Okta, Inc. $OKTA Shares Sold by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank reduced its position in shares of Okta, Inc. (NASDAQ:OKTA) by 8.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 137,515 shares of the company’s stock after selling 13,017 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned 0.08% of Okta worth $11,891,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Root Financial Partners LLC purchased a new stake in shares of Okta during the 3rd quarter worth about $26,000. Elevation Wealth Partners LLC raised its stake in shares of Okta by 825.0% during the 4th quarter. Elevation Wealth Partners LLC now owns 296 shares of the company’s stock worth $26,000 after buying an additional 264 shares during the period. Aster Capital Management DIFC Ltd acquired a new position in shares of Okta during the 3rd quarter worth approximately $34,000. Westside Investment Management Inc. raised its stake in shares of Okta by 86.9% during the 3rd quarter. Westside Investment Management Inc. now owns 415 shares of the company’s stock worth $38,000 after buying an additional 193 shares during the period. Finally, Financial Consulate Inc. acquired a new position in shares of Okta during the 3rd quarter worth approximately $40,000. 86.64% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Okta

In other news, Director David Schellhase acquired 3,712 shares of the company’s stock in a transaction that occurred on Thursday, April 16th. The stock was purchased at an average price of $72.04 per share, with a total value of $267,412.48. Following the completion of the acquisition, the director owned 3,712 shares of the company’s stock, valued at $267,412.48. This trade represents a ∞ increase in their position. The transaction 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, insider Larissa Schwartz sold 6,377 shares of the company’s stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $79.75, for a total transaction of $508,565.75. Following the completion of the sale, the insider directly owned 54,825 shares of the company’s stock, valued at $4,372,293.75. This represents a 10.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 63,843 shares of company stock valued at $5,071,889 in the last three months. 5.68% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on OKTA shares. Barclays raised Okta from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $85.00 to $90.00 in a research note on Monday. Oppenheimer cut their target price on shares of Okta from $120.00 to $110.00 and set an “outperform” rating for the company in a research note on Thursday, March 5th. Scotiabank cut their target price on shares of Okta from $85.00 to $80.00 and set a “sector perform” rating for the company in a research note on Thursday, March 5th. Piper Sandler cut their target price on shares of Okta from $100.00 to $82.00 and set a “neutral” rating for the company in a research note on Thursday, March 5th. Finally, KeyCorp cut their target price on shares of Okta from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Wednesday, April 15th. Twenty-nine research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $101.95.

Okta Stock Performance

NASDAQ:OKTA opened at $76.04 on Friday. Okta, Inc. has a one year low of $62.66 and a one year high of $127.57. The stock has a market cap of $13.45 billion, a PE ratio of 58.05, a P/E/G ratio of 3.07 and a beta of 0.76. The stock has a 50 day moving average price of $76.52 and a 200 day moving average price of $83.72.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Wednesday, March 4th. The company reported $0.90 EPS for the quarter, beating the consensus estimate of $0.85 by $0.05. Okta had a return on equity of 4.18% and a net margin of 8.05%.The firm had revenue of $761.00 million during the quarter, compared to analysts’ expectations of $749.87 million. During the same quarter last year, the firm earned $0.78 earnings per share. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. 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 predict that Okta, Inc. will post 1.61 earnings per share for the current fiscal year.

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