Neuberger Berman Group LLC Increases Holdings in Okta, Inc. (NASDAQ:OKTA)

Neuberger Berman Group LLC boosted its holdings in shares of Okta, Inc. (NASDAQ:OKTAGet Rating) by 74.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 490,023 shares of the company’s stock after purchasing an additional 209,077 shares during the period. Neuberger Berman Group LLC’s holdings in Okta were worth $73,975,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of OKTA. Vanguard Group Inc. grew its holdings in shares of Okta by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 13,506,847 shares of the company’s stock worth $2,038,994,000 after acquiring an additional 264,423 shares during the period. Capital Research Global Investors grew its holdings in shares of Okta by 4.9% during the 4th quarter. Capital Research Global Investors now owns 2,819,551 shares of the company’s stock worth $632,059,000 after acquiring an additional 132,406 shares during the period. Deer Management Co. LLC purchased a new position in shares of Okta during the 4th quarter worth approximately $614,155,000. Sands Capital Management LLC grew its holdings in shares of Okta by 0.9% during the 1st quarter. Sands Capital Management LLC now owns 2,633,732 shares of the company’s stock worth $397,588,000 after acquiring an additional 23,800 shares during the period. Finally, First Trust Advisors LP grew its holdings in shares of Okta by 4.0% during the 1st quarter. First Trust Advisors LP now owns 2,320,801 shares of the company’s stock worth $350,348,000 after acquiring an additional 89,070 shares during the period. Hedge funds and other institutional investors own 75.47% of the company’s stock.

Okta Trading Down 5.6 %

NASDAQ:OKTA opened at $59.01 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.38 and a quick ratio of 2.38. The firm has a market capitalization of $9.37 billion, a price-to-earnings ratio of -10.00 and a beta of 1.08. Okta, Inc. has a one year low of $58.12 and a one year high of $272.27. The business has a fifty day moving average price of $90.06 and a 200-day moving average price of $108.97.

Okta (NASDAQ:OKTAGet Rating) last posted its quarterly earnings data on Wednesday, August 31st. The company reported ($1.19) EPS for the quarter, topping the consensus estimate of ($1.41) by $0.22. The firm had revenue of $435.38 million during the quarter, compared to analyst estimates of $430.66 million. Okta had a negative return on equity of 13.18% and a negative net margin of 57.21%. Okta’s revenue was up 43.6% on a year-over-year basis. During the same period in the prior year, the business posted ($1.35) EPS. Sell-side analysts forecast that Okta, Inc. will post -5.18 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Canaccord Genuity Group downgraded Okta from a “buy” rating to a “hold” rating and reduced their target price for the stock from $155.00 to $85.00 in a report on Thursday, September 1st. Summit Insights restated a “buy” rating on shares of Okta in a research note on Thursday, June 2nd. DA Davidson cut their price target on Okta from $105.00 to $80.00 and set a “neutral” rating on the stock in a research note on Thursday, September 1st. Piper Sandler cut their price target on Okta from $130.00 to $125.00 and set an “overweight” rating on the stock in a research note on Thursday, September 1st. Finally, JMP Securities cut their price target on Okta from $165.00 to $145.00 in a research note on Thursday, September 1st. Fourteen equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $116.73.

About Okta

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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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