Optimus Prime Fund Management Co. Ltd. Raises Holdings in Okta, Inc. $OKTA

Optimus Prime Fund Management Co. Ltd. boosted its position in Okta, Inc. (NASDAQ:OKTA) by 11.7% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 910,000 shares of the company’s stock after purchasing an additional 95,000 shares during the period. Okta comprises 7.4% of Optimus Prime Fund Management Co. Ltd.’s holdings, making the stock its 6th largest position. Optimus Prime Fund Management Co. Ltd. owned about 0.52% of Okta worth $83,447,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of Okta by 5.7% during the 3rd quarter. Vanguard Group Inc. now owns 19,803,227 shares of the company’s stock worth $1,815,956,000 after acquiring an additional 1,074,977 shares during the last quarter. Bourgeon Capital Management LLC acquired a new stake in Okta during the 3rd quarter valued at $7,946,000. Elo Mutual Pension Insurance Co lifted its holdings 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 last quarter. Charles Schwab Investment Management Inc. boosted its position in Okta by 3.0% during the second quarter. Charles Schwab Investment Management Inc. now owns 1,244,062 shares of the company’s stock worth $124,369,000 after purchasing an additional 36,304 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its position in Okta by 4.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 4,635,572 shares of the company’s stock worth $425,082,000 after purchasing an additional 179,919 shares during the period. Institutional investors own 86.64% of the company’s stock.

Wall Street Analysts Forecast Growth

OKTA has been the topic of several research analyst reports. Oppenheimer dropped their price objective on shares of Okta from $120.00 to $110.00 and set an “outperform” rating on the stock in a research report on Thursday, March 5th. Jefferies Financial Group reduced their target price on shares of Okta from $125.00 to $105.00 and set a “buy” rating for the company in a report on Monday, March 2nd. Royal Bank Of Canada upped their price target on shares of Okta from $97.00 to $108.00 and gave the company an “outperform” rating in a research note on Monday, January 5th. Berenberg Bank lowered their price target on shares of Okta from $145.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday, March 5th. Finally, Roth Mkm restated a “buy” rating on shares of Okta in a research report on Wednesday, December 3rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Okta currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.25.

Insiders Place Their Bets

In other Okta news, CEO Todd Mckinnon sold 11,286 shares of Okta stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $90.96, for a total value of $1,026,574.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Brett Tighe sold 10,000 shares of the business’s stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of $95.07, for a total value of $950,700.00. Following the transaction, the chief financial officer directly owned 134,385 shares of the company’s stock, valued at approximately $12,775,981.95. The trade was a 6.93% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 37,763 shares of company stock valued at $3,419,336 in the last quarter. Corporate insiders own 5.68% of the company’s stock.

Okta Price Performance

Shares of NASDAQ:OKTA opened at $79.16 on Friday. The company’s 50 day simple moving average is $84.39 and its 200 day simple moving average is $86.99. The stock has a market capitalization of $14.03 billion, a price-to-earnings ratio of 60.43, a price-to-earnings-growth ratio of 3.09 and a beta of 0.79. Okta, Inc. has a 1 year low of $68.77 and a 1 year high of $127.57.

Okta (NASDAQ:OKTA) last released its earnings results on Wednesday, March 4th. The company reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.05. The firm had revenue of $761.00 million during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the prior year, the company earned $0.78 earnings per share. Okta has set its FY 2027 guidance at 3.740-3.820 EPS and its Q1 2027 guidance at 0.840-0.860 EPS. As a group, analysts anticipate that Okta, Inc. will post 0.42 EPS for the current fiscal year.

Okta declared that its board has initiated a share buyback program on Monday, January 5th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 6.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

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.