at $313,000. Ritholtz Wealth Management acquired a new stake in shares of Okta in the third quarter valued at about $288,000. Jacobi Capital Management LLC acquired a new stake in shares of Okta in the third quarter valued at about $42,000. Finally, Keybank National Association OH grew its position in shares of Okta by 0.4% in the third quarter. Keybank National Association OH now owns 18,139 shares of the company’s stock valued at $3,793,000 after purchasing an additional 66 shares during the period. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Eric Kelleher sold 6,395 shares of the stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $183.58, for a total value of $1,173,994.10. Following the completion of the sale, the insider owned 18,668 shares of the company’s stock, valued at approximately $3,427,071.44. This trade represents a 25.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 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 directly owned 7,693 shares of the company’s stock, valued at approximately $1,249,650.92. This represents a 84.28% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 137,766 shares of company stock worth $23,927,112 over the last ninety days. Corporate insiders own 4.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on OKTA shares. Robert W. Baird lifted their price objective on Okta from $200.00 to $235.00 and gave the stock an “outperform” rating in a report on Friday, September 25th. Jefferies Financial Group increased their target price on Okta from $200.00 to $240.00 and gave the company a “buy” rating in a report on Thursday, September 24th. Piper Sandler increased their target price on Okta from $105.00 to $160.00 and gave the company a “neutral” rating in a report on Thursday, August 27th. Needham & Company LLC raised their target price on Okta from $200.00 to $230.00 and gave the company a “buy” rating in a research report on Monday, September 21st. Finally, BTIG Research reaffirmed a “buy” rating and issued a $219.00 price target on shares of Okta in a research note on Thursday, September 24th. Two 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $202.38.

Okta Trading Up 0.2%

OKTA opened at $182.54 on Friday. The firm has a market capitalization of $31.91 billion, a PE ratio of 109.96, a PEG ratio of 5.67 and a beta of 0.74. Okta, Inc. has a twelve month low of $62.66 and a twelve month high of $235.00. The firm’s 50-day moving average price is $197.85 and its 200 day moving average price is $128.71.

Okta (NASDAQ:OKTA) last released its quarterly earnings data on Wednesday, August 26th. The company reported $1.05 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.09. Okta had a net margin of 9.63% and a return on equity of 4.50%. The company had revenue of $805.00 million during the quarter, compared to the consensus estimate of $793.00 million. During the same quarter in the prior year, the firm earned $0.91 EPS. Okta’s quarterly revenue was up 10.6% on a year-over-year basis. 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.

About Okta

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.