Carlson Capital L P Invests $2 Million in Okta, Inc. (NASDAQ:OKTA)

Carlson Capital L P acquired a new position in Okta, Inc. (NASDAQ:OKTA) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 28,800 shares of the company’s stock, valued at approximately $1,997,000.

Several other institutional investors have also added to or reduced their stakes in OKTA. Norges Bank acquired a new position in shares of Okta in the 4th quarter valued at about $99,063,000. Artemis Investment Management LLP acquired a new position in Okta in the first quarter valued at approximately $48,772,000. Schonfeld Strategic Advisors LLC boosted its holdings in shares of Okta by 685.3% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 604,684 shares of the company’s stock worth $41,318,000 after buying an additional 527,684 shares in the last quarter. Frontier Capital Management Co. LLC grew its position in shares of Okta by 110.1% during the 1st quarter. Frontier Capital Management Co. LLC now owns 996,899 shares of the company’s stock worth $85,973,000 after buying an additional 522,489 shares during the period. Finally, Renaissance Technologies LLC bought a new stake in shares of Okta in the 1st quarter valued at $69,245,000. 77.52% of the stock is currently owned by institutional investors.

Insider Transactions at Okta

In related news, insider Larissa Schwartz sold 3,578 shares of the company’s stock in a transaction that occurred on Friday, October 13th. The shares were sold at an average price of $85.03, for a total transaction of $304,237.34. Following the sale, the insider now directly owns 23,811 shares in the company, valued at approximately $2,024,649.33. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Shibu Ninan sold 3,282 shares of the company’s stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $83.01, for a total transaction of $272,438.82. Following the sale, the chief accounting officer now directly owns 6,834 shares in the company, valued at $567,290.34. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Larissa Schwartz sold 3,578 shares of the stock in a transaction dated Friday, October 13th. The stock was sold at an average price of $85.03, for a total transaction of $304,237.34. Following the completion of the sale, the insider now directly owns 23,811 shares in the company, valued at $2,024,649.33. The disclosure for this sale can be found here. Insiders sold 23,417 shares of company stock worth $1,920,707 over the last quarter. Corporate insiders own 7.36% of the company’s stock.

Okta Stock Performance

Shares of NASDAQ:OKTA traded up $0.60 during mid-day trading on Friday, reaching $70.22. The company had a trading volume of 1,035,147 shares, compared to its average volume of 3,112,150. Okta, Inc. has a one year low of $46.78 and a one year high of $91.50. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.26. The company’s 50-day moving average price is $77.15 and its 200-day moving average price is $75.74. The firm has a market cap of $11.52 billion, a price-to-earnings ratio of -19.03 and a beta of 0.97.

Okta (NASDAQ:OKTA) last issued its earnings results on Wednesday, August 30th. The company reported $0.31 earnings per share (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 for the quarter, compared to analyst estimates of $534.67 million. During the same period in the previous year, the company posted ($1.19) earnings per share. The business’s revenue was up 23.0% on a year-over-year basis. As a group, equities research analysts anticipate that Okta, Inc. will post -2.85 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

OKTA has been the topic of several research analyst reports. Guggenheim reissued a “buy” rating and set a $96.00 target price on shares of Okta in a research note on Monday, August 21st. Wells Fargo & Company reduced their target price on Okta from $95.00 to $80.00 and set an “overweight” rating for the company in a research note on Friday. JPMorgan Chase & Co. decreased their target price on Okta from $85.00 to $74.00 and set a “neutral” rating for the company in a research report on Tuesday, November 14th. BMO Capital Markets increased their price target on Okta from $85.00 to $90.00 and gave the stock a “market perform” rating in a report on Thursday, August 31st. Finally, Piper Sandler reduced their price objective on Okta from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Monday, October 23rd. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $90.35.

About Okta

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.