Sumitomo Mitsui Trust Group Inc. Sells 16,270 Shares of Okta, Inc. $OKTA

Sumitomo Mitsui Trust Group Inc. lowered its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 4.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 329,322 shares of the company’s stock after selling 16,270 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.19% of Okta worth $68,865,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Generali Investments Management Co LLC increased its position in Okta by 621.2% during the third quarter. Generali Investments Management Co LLC now owns 21,671 shares of the company’s stock valued at $4,532,000 after acquiring an additional 18,666 shares during the last quarter. Diversify Wealth Management LLC bought a new stake in shares of Okta in the 1st quarter worth about $2,077,000. Western Financial Corp CA bought a new stake in shares of Okta in the 3rd quarter worth about $1,673,000. Swiss National Bank boosted its stake in shares of Okta by 7.7% during the 1st quarter. Swiss National Bank now owns 497,300 shares of the company’s stock worth $39,142,000 after purchasing an additional 35,700 shares during the period. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Okta by 15.7% during the 3rd quarter. Assenagon Asset Management S.A. now owns 215,922 shares of the company’s stock worth $45,151,000 after purchasing an additional 29,287 shares during the period. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Wall Street Analyst Weigh In

OKTA has been the topic of a number of recent analyst reports. Piper Sandler increased their price objective on shares of Okta from $105.00 to $160.00 and gave the stock a “neutral” rating in a research report on Thursday, August 27th. Citizens Jmp boosted their target price on Okta from $180.00 to $225.00 and gave the company a “market outperform” rating in a research report on Monday, September 28th. Citigroup boosted their price objective on Okta from $205.00 to $215.00 and gave the company a “neutral” rating in a report on Thursday, October 15th. New Street Research set a $235.00 price objective on Okta in a research report on Thursday, September 24th. Finally, Guggenheim increased their target price on Okta from $188.00 to $227.00 and gave the stock a “buy” rating in a research note on Thursday, September 24th. Two investment 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 company. According to MarketBeat.com, Okta presently has an average rating of “Moderate Buy” and an average target price of $202.38.

Okta Stock Up 2.6%

Shares of OKTA stock opened at $189.68 on Wednesday. The firm has a market cap of $33.16 billion, a price-to-earnings ratio of 114.27, a PEG ratio of 5.75 and a beta of 0.74. The company’s 50 day moving average is $194.95 and its 200 day moving average is $125.61. Okta, Inc. has a 52-week low of $62.66 and a 52-week high of $235.00.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Wednesday, August 26th. The company reported $1.05 EPS 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 the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the firm 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. Analysts anticipate that Okta, Inc. will post 1.92 EPS for the current fiscal year.

Trending Headlines about Okta

Here are the key news stories impacting Okta this week:

• Positive Sentiment: S&P 500 inclusion could bring buying demand. Okta is set to replace Kenvue in the index on Nov. 4, prompting index funds and other passive investors to adjust holdings. The prospect of that demand has helped lift sentiment, although some of the buying may already be reflected in the share price. Article: Dear Okta Stock Fans, Mark Your Calendars for November 4
• Positive Sentiment: Broker coverage is presented as supportive. A Zacks article says broker recommendations suggest investing in OKTA, which may bolster sentiment, though analyst ratings are not a guarantee of future performance. Article: Brokers Suggest Investing in Okta
• Neutral Sentiment: Citi maintained a Hold rating and $215 price target. The analyst said the impact of the DHS incident appears contained, a reassuring assessment tempered by the unchanged Hold recommendation. Article: Okta Maintains $215 Price Target
• Neutral Sentiment: Third-quarter results are scheduled for Dec. 1. The date gives investors a coming checkpoint on Okta’s performance, but the announcement itself does not provide new financial results or guidance. Article: Okta to Announce Third Quarter Fiscal Year 2027 Financial Results
• Negative Sentiment: Recent trading has been volatile. Okta fell sharply in the prior session before the reported rebound; the cited coverage does not identify a specific company development behind that decline. Article: Okta Registers a Bigger Fall Than the Market

Insider Transactions at Okta

In related news, CFO Brett Tighe sold 41,251 shares of the company’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $162.44, for a total transaction of $6,700,812.44. Following the completion of the sale, the chief financial officer directly owned 7,693 shares in the company, valued at $1,249,650.92. This represents a 84.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd McKinnon sold 48,822 shares of the business’s stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $193.48, for a total transaction of $9,446,080.56. Following the transaction, the chief executive officer owned 44,029 shares of the company’s stock, valued at approximately $8,518,730.92. This trade represents a 52.58% 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. In the last three months, insiders sold 137,766 shares of company stock valued at $23,927,112. Corporate insiders own 4.61% of the company’s stock.

Okta Company Profile

Okta, Inc provides cloud-based identity and access management solutions for organizations worldwide. Its platform helps businesses securely connect employees, contractors, customers and partners with the applications, systems and services they need to use.

The company’s offerings include single sign-on, multifactor authentication, identity governance, lifecycle management, directory services and privileged access management. Okta also provides customer identity solutions through Auth0, its developer-focused identity platform, which supports authentication and authorization for applications and digital experiences.

Okta serves enterprises, government agencies, small and medium-sized businesses, developers and other organizations across North America, Europe, Asia-Pacific and additional international markets.