Prudential PLC trimmed its stake in shares of Okta, Inc. (NASDAQ:OKTA – Free Report) by 3.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,964 shares of the company’s stock after selling 340 shares during the quarter. Prudential PLC’s holdings in Okta were worth $773,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OKTA. Sands Capital Management LLC boosted its position in Okta by 158.0% during the fourth quarter. Sands Capital Management LLC now owns 6,313,967 shares of the company’s stock worth $431,433,000 after purchasing an additional 3,866,915 shares during the period. Soma Equity Partners LP acquired a new stake in shares of Okta during the fourth quarter worth $111,036,000. Norges Bank acquired a new stake in shares of Okta during the fourth quarter worth $99,063,000. Eminence Capital LP acquired a new stake in shares of Okta during the fourth quarter worth $90,339,000. Finally, Sachem Head Capital Management LP acquired a new stake in shares of Okta during the fourth quarter worth $59,208,000. 77.52% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of research analysts recently commented on OKTA shares. Wells Fargo & Company boosted their price target on Okta from $85.00 to $95.00 in a research note on Thursday, August 31st. Oppenheimer reaffirmed an “outperform” rating and issued a $110.00 price target on shares of Okta in a research note on Thursday, August 31st. Macquarie lifted their target price on Okta from $83.00 to $85.00 and gave the company a “neutral” rating in a research report on Thursday, August 31st. JMP Securities reiterated a “market outperform” rating and issued a $110.00 target price on shares of Okta in a research report on Thursday, August 31st. Finally, BMO Capital Markets lifted their target price on Okta from $85.00 to $90.00 and gave the company a “market perform” rating in a research report on Thursday, August 31st. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Okta currently has an average rating of “Moderate Buy” and a consensus target price of $89.32.
Okta Stock Up 1.2 %
Shares of NASDAQ:OKTA opened at $87.17 on Wednesday. The company has a market capitalization of $14.15 billion, a PE ratio of -23.62 and a beta of 0.99. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.84 and a quick ratio of 2.09. The business has a fifty day moving average price of $72.21 and a two-hundred day moving average price of $75.89. Okta, Inc. has a 1 year low of $44.12 and a 1 year high of $91.50.
Okta (NASDAQ:OKTA – Get Free Report) last announced its quarterly earnings data on Wednesday, August 30th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.09. The firm had revenue of $556.00 million during the quarter, compared to the consensus estimate of $534.67 million. Okta had a negative return on equity of 9.40% and a negative net margin of 28.66%. The business’s revenue for the quarter was up 23.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.19) EPS. Analysts forecast that Okta, Inc. will post -2.81 earnings per share for the current year.
Insider Transactions at Okta
In other news, insider Larissa Schwartz sold 1,958 shares of the stock in a transaction on Friday, June 16th. The stock was sold at an average price of $75.60, for a total transaction of $148,024.80. Following the completion of the transaction, the insider now owns 20,522 shares in the company, valued at approximately $1,551,463.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Brett Tighe sold 4,380 shares of the stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $75.60, for a total transaction of $331,128.00. Following the sale, the chief financial officer now owns 48,516 shares of the company’s stock, valued at approximately $3,667,809.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Larissa Schwartz sold 1,958 shares of the stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $75.60, for a total value of $148,024.80. Following the sale, the insider now directly owns 20,522 shares in the company, valued at approximately $1,551,463.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,430 shares of company stock worth $1,015,308. 7.36% of the stock is owned by company insiders.
Okta Company Profile
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's, a suite of products and services is used to manage and secure identities, 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 enables organizations to extend the Workforce Identity Cloud; Advanced Server Access to manage and secure cloud infrastructure; and Okta Identity Governance, an identity access management and identity governance solutions.
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