Asset Management One Co. Ltd. increased its holdings in Okta by 14.3% during the third quarter, acquiring an additional 21,024 shares to bring its total to 167,857 shares. At the end of the reporting period, this position represented approximately 0.10% of Okta’s outstanding common stock and was valued at $15.39 million. This move underscores a growing conviction among certain institutional investors in the company’s identity and access management platform.

In its most recent quarterly report, Okta delivered adjusted earnings per share of $0.82, surpassing the consensus estimate by $0.06, and generated revenue of $742 million, beating analysts’ forecasts by nearly $12 million. The company posted a net margin of 6.9% and a return on equity of 3.8%, while year-over-year subscription revenue growth reached 11.6%. Management reiterated full-year guidance of $3.430 to $3.440 in adjusted EPS and set fourth-quarter targets between $0.840 and $0.850, signaling confidence in sustained top-line momentum.

Okta’s board of directors authorized a new share repurchase plan with capacity to buy back up to $1.00 billion of Class A common stock, representing up to 6.8% of shares outstanding. The program, effective immediately, reflects management’s assessment that the stock is undervalued and leverages the company’s strong free cash flow generation and balance sheet flexibility. Open market purchases will be executed at management’s discretion over the course of the year.

During the most recent quarter, insiders sold a total of 24,828 shares, with CEO Todd McKinnon divesting 11,286 shares and EVP Larissa Schwartz selling 1,318 shares, reducing internal ownership to 5.7%. On the sell-side, 24 analysts maintain a Buy rating on Okta, 13 have Hold ratings and two recommend Sell. The consensus target price stands at $114.09, reflecting a Moderate Buy sentiment as tracked by MarketBeat’s composite ratings.