Envestnet Asset Management Inc. Cuts Stake in Okta, Inc. (NASDAQ:OKTA)

Envestnet Asset Management Inc. reduced its holdings in shares of Okta, Inc. (NASDAQ:OKTAGet Rating) by 15.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 192,774 shares of the company’s stock after selling 34,259 shares during the period. Envestnet Asset Management Inc. owned about 0.12% of Okta worth $29,101,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Capital Research Global Investors increased its position in shares of Okta by 4.9% in the 4th quarter. Capital Research Global Investors now owns 2,819,551 shares of the company’s stock valued at $632,059,000 after purchasing an additional 132,406 shares during the last quarter. Deer Management Co. LLC purchased a new stake in shares of Okta in the 4th quarter valued at approximately $614,155,000. American Century Companies Inc. increased its position in shares of Okta by 13.6% in the 4th quarter. American Century Companies Inc. now owns 2,074,508 shares of the company’s stock valued at $465,042,000 after purchasing an additional 247,672 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Okta by 15.1% in the 4th quarter. Geode Capital Management LLC now owns 1,805,097 shares of the company’s stock valued at $404,114,000 after purchasing an additional 236,403 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Okta in the 4th quarter valued at approximately $240,716,000. 76.18% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Okta

In other Okta news, insider Ledger Susan St. sold 2,660 shares of the firm’s stock in a transaction dated Thursday, June 16th. The shares were sold at an average price of $79.97, for a total transaction of $212,720.20. Following the completion of the transaction, the insider now directly owns 36,641 shares in the company, valued at approximately $2,930,180.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Okta news, CAO Christopher K. Kramer sold 831 shares of the firm’s stock in a transaction dated Thursday, June 16th. The shares were sold at an average price of $79.97, for a total transaction of $66,455.07. Following the completion of the transaction, the chief accounting officer now directly owns 14,316 shares in the company, valued at approximately $1,144,850.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ledger Susan St. sold 2,660 shares of the firm’s stock in a transaction dated Thursday, June 16th. The stock was sold at an average price of $79.97, for a total transaction of $212,720.20. Following the sale, the insider now directly owns 36,641 shares in the company, valued at $2,930,180.77. The disclosure for this sale can be found here. In the last three months, insiders sold 16,442 shares of company stock worth $1,316,786. 7.60% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on OKTA. DA Davidson upped their target price on shares of Okta from $125.00 to $140.00 and gave the company a “buy” rating in a report on Friday, June 3rd. Oppenheimer lowered their target price on shares of Okta from $210.00 to $170.00 and set an “outperform” rating for the company in a report on Friday, June 3rd. Wolfe Research lowered their target price on shares of Okta from $135.00 to $128.00 and set an “outperform” rating for the company in a report on Friday, June 3rd. Summit Insights restated a “buy” rating on shares of Okta in a report on Thursday, June 2nd. Finally, Morgan Stanley lowered their target price on shares of Okta to $150.00 and set a “na” rating for the company in a report on Wednesday, May 18th. Six analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat, Okta presently has an average rating of “Moderate Buy” and a consensus target price of $171.33.

Okta Stock Performance

Shares of OKTA opened at $98.53 on Tuesday. The company has a 50-day simple moving average of $92.78 and a 200-day simple moving average of $132.90. The company has a quick ratio of 2.45, a current ratio of 2.45 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $15.55 billion, a PE ratio of -15.42 and a beta of 1.05. Okta, Inc. has a 52-week low of $77.01 and a 52-week high of $276.30.

Okta (NASDAQ:OKTAGet Rating) last announced its quarterly earnings results on Thursday, June 2nd. The company reported ($1.36) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.37) by $0.01. The business had revenue of $414.94 million during the quarter, compared to the consensus estimate of $388.77 million. Okta had a negative net margin of 67.06% and a negative return on equity of 13.13%. The business’s revenue was up 65.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.59) EPS. Equities research analysts predict that Okta, Inc. will post -5.56 earnings per share for the current fiscal year.

Okta Profile

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Okta, Inc provides identity solutions for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and internationally. The company offers Okta Identity Cloud, a platform that offers a suite of products and services, such as Universal Directory, a cloud-based system of record to store and secure user, application, and device profiles for an organization; Single Sign-On that enables users to access applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway that enables organizations to extend the Okta Identity Cloud from the cloud to their existing on-premise applications; and Advanced Server Access to secure cloud infrastructure.

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Institutional Ownership by Quarter for Okta (NASDAQ:OKTA)

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