Granahan Investment Management LLC Acquires 32,966 Shares of Okta, Inc. $OKTA

by · The Markets Daily

Granahan Investment Management LLC grew its holdings in Okta, Inc. (NASDAQ:OKTA – Free Report) by 45.5% during the 3rd quarter, Holdings Channel.com reports. The fund owned 105,403 shares of the company’s stock after acquiring an additional 32,966 shares during the period. Granahan Investment Management LLC’s holdings in Okta were worth $9,665,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Norges Bank bought a new stake in Okta during the 2nd quarter valued at approximately $211,923,000. Vanguard Group Inc. boosted its stake in Okta by 5.7% in the 3rd quarter. Vanguard Group Inc. now owns 19,803,227 shares of the company’s stock worth $1,815,956,000 after purchasing an additional 1,074,977 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in Okta by 20.4% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 4,455,653 shares of the company’s stock worth $445,432,000 after purchasing an additional 755,709 shares during the period. Bain Capital Public Equity Management II LLC purchased a new stake in Okta during the 2nd quarter valued at approximately $73,866,000. Finally, Victory Capital Management Inc. grew its holdings in Okta by 816.2% during the 3rd quarter. Victory Capital Management Inc. now owns 641,382 shares of the company’s stock valued at $58,815,000 after buying an additional 571,381 shares in the last quarter. Institutional investors own 86.64% of the company’s stock.

Insider Buying and Selling at Okta

In other Okta news, CFO Brett Tighe sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 13th. The stock was sold at an average price of $95.07, for a total transaction of $950,700.00. Following the sale, the chief financial officer directly owned 134,385 shares of the company’s stock, valued at $12,775,981.95. The trade was a 6.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Eric Robert Kelleher sold 2,409 shares of the company’s stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $84.40, for a total value of $203,319.60. Following the sale, the insider owned 11,266 shares in the company, valued at approximately $950,850.40. This trade represents a 17.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 37,763 shares of company stock valued at $3,419,336 over the last quarter. 5.68% of the stock is owned by corporate insiders.

Analyst Ratings Changes

OKTA has been the topic of several research analyst reports. Roth Mkm reissued a “buy” rating on shares of Okta in a report on Wednesday, December 3rd. Piper Sandler cut their target price on shares of Okta from $100.00 to $82.00 and set a “neutral” rating for the company in a research note on Thursday, March 5th. Citigroup decreased their price target on shares of Okta from $100.00 to $87.00 and set a “neutral” rating on the stock in a research note on Thursday, March 5th. Barclays dropped their price objective on shares of Okta from $95.00 to $85.00 and set an “equal weight” rating for the company in a report on Tuesday, February 24th. Finally, Susquehanna cut their price objective on Okta from $105.00 to $80.00 and set a “neutral” rating for the company in a research report on Wednesday, December 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-six have given a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.25.

View Our Latest Analysis on Okta

Okta Stock Performance

Shares of OKTA opened at $79.16 on Monday. The stock has a market capitalization of $14.00 billion, a PE ratio of 60.43, a P/E/G ratio of 3.09 and a beta of 0.79. The company’s fifty day moving average is $84.39 and its 200 day moving average is $86.91. Okta, Inc. has a fifty-two week low of $68.77 and a fifty-two week high of $127.57.

Okta (NASDAQ:OKTA – Get Free Report) last released its quarterly earnings data on Wednesday, March 4th. The company reported $0.90 EPS for the quarter, beating the consensus estimate of $0.85 by $0.05. Okta had a net margin of 8.05% and a return on equity of 4.18%. The business had revenue of $761.00 million during the quarter, compared to analyst estimates of $749.87 million. During the same quarter last year, the business earned $0.78 earnings per share. Okta’s quarterly revenue was up 11.6% compared to the same quarter last year. Okta has set its FY 2027 guidance at 3.740-3.820 EPS and its Q1 2027 guidance at 0.840-0.860 EPS. As a group, research analysts forecast that Okta, Inc. will post 0.42 earnings per share for the current year.

Okta declared that its board has authorized a stock buyback plan on Monday, January 5th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 6.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Okta Profile

(Free Report)

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.

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