Okta, Inc. $OKTA Shares Acquired by Allstate Corp

Allstate Corp lifted its position in shares of Okta, Inc. (NASDAQ:OKTA) by 106.5% during the fourth quarter, Holdings Channel reports. The firm owned 13,359 shares of the company’s stock after acquiring an additional 6,890 shares during the quarter. Allstate Corp’s holdings in Okta were worth $1,155,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. 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 worth $26,000 after purchasing an additional 264 shares in the last quarter. Torren Management LLC acquired a new stake in shares of Okta during the fourth quarter worth about $32,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Okta during the third quarter worth about $34,000. Westside Investment Management Inc. increased its position in shares of Okta by 86.9% during 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 in the last quarter. Finally, Spire Wealth Management increased its position in shares of Okta by 30.8% during the fourth quarter. Spire Wealth Management now owns 505 shares of the company’s stock worth $44,000 after purchasing an additional 119 shares in the last quarter. Institutional investors and hedge funds own 86.64% of the company’s stock.

Okta Trading Up 30.1%

Shares of Okta stock opened at $123.27 on Friday. The company has a fifty day moving average price of $79.90 and a 200 day moving average price of $82.97. Okta, Inc. has a twelve month low of $62.66 and a twelve month high of $124.79. The stock has a market cap of $21.80 billion, a price-to-earnings ratio of 89.33, a price-to-earnings-growth ratio of 3.69 and a beta of 0.59.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Thursday, May 28th. The company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.85 by $0.06. The company had revenue of $765.00 million during the quarter, compared to analysts’ expectations of $751.84 million. Okta had a net margin of 8.24% and a return on equity of 4.16%. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.86 EPS. Okta has set its FY 2027 guidance at 3.790-3.870 EPS and its Q2 2027 guidance at 0.950-0.970 EPS. Analysts forecast that Okta, Inc. will post 1.61 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on OKTA shares. Weiss Ratings cut Okta from a “hold (c)” rating to a “hold (c-)” rating in a research report on Wednesday, May 20th. TD Cowen lowered their price target on Okta from $115.00 to $105.00 and set a “hold” rating on the stock in a report on Tuesday, February 24th. JPMorgan Chase & Co. lifted their price objective on Okta from $103.00 to $114.00 and gave the company an “overweight” rating in a report on Thursday. Wolfe Research initiated coverage on Okta in a report on Thursday, April 16th. They issued an “outperform” rating on the stock. Finally, Needham & Company LLC boosted their price target on Okta from $90.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Okta currently has a consensus rating of “Moderate Buy” and an average target price of $111.86.

Okta News Summary

Here are the key news stories impacting Okta this week:

• Positive Sentiment: Okta beat consensus on both revenue and earnings, reporting $765 million in revenue and $0.91 EPS, while also raising full-year and next-quarter guidance above expectations. Article Title
• Positive Sentiment: Management highlighted accelerating demand for identity tools tied to AI agents, suggesting a new growth tailwind for Okta’s security platform. Article Title
• Positive Sentiment: A broad list of brokerages raised price targets after the report, including JPMorgan, Barclays, Morgan Stanley, BTIG, Needham, BMO, Truist, RBC, and others, reinforcing the bullish post-earnings setup. Article Title
• Positive Sentiment: Multiple reports said investors are rethinking the “SaaSpocalypse” narrative, with software stocks rebounding sharply as Okta’s results showed resilient demand and improving execution. Article Title

Insider Activity

In other news, Director Shellye L. Archambeau sold 2,500 shares of the firm’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $85.00, for a total transaction of $212,500.00. Following the transaction, the director owned 9,192 shares in the company, valued at approximately $781,320. This trade represents a 21.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CRO Jonathan James Addison sold 23,304 shares of Okta stock in a transaction 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 completion of the transaction, the executive owned 4,364 shares in the company, valued at $339,475.56. This trade represents a 84.23% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 70,884 shares of company stock valued at $5,625,648 in the last ninety days. 4.61% 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.