VIRGINIA RETIREMENT SYSTEMS ET Al Makes New Investment in Okta, Inc. $OKTA

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Okta, Inc. (NASDAQ:OKTA) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 3,500 shares of the company’s stock, valued at approximately $732,000.

Several other institutional investors also recently made changes to their positions in OKTA. Allspring Global Investments Holdings LLC grew its stake in shares of Okta by 71.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,553,091 shares of the company’s stock worth $281,209,000 after purchasing an additional 1,485,963 shares during the period. Bank of America Corp DE lifted its stake in shares of Okta by 0.4% in the first quarter. Bank of America Corp DE now owns 1,496,896 shares of the company’s stock valued at $117,821,000 after purchasing an additional 6,533 shares during the period. Senvest Management LLC boosted its holdings in Okta by 54.5% during the first quarter. Senvest Management LLC now owns 830,515 shares of the company’s stock worth $65,370,000 after buying an additional 292,900 shares in the last quarter. Quantinno Capital Management LP boosted its holdings in Okta by 114.3% during the first quarter. Quantinno Capital Management LP now owns 746,009 shares of the company’s stock worth $58,718,000 after buying an additional 397,951 shares in the last quarter. Finally, Amundi boosted its holdings in Okta by 19.7% during the first quarter. Amundi now owns 609,207 shares of the company’s stock worth $47,951,000 after buying an additional 100,252 shares in the last quarter. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

More Okta News

Here are the key news stories impacting Okta this week:

• Positive Sentiment: ETFs bought about $99.5 million of Okta shares on Wednesday, with 36 funds buying versus 15 selling. In a related report, the Invesco S&P 500 Equal Weight Technology ETF initiated an $89.1 million position in Okta, making it its only addition while trimming 74 other holdings. The buying may offer support, though both reports refer to Wednesday’s activity. ETF buying article Invesco RSPT article
• Negative Sentiment: Okta shares declined alongside other software names as Wall Street retreated from AI-associated stocks, a rotation that hit recent software winners. This broad sector-driven selling was a key near-term headwind. Software sell-off article
• Negative Sentiment: A Seeking Alpha contributor downgraded Okta to Sell, arguing that its valuation bubble may be deflating. The bearish valuation view could weigh on sentiment, particularly amid the wider pullback in software stocks. Seeking Alpha downgrade

Analysts Set New Price Targets

A number of research analysts have issued reports on OKTA shares. Stephens increased their target price on shares of Okta from $190.00 to $240.00 and gave the company an “overweight” rating in a report on Friday, September 25th. Cantor Fitzgerald lifted their price target on shares of Okta from $170.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, August 27th. BMO Capital Markets boosted their price target on Okta from $230.00 to $245.00 and gave the stock an “outperform” rating in a research note on Friday, October 9th. Wells Fargo & Company upped their price target on Okta from $200.00 to $230.00 and gave the stock an “overweight” rating in a report on Thursday, September 24th. Finally, Citizens Jmp upped their price target on Okta from $180.00 to $225.00 and gave the stock a “market outperform” rating in a report on Monday, September 28th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, Okta has a consensus rating of “Moderate Buy” and a consensus price target of $202.38.

Okta Stock Down 1.4%

Shares of Okta stock traded down $2.47 on Friday, hitting $168.69. The company’s stock had a trading volume of 5,290,566 shares, compared to its average volume of 3,403,562. Okta, Inc. has a 52-week low of $62.66 and a 52-week high of $235.00. The firm has a fifty day moving average price of $196.81 and a 200-day moving average price of $126.92. The company has a market capitalization of $29.49 billion, a P/E ratio of 101.62, a price-to-earnings-growth ratio of 5.75 and a beta of 0.74.

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

Insider Buying and Selling at Okta

In other news, insider Eric Kelleher sold 6,395 shares of the firm’s stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $183.58, for a total transaction of $1,173,994.10. Following the completion of the transaction, the insider directly owned 18,668 shares of the company’s stock, valued at $3,427,071.44. This trade represents a 25.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd McKinnon sold 48,822 shares of Okta stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $193.48, for a total value of $9,446,080.56. Following the transaction, the chief executive officer owned 44,029 shares of the company’s stock, valued at $8,518,730.92. This represents a 52.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 137,766 shares of company stock valued at $23,927,112 over the last quarter. Corporate insiders own 4.61% of the company’s stock.

About Okta

Okta, Inc provides cloud-based identity and access management services. Its platform helps organizations manage how employees, customers, partners and other users sign in to applications and access digital resources.

Okta’s products include single sign-on, multifactor authentication, identity governance and user lifecycle management. Through Auth0, which Okta acquired in 2021, the company also offers tools that developers can use to add identity and authentication features to customer-facing applications.

Founded in 2009 by Todd McKinnon and Frederic Kerrest, Okta serves organizations around the world across a range of industries.