Elo Mutual Pension Insurance Co has expanded its investment in Okta, Inc. (NASDAQ: OKTA) by acquiring an additional 15,058 shares, marking a significant **40.1%** increase in its holdings during the third quarter of 2024. According to its most recent Form 13F filing with the Securities and Exchange Commission, the institutional investor now owns **52,597 shares** of Okta, valued at approximately **$4,823,000**.
This move highlights a growing interest in Okta among institutional investors. Other firms have also adjusted their positions in the company. For instance, Promus Capital LLC entered the market with a new investment worth **$27,000** in the second quarter, while Root Financial Partners LLC purchased shares valued at roughly **$26,000** in the third quarter. Aster Capital Management DIFC Ltd also acquired a stake worth **$34,000** during the same period.
Westside Investment Management Inc. significantly increased its holdings by **86.9%**, now owning **415 shares** valued at **$38,000** after acquiring an additional **193 shares** last quarter. Additionally, Financial Consulate Inc. made a new investment in Okta worth around **$40,000**. Altogether, institutional investors and hedge funds now hold **86.64%** of Okta’s stock.
Insider Trading Activity
In related developments, Okta’s Chief Financial Officer, **Brett Tighe**, sold **10,000 shares** of the company’s stock on January 13, 2024. The shares were sold at an average price of **$95.07**, resulting in a total transaction value of **$950,700**. Following this sale, Tighe maintains ownership of **134,385 shares**, currently valued at approximately **$12,775,981.95**. This transaction represents a **6.93%** decrease in his position.
Furthermore, CEO **Todd McKinnon** sold **11,286 shares** on December 22, 2023, at an average price of **$90.96**, totaling **$1,026,574.56**. Collectively, insiders have sold **37,245 shares** valued at **$3,385,624** over the last quarter, with insiders holding **5.68%** of the company’s stock.
Analyst Ratings and Market Sentiment
Recent analyst reports reflect a mixed outlook for Okta. **BMO Capital Markets** recently reduced its price target from **$90.00** to **$83.00**, maintaining a “market perform” rating. Conversely, **Stifel Nicolaus** has cut its price objective from **$130.00** to **$121.00**, while maintaining a “buy” rating. **Scotiabank** and **Susquehanna** have also lowered their targets to **$85.00** and **$80.00**, respectively. Despite these adjustments, **DA Davidson** set a target of **$110.00**.
MarketBeat data shows that the consensus rating for Okta is currently “Moderate Buy,” with **one analyst** rating it as a Strong Buy, **twenty-five** issuing Buy ratings, **eleven** assigning Hold ratings, and **two** recommending Sell. The average price target is **$109.26**.
There is a positive sentiment surrounding Okta’s upcoming Q4 earnings report. Analysts from **Zacks** anticipate steady revenue growth and rising remaining performance obligations (RPO), which could bolster the stock’s performance. Notably, **Robert W. Baird** has kept a Buy rating with a price target of **$125**, indicating confidence in the company’s prospects.
Okta is also scheduled to present at an investor conference soon, a move that could enhance visibility and investor confidence. Despite some recent share price declines, discussions in the market suggest that Okta may currently be undervalued, attracting the attention of potential value investors.
Okta’s shares opened at **$73.97** on February 27, 2024. The company boasts a market capitalization of **$13.11 billion**, a PE ratio of **67.86**, and a price-to-earnings growth ratio of **2.81**. With a **50-day moving average** of **$86.06** and a **200-day moving average** of **$87.76**, Okta’s performance over the past year has seen a low of **$68.77** and a high of **$127.57**.
In its most recent earnings report released on December 2, 2023, Okta reported earnings of **$0.82** per share, surpassing the consensus estimate of **$0.76**. The company generated revenues of **$742 million**, exceeding expectations of **$730.23 million**. Analysts project Okta will post earnings of **$0.42** per share for the current fiscal year.
On January 5, 2024, Okta’s Board of Directors announced a **$1.00 billion** share repurchase program, allowing the company to buy back up to **6.8%** of its stock through open market purchases. Such buyback initiatives typically signal that a company’s leadership believes its stock is undervalued.
Founded in 2009 and headquartered in **San Francisco, California**, Okta, Inc. specializes in identity and access management solutions. Under the leadership of McKinnon and COO **Frederic Kerrest**, the company has established itself as a key player in the cybersecurity sector, focusing on secure user authentication and lifecycle management for digital identities. The Okta Identity Cloud, a suite of cloud-native services, allows organizations to manage user access across various applications and systems.