Resonant Capital Advisors LLC Makes New Investment in Okta, Inc. (NASDAQ:OKTA)

Resonant Capital Advisors LLC acquired a new position in Okta, Inc. (NASDAQ:OKTA) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 3,406 shares of the company’s stock, valued at approximately $308,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Okta by 0.8% during the third quarter. Vanguard Group Inc. now owns 15,281,123 shares of the company’s stock valued at $1,245,564,000 after acquiring an additional 123,216 shares in the last quarter. Sands Capital Management LLC increased its holdings in shares of Okta by 2.4% during the third quarter. Sands Capital Management LLC now owns 5,871,958 shares of the company’s stock valued at $478,623,000 after acquiring an additional 136,267 shares in the last quarter. Cerity Partners LLC increased its holdings in shares of Okta by 6,192.3% during the fourth quarter. Cerity Partners LLC now owns 3,172,223 shares of the company’s stock valued at $287,181,000 after acquiring an additional 3,121,809 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Okta by 3.8% during the first quarter. Geode Capital Management LLC now owns 2,154,575 shares of the company’s stock valued at $185,547,000 after acquiring an additional 78,366 shares in the last quarter. Finally, Eminence Capital LP increased its holdings in shares of Okta by 7.7% during the third quarter. Eminence Capital LP now owns 1,599,703 shares of the company’s stock valued at $130,392,000 after acquiring an additional 113,994 shares in the last quarter. Institutional investors own 86.64% of the company’s stock.

Okta Stock Down 1.8 %

OKTA stock opened at $92.03 on Friday. Okta, Inc. has a twelve month low of $65.04 and a twelve month high of $114.50. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.20. The business’s 50-day moving average price is $98.96 and its 200-day moving average price is $85.88.

Okta (NASDAQ:OKTA) last issued its earnings results on Wednesday, February 28th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.49) by $0.35. The company had revenue of $605.00 million for the quarter, compared to the consensus estimate of $586.25 million. Okta had a negative return on equity of 5.69% and a negative net margin of 15.69%. As a group, research analysts predict that Okta, Inc. will post -1.51 EPS for the current year.

Insider Activity at Okta

In related news, CAO Shibu Ninan sold 2,500 shares of Okta stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $90.23, for a total transaction of $225,575.00. Following the sale, the chief accounting officer now owns 6,539 shares of the company’s stock, valued at approximately $590,013.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Okta news, Director Shellye L. Archambeau sold 5,000 shares of Okta stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $106.96, for a total value of $534,800.00. Following the sale, the director now owns 6,042 shares of the company’s stock, valued at approximately $646,252.32. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Shibu Ninan sold 2,500 shares of Okta stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $90.23, for a total value of $225,575.00. Following the completion of the sale, the chief accounting officer now directly owns 6,539 shares in the company, valued at approximately $590,013.97. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,779 shares of company stock valued at $1,205,990. 7.36% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Evercore ISI lifted their price objective on Okta from $70.00 to $102.00 and gave the stock an “in-line” rating in a report on Thursday, February 29th. Westpark Capital upgraded Okta from a “hold” rating to a “buy” rating and set a $140.00 price objective for the company in a report on Thursday, February 29th. Jefferies Financial Group reiterated a “hold” rating and issued a $95.00 price objective (up from $85.00) on shares of Okta in a report on Friday, January 5th. Royal Bank of Canada lifted their price objective on Okta from $95.00 to $125.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Finally, The Goldman Sachs Group lifted their price objective on Okta from $105.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, February 29th. Twenty equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Okta presently has a consensus rating of “Hold” and a consensus price target of $100.39.

Okta Profile

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.