Seaport Global Advisors LLC grew its holdings in Okta, Inc. (NASDAQ:OKTA – Free Report) by 42.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,397 shares of the company’s stock after acquiring an additional 1,318 shares during the period. Okta comprises about 1.2% of Seaport Global Advisors LLC’s investment portfolio, making the stock its 20th biggest position. Seaport Global Advisors LLC’s holdings in Okta were worth $379,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. GoalVest Advisory LLC increased its holdings in shares of Okta by 69.4% in the first quarter. GoalVest Advisory LLC now owns 410 shares of the company’s stock worth $35,000 after purchasing an additional 168 shares during the last quarter. GPS Wealth Strategies Group LLC bought a new stake in shares of Okta in the first quarter worth about $39,000. Alpha Paradigm Partners LLC bought a new stake in shares of Okta in the third quarter worth about $41,000. EverSource Wealth Advisors LLC bought a new stake in shares of Okta in the fourth quarter worth about $42,000. Finally, Clearstead Advisors LLC bought a new stake in shares of Okta in the first quarter worth about $43,000. 77.52% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
OKTA has been the topic of several research reports. UBS Group reduced their target price on Okta from $100.00 to $95.00 in a report on Thursday, June 1st. Stephens reaffirmed an “equal weight” rating and issued a $90.00 target price on shares of Okta in a report on Thursday, August 31st. Macquarie lifted their target price on Okta from $83.00 to $85.00 and gave the stock a “neutral” rating in a report on Thursday, August 31st. JPMorgan Chase & Co. cut Okta from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $95.00 to $85.00 in a research note on Thursday, June 1st. Finally, Canaccord Genuity Group boosted their price objective on Okta from $75.00 to $85.00 and gave the stock a “hold” rating in a research note 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 given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.32.
Okta Stock Up 0.3 %
Okta stock traded up $0.28 during mid-day trading on Wednesday, reaching $87.87. 304,177 shares of the company were exchanged, compared to its average volume of 2,511,324. The business has a fifty day moving average of $74.44 and a 200 day moving average of $76.51. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.09 and a current ratio of 1.84. The firm has a market cap of $14.27 billion, a P/E ratio of -23.74 and a beta of 0.99. Okta, Inc. has a 12-month low of $44.12 and a 12-month high of $91.50.
Okta (NASDAQ:OKTA – Get Free Report) last issued its quarterly earnings data on Wednesday, August 30th. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.22 by $0.09. Okta had a negative return on equity of 9.40% and a negative net margin of 28.66%. The firm had revenue of $556.00 million during the quarter, compared to analyst estimates of $534.67 million. During the same quarter in the prior year, the business posted ($1.19) EPS. The business’s revenue for the quarter was up 23.0% compared to the same quarter last year. Research analysts anticipate that Okta, Inc. will post -2.85 earnings per share for the current fiscal year.
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 sale, the insider now owns 20,522 shares in the company, valued at approximately $1,551,463.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Brett Tighe sold 4,380 shares of the firm’s stock in a transaction on Friday, June 16th. The stock was sold at an average price of $75.60, for a total value of $331,128.00. Following the completion of the transaction, the chief financial officer now owns 48,516 shares in the company, valued at approximately $3,667,809.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Larissa Schwartz sold 1,958 shares of the firm’s stock in a transaction on Friday, June 16th. The stock was sold at an average price of $75.60, for a total value of $148,024.80. Following the completion of the transaction, the insider now owns 20,522 shares of the company’s stock, valued at approximately $1,551,463.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,430 shares of company stock worth $1,015,308. Insiders own 7.36% of the company’s stock.
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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