CenterBook Partners LP Makes New Investment in Okta, Inc. $OKTA

CenterBook Partners LP acquired a new stake in shares of Okta, Inc. (NASDAQ:OKTA) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 30,501 shares of the company’s stock, valued at approximately $6,378,000.

A number of other hedge funds also recently made changes to their positions in the stock. Heritage Family Offices LLP purchased a new stake in Okta during the third quarter valued at about $198,000. Calamos Wealth Management LLC bought a new stake in Okta during the third quarter worth about $243,000. Calamos Advisors LLC purchased a new position in shares of Okta in the 3rd quarter worth about $3,990,000. Ariose Capital Management Ltd bought a new position in shares of Okta during the 3rd quarter valued at about $12,221,000. Finally, Alta Advisers Ltd purchased a new position in shares of Okta during the 3rd quarter valued at about $254,000. 86.64% of the stock is owned by institutional investors.

Okta Trading Down 1.4%

Shares of OKTA stock traded down $2.47 during mid-day trading on Friday, reaching $168.69. The stock had a trading volume of 5,290,566 shares, compared to its average volume of 3,403,562. The stock’s 50-day moving average price is $196.81 and its two-hundred day moving average price is $126.92. Okta, Inc. has a 52-week low of $62.66 and a 52-week high of $235.00. The firm has a market capitalization of $29.49 billion, a PE ratio of 101.62, a price-to-earnings-growth ratio of 5.75 and a beta of 0.74.

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

Key Headlines Impacting Okta

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

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Citigroup boosted their target price on Okta from $205.00 to $215.00 and gave the stock a “neutral” rating in a research report on Thursday, October 15th. DA Davidson increased their price target on shares of Okta from $190.00 to $235.00 and gave the company a “buy” rating in a research report on Thursday, September 24th. Guggenheim boosted their price objective on shares of Okta from $188.00 to $227.00 and gave the stock a “buy” rating in a report on Thursday, September 24th. KeyCorp set a $240.00 price objective on shares of Okta and gave the company an “overweight” rating in a research note on Thursday, September 24th. Finally, Needham & Company LLC increased their target price on shares of Okta from $200.00 to $230.00 and gave the company a “buy” rating in a report on Monday, September 21st. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $202.38.

Insiders Place Their Bets

In other news, 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 sale, the chief executive officer directly owned 44,029 shares in the company, valued at approximately $8,518,730.92. This trade represents a 52.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Eric Kelleher sold 6,395 shares of Okta stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $183.58, for a total value of $1,173,994.10. Following the completion of the sale, the insider owned 18,668 shares in the company, valued at approximately $3,427,071.44. This represents a 25.52% 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. In the last 90 days, insiders sold 137,766 shares of company stock worth $23,927,112. 4.61% of the stock is currently owned by company insiders.

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.