Principal Financial Group Inc. Sells 8,843 Shares of Okta, Inc. $OKTA

Principal Financial Group Inc. lowered its position in Okta, Inc. (NASDAQ:OKTA) by 2.3% in the 3rd quarter, Holdings Channel reports. The fund owned 370,676 shares of the company’s stock after selling 8,843 shares during the quarter. Principal Financial Group Inc.’s holdings in Okta were worth $33,991,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Okta by 5.3% in the second quarter. Vanguard Group Inc. now owns 18,728,250 shares of the company’s stock worth $1,872,263,000 after purchasing an additional 935,364 shares during the period. First Trust Advisors LP increased its stake in shares of Okta by 9.1% in the 2nd quarter. First Trust Advisors LP now owns 4,901,123 shares of the company’s stock worth $489,966,000 after acquiring an additional 407,087 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in Okta by 4.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 4,635,572 shares of the company’s stock valued at $425,082,000 after acquiring an additional 179,919 shares during the period. Geode Capital Management LLC boosted its stake in Okta by 11.1% during the second quarter. Geode Capital Management LLC now owns 3,155,011 shares of the company’s stock worth $314,488,000 after acquiring an additional 314,525 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Okta during the second quarter valued at approximately $211,923,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Insider Buying and Selling

In other Okta news, CFO Brett Tighe sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $95.07, for a total value of $950,700.00. Following the completion of the transaction, the chief financial officer directly owned 134,385 shares in the company, valued at $12,775,981.95. This represents a 6.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Todd Mckinnon sold 11,286 shares of the stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $90.96, for a total transaction of $1,026,574.56. The disclosure for this sale is available in the SEC filing. Insiders sold 36,727 shares of company stock valued at $3,344,746 in the last 90 days. Corporate insiders own 5.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Morgan Stanley lowered their price objective on Okta from $123.00 to $110.00 and set an “overweight” rating for the company in a research note on Wednesday, December 3rd. DA Davidson reissued a “buy” rating and set a $140.00 price target on shares of Okta in a research report on Wednesday, December 3rd. KeyCorp reiterated an “overweight” rating and set a $140.00 target price on shares of Okta in a research note on Monday, December 1st. Canaccord Genuity Group reissued a “buy” rating and issued a $120.00 target price on shares of Okta in a report on Wednesday, December 3rd. Finally, Stifel Nicolaus lowered their price target on Okta from $130.00 to $121.00 and set a “buy” rating on the stock in a report on Wednesday, December 3rd. Twenty-five analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Okta currently has a consensus rating of “Moderate Buy” and a consensus price target of $113.88.

Okta Trading Down 1.5%

Shares of OKTA stock opened at $82.15 on Friday. The company has a 50 day simple moving average of $88.41 and a two-hundred day simple moving average of $89.61. The stock has a market cap of $14.56 billion, a P/E ratio of 75.37, a P/E/G ratio of 3.32 and a beta of 0.77. Okta, Inc. has a 12 month low of $75.05 and a 12 month high of $127.57.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Tuesday, December 2nd. The company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.76 by $0.06. The firm had revenue of $742.00 million during the quarter, compared to analyst estimates of $730.23 million. Okta had a return on equity of 3.77% and a net margin of 6.87%.Okta’s revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.67 EPS. Okta has set its FY 2026 guidance at 3.430-3.440 EPS and its Q4 2026 guidance at 0.840-0.850 EPS. As a group, equities analysts forecast that Okta, Inc. will post 0.42 earnings per share for the current year.

Okta declared that its Board of Directors has approved a stock buyback plan on Monday, January 5th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 6.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

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.