Saudi Central Bank Purchases 5,589 Shares of Okta, Inc. $OKTA

Saudi Central Bank raised its position in Okta, Inc. (NASDAQ:OKTA) by 89.4% during the second quarter, Holdings Channel reports. The fund owned 11,844 shares of the company’s stock after acquiring an additional 5,589 shares during the period. Saudi Central Bank’s holdings in Okta were worth $1,616,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. MassMutual Private Wealth & Trust FSB grew its position in Okta by 279.5% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 296 shares of the company’s stock valued at $40,000 after buying an additional 218 shares during the period. SHP Wealth Management bought a new stake in shares of Okta during the 4th quarter valued at $27,000. EFG International AG bought a new stake in shares of Okta during the 4th quarter valued at $61,000. Assetmark Inc. increased its stake in shares of Okta by 81.1% in the 1st quarter. Assetmark Inc. now owns 719 shares of the company’s stock worth $57,000 after purchasing an additional 322 shares in the last quarter. Finally, CIBC Private Wealth Group LLC raised its holdings in Okta by 378.3% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 727 shares of the company’s stock worth $67,000 after purchasing an additional 575 shares during the period. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Insider Activity at Okta

In other news, insider Larissa Schwartz sold 2,463 shares of the firm’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $120.00, for a total transaction of $295,560.00. Following the completion of the transaction, the insider owned 25,241 shares in the company, valued at $3,028,920. This trade represents a 8.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brett Tighe sold 41,251 shares of the business’s stock in a transaction dated Wednesday, September 2nd. The stock was 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 owned 7,693 shares in the company, valued at $1,249,650.92. This represents a 84.28% decrease in their ownership of the stock. 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 155,376 shares of company stock worth $23,734,135 in the last three months. Insiders own 4.61% of the company’s stock.

Okta Trading Down 1.8%

Shares of OKTA opened at $167.60 on Wednesday. The business’s 50 day moving average is $147.69 and its 200 day moving average is $109.74. The company has a market capitalization of $29.30 billion, a PE ratio of 100.96, a price-to-earnings-growth ratio of 5.31 and a beta of 0.79. Okta, Inc. has a 12-month low of $62.66 and a 12-month high of $174.85.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Wednesday, August 26th. The company reported $1.05 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.09. Okta had a return on equity of 4.50% and a net margin of 9.63%.The business had revenue of $805.00 million during the quarter, compared to the consensus estimate of $793.00 million. During the same period in the prior year, the company posted $0.91 EPS. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. Okta has set its FY 2027 guidance at 3.900-3.940 EPS and its Q3 2027 guidance at 0.920-0.940 EPS. Equities research analysts predict that Okta, Inc. will post 1.92 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on OKTA. TD Cowen upped their price target on Okta from $160.00 to $175.00 and gave the stock a “hold” rating in a research report on Thursday, August 27th. Wedbush reissued an “outperform” rating and issued a $60.00 target price on shares of Okta in a report on Friday, May 29th. Scotiabank restated an “outperform” rating and set a $190.00 target price on shares of Okta in a research note on Thursday, August 27th. Bank of America raised shares of Okta from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $75.00 to $170.00 in a report on Thursday, August 27th. Finally, Citigroup reiterated a “market outperform” rating on shares of Okta in a research report on Thursday, August 27th. One investment analyst has rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, Okta presently has a consensus rating of “Moderate Buy” and a consensus target price of $172.92.

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.