Verdence Capital Advisors LLC Invests $590,000 in Okta, Inc. $OKTA

Verdence Capital Advisors LLC acquired a new stake in Okta, Inc. (NASDAQ:OKTA) in the 3rd quarter, according to its most recent filing with the SEC. The fund acquired 6,555 shares of the company’s stock, valued at approximately $590,000.

Several other hedge funds have also recently bought and sold shares of the stock. Courier Capital LLC boosted its holdings in shares of Okta by 5.1% in the third quarter. Courier Capital LLC now owns 10,169 shares of the company’s stock valued at $932,000 after buying an additional 489 shares during the period. Allstate Corp acquired a new position in Okta in the 3rd quarter worth $593,000. Yorktown Management & Research Co Inc bought a new position in Okta during the 3rd quarter worth about $376,000. Amalgamated Bank raised its stake in shares of Okta by 0.6% in the 3rd quarter. Amalgamated Bank now owns 78,485 shares of the company’s stock valued at $7,197,000 after purchasing an additional 489 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of Okta by 4.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 4,635,572 shares of the company’s stock valued at $425,082,000 after purchasing an additional 179,919 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Okta

In other news, insider Larissa Schwartz sold 1,899 shares of the company’s stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $90.74, for a total transaction of $172,315.26. Following the completion of the transaction, the insider directly owned 38,164 shares in the company, valued at approximately $3,463,001.36. This represents a 4.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Eric Robert Kelleher sold 8,370 shares of the firm’s stock in a transaction on Thursday, December 18th. The shares were 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 in the company, valued at approximately $1,016,080.54. This trade represents a 42.63% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 36,727 shares of company stock valued at $3,344,746 in the last quarter. 5.68% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

OKTA has been the topic of a number of recent research reports. Guggenheim reissued a “buy” rating and issued a $138.00 target price on shares of Okta in a research report on Wednesday, December 3rd. Jefferies Financial Group upgraded shares of Okta from a “hold” rating to a “buy” rating and increased their target price for the stock from $90.00 to $125.00 in a report on Tuesday, December 16th. Royal Bank Of Canada raised their target price on shares of Okta from $97.00 to $108.00 and gave the company an “outperform” rating in a research report on Monday, January 5th. Cantor Fitzgerald reissued an “overweight” rating on shares of Okta in a research report on Wednesday, December 17th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $120.00 price objective on shares of Okta in a report on Wednesday, December 3rd. Twenty-five research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $113.88.

Okta Stock Performance

Shares of OKTA stock opened at $88.94 on Thursday. The company has a market capitalization of $15.76 billion, a price-to-earnings ratio of 81.60, a PEG ratio of 4.10 and a beta of 0.76. Okta, Inc. has a 52 week low of $75.05 and a 52 week high of $127.57. The company has a 50-day simple moving average of $86.94 and a 200 day simple moving average of $90.09.

Okta (NASDAQ:OKTA) last posted its earnings results on Tuesday, December 2nd. The company reported $0.82 EPS for the quarter, beating the consensus estimate of $0.76 by $0.06. The company had revenue of $742.00 million for the quarter, compared to the consensus estimate of $730.23 million. Okta had a return on equity of 3.77% and a net margin of 6.87%.The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $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. Sell-side analysts forecast that Okta, Inc. will post 0.42 EPS for the current year.

Okta announced that its Board of Directors has approved a share buyback plan on Monday, January 5th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 6.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Okta Profile

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.