Royal Fund Management LLC Has $3.30 Million Stock Holdings in Okta, Inc. $OKTA

Royal Fund Management LLC trimmed its position in shares of Okta, Inc. (NASDAQ:OKTA) by 21.0% during the 4th quarter, HoldingsChannel reports. The fund owned 38,203 shares of the company’s stock after selling 10,131 shares during the quarter. Royal Fund Management LLC’s holdings in Okta were worth $3,303,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. Root Financial Partners LLC bought a new stake in shares of Okta in the 3rd quarter worth approximately $26,000. Elevation Wealth Partners LLC increased its position in shares of Okta by 825.0% during the fourth quarter. Elevation Wealth Partners LLC now owns 296 shares of the company’s stock valued at $26,000 after purchasing an additional 264 shares during the period. Promus Capital LLC bought a new stake in shares of Okta during the second quarter valued at approximately $27,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Okta in the third quarter valued at $34,000. Finally, Westside Investment Management Inc. lifted its position in Okta by 86.9% in the third 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. Institutional investors and hedge funds own 86.64% of the company’s stock.

Okta Stock Performance

Shares of NASDAQ OKTA opened at $75.47 on Tuesday. Okta, Inc. has a 52-week low of $68.77 and a 52-week high of $127.57. The business has a fifty day moving average of $81.33 and a two-hundred day moving average of $85.85. The stock has a market cap of $13.35 billion, a PE ratio of 57.61, a PEG ratio of 2.86 and a beta of 0.79.

Okta (NASDAQ:OKTA) last posted 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 business had revenue of $761.00 million for the quarter, compared to analyst estimates of $749.87 million. Okta had a net margin of 8.05% and a return on equity of 4.18%. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.78 EPS. Okta has set its FY 2027 guidance at 3.740-3.820 EPS and its Q1 2027 guidance at 0.840-0.860 EPS. Analysts predict that Okta, Inc. will post 0.42 earnings per share for the current year.

Okta declared that its Board of Directors has initiated a stock buyback plan on Monday, January 5th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the company to buy up to 6.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts have weighed in on OKTA shares. KeyCorp decreased their price target on shares of Okta from $115.00 to $100.00 and set an “overweight” rating on the stock in a research note on Thursday, March 5th. Scotiabank reduced their price objective on shares of Okta from $85.00 to $80.00 and set a “sector perform” rating for the company in a report on Thursday, March 5th. JPMorgan Chase & Co. lifted their target price on shares of Okta from $102.00 to $103.00 and gave the company an “overweight” rating in a research report on Thursday, March 5th. Mizuho lowered their target price on shares of Okta from $110.00 to $100.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 17th. Finally, Truist Financial dropped their price target on shares of Okta from $115.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, March 5th. Twenty-six investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Okta presently has a consensus rating of “Moderate Buy” and an average price target of $103.25.

Insider Transactions at Okta

In other Okta news, CFO Brett Tighe sold 10,000 shares of the company’s stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of $95.07, for a total transaction of $950,700.00. Following the sale, the chief financial officer directly owned 134,385 shares of the company’s stock, valued at approximately $12,775,981.95. This represents a 6.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Jonathan James Addison sold 23,304 shares of the firm’s stock in a transaction that occurred on 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 sale, the executive directly owned 4,364 shares of the company’s stock, valued at approximately $339,475.56. The trade was a 84.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 69,365 shares of company stock valued at $5,696,938. 5.68% of the stock is owned by company insiders.

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.