Commonwealth Equity Services LLC Grows Holdings in Okta, Inc. (NASDAQ:OKTA)

Commonwealth Equity Services LLC grew its holdings in shares of Okta, Inc. (NASDAQ:OKTA – Get Rating) by 9.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,881 shares of the company’s stock after buying an additional 2,363 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Okta were worth $1,905,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Okta by 1.7% during the third quarter. Vanguard Group Inc. now owns 14,079,420 shares of the company’s stock worth $800,697,000 after purchasing an additional 237,961 shares during the last quarter. First Trust Advisors LP grew its position in shares of Okta by 7.6% in the 3rd quarter. First Trust Advisors LP now owns 3,774,371 shares of the company’s stock worth $214,648,000 after acquiring an additional 267,321 shares in the last quarter. Deer Management Co. LLC increased its holdings in shares of Okta by 10.9% in the 3rd quarter. Deer Management Co. LLC now owns 2,729,034 shares of the company’s stock valued at $155,200,000 after acquiring an additional 267,213 shares during the last quarter. Two Sigma Investments LP raised its position in shares of Okta by 394.6% during the 3rd quarter. Two Sigma Investments LP now owns 1,674,333 shares of the company’s stock valued at $95,219,000 after acquiring an additional 1,335,799 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Okta by 23.6% during the third quarter. Renaissance Technologies LLC now owns 1,330,700 shares of the company’s stock worth $75,677,000 after purchasing an additional 253,700 shares during the last quarter. 73.02% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Okta

In related news, CFO Brett Tighe sold 2,184 shares of the stock in a transaction dated Thursday, March 16th. The stock was sold at an average price of $82.48, for a total value of $180,136.32. Following the completion of the sale, the chief financial officer now directly owns 42,843 shares of the company’s stock, valued at approximately $3,533,690.64. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CFO Brett Tighe sold 2,184 shares of the stock in a transaction dated Thursday, March 16th. The stock was sold at an average price of $82.48, for a total value of $180,136.32. Following the completion of the sale, the chief financial officer now directly owns 42,843 shares of the company’s stock, valued at approximately $3,533,690.64. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Larissa Schwartz sold 452 shares of the stock in a transaction dated Thursday, March 16th. The stock was sold at an average price of $82.48, for a total value of $37,280.96. Following the completion of the sale, the insider now directly owns 20,149 shares of the company’s stock, valued at $1,661,889.52. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,473 shares of company stock worth $533,244. 7.36% of the stock is owned by corporate insiders.

Okta Trading Up 2.9 %

Shares of NASDAQ OKTA opened at $80.35 on Thursday. Okta, Inc. has a 12 month low of $44.12 and a 12 month high of $111.35. The company has a market cap of $18.24 billion, a price-to-earnings ratio of -15.54 and a beta of 1.15. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 0.40. The business has a fifty day simple moving average of $78.38 and a 200-day simple moving average of $70.31.

Okta (NASDAQ:OKTA – Get Rating) last issued its quarterly earnings results on Wednesday, March 1st. The company reported ($0.70) EPS for the quarter, beating the consensus estimate of ($0.81) by $0.11. The business had revenue of $510.00 million during the quarter, compared to the consensus estimate of $488.99 million. Okta had a negative net margin of 43.87% and a negative return on equity of 12.53%. Sell-side analysts predict that Okta, Inc. will post -3.05 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Westpark Capital began coverage on shares of Okta in a report on Friday, March 17th. They set a “buy” rating and a $120.00 target price on the stock. Robert W. Baird raised their price target on shares of Okta from $92.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, March 31st. Piper Sandler raised their price target on shares of Okta from $90.00 to $100.00 in a research report on Thursday, March 2nd. Royal Bank of Canada raised their price target on Okta from $95.00 to $100.00 and gave the stock an “outperform” rating in a report on Thursday, March 2nd. Finally, DA Davidson boosted their price objective on Okta from $60.00 to $80.00 in a research report on Thursday, March 2nd. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $86.71.

Okta Company Profile

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Okta, Inc engages in the provision of an identity management platform for enterprises. It operates through the United States and International geographical segments. The firm’s products include single sign-on, multi-factor authentication, API access management, authentication, user management, and lifecycle management.