Highland Capital Management LLC Buys New Holdings in Okta, Inc. $OKTA

Highland Capital Management LLC purchased a new position in Okta, Inc. (NASDAQ:OKTA) in the 3rd quarter, Holdings Channel reports. The institutional investor purchased 16,082 shares of the company’s stock, valued at approximately $1,475,000.

Other institutional investors have also added to or reduced their stakes in the company. Pinnacle Bancorp Inc. purchased a new position in shares of Okta in the second quarter worth $26,000. Promus Capital LLC purchased a new position in Okta during the second quarter valued at $27,000. Kiker Wealth Management LLC increased its holdings in Okta by 1,159.3% in the 2nd quarter. Kiker Wealth Management LLC now owns 340 shares of the company’s stock valued at $34,000 after acquiring an additional 313 shares during the last quarter. Cullen Frost Bankers Inc. lifted its stake in Okta by 88.3% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 339 shares of the company’s stock worth $34,000 after purchasing an additional 159 shares in the last quarter. Finally, V Square Quantitative Management LLC lifted its stake in Okta by 126.0% in the 2nd quarter. V Square Quantitative Management LLC now owns 504 shares of the company’s stock worth $50,000 after purchasing an additional 281 shares in the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Okta Stock Up 0.2%

Shares of OKTA opened at $88.61 on Friday. The business has a fifty day moving average of $86.18 and a 200 day moving average of $91.29. The company has a market cap of $15.70 billion, a PE ratio of 81.29, a P/E/G ratio of 4.17 and a beta of 0.77. Okta, Inc. has a 52-week low of $75.05 and a 52-week high of $127.57.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Tuesday, December 2nd. The company reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.06. The business had revenue of $742.00 million for the quarter, compared to analysts’ expectations of $730.23 million. Okta had a net margin of 6.87% and a return on equity of 3.77%. The business’s revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.67 earnings per share. Okta has set its FY 2026 guidance at 3.430-3.440 EPS and its Q4 2026 guidance at 0.840-0.850 EPS. As a group, research analysts anticipate that Okta, Inc. will post 0.42 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Todd Mckinnon sold 11,286 shares of the company’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $90.96, for a total transaction of $1,026,574.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Eric Robert Kelleher sold 8,370 shares of the firm’s stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $90.19, for a total value of $754,890.30. Following the sale, the insider directly owned 11,266 shares of the company’s stock, valued at $1,016,080.54. This represents a 42.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 36,147 shares of company stock valued at $3,310,275. Company insiders own 5.68% of the company’s stock.

Wall Street Analysts Forecast Growth

OKTA has been the topic of several research reports. Susquehanna reduced their target price on Okta from $105.00 to $80.00 and set a “neutral” rating on the stock in a report on Wednesday, December 3rd. Berenberg Bank initiated coverage on Okta in a report on Tuesday, November 18th. They set a “buy” rating and a $145.00 price target for the company. Deutsche Bank Aktiengesellschaft decreased their price objective on Okta from $110.00 to $85.00 and set a “hold” rating on the stock in a report on Wednesday, December 3rd. Royal Bank Of Canada cut their target price on shares of Okta from $115.00 to $97.00 and set an “outperform” rating for the company in a report on Wednesday, December 3rd. Finally, Mizuho decreased their price target on shares of Okta from $120.00 to $110.00 and set an “outperform” rating on the stock in a research note on Monday, November 17th. Twenty-four research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Okta currently has an average rating of “Moderate Buy” and an average target price of $113.62.

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.