abrdn plc Grows Position in Okta, Inc. (NASDAQ:OKTA)

abrdn plc boosted its stake in Okta, Inc. (NASDAQ:OKTA) by 35.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 123,692 shares of the company’s stock after acquiring an additional 32,085 shares during the quarter. abrdn plc’s holdings in Okta were worth $11,198,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. NBC Securities Inc. purchased a new stake in Okta during the third quarter worth approximately $27,000. Harvest Fund Management Co. Ltd acquired a new stake in Okta in the third quarter valued at $39,000. UMB Bank n.a. raised its holdings in Okta by 150.5% in the fourth quarter. UMB Bank n.a. now owns 749 shares of the company’s stock valued at $68,000 after acquiring an additional 450 shares in the last quarter. Quintet Private Bank Europe S.A. acquired a new stake in Okta in the third quarter valued at $64,000. Finally, Tucker Asset Management LLC acquired a new stake in Okta in the third quarter valued at $65,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Okta Trading Down 0.9 %

NASDAQ:OKTA opened at $92.93 on Friday. Okta, Inc. has a twelve month low of $65.04 and a twelve month high of $114.50. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.67 and a current ratio of 1.67. The company has a 50-day moving average of $99.52 and a 200-day moving average of $86.25.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Wednesday, February 28th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.49) by $0.35. Okta had a negative net margin of 15.69% and a negative return on equity of 5.69%. The company had revenue of $605.00 million during the quarter, compared to analyst estimates of $586.25 million. Equities analysts expect that Okta, Inc. will post -1.51 earnings per share for the current year.

Insider Activity

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

Wall Street Analyst Weigh In

OKTA has been the topic of several recent analyst reports. Citigroup upped their price target on shares of Okta from $75.00 to $85.00 and gave the company a “neutral” rating in a report on Wednesday, January 10th. Bank of America raised shares of Okta from an “underperform” rating to a “buy” rating and upped their price target for the company from $64.00 to $135.00 in a report on Thursday, February 29th. Susquehanna upped their price target on shares of Okta from $70.00 to $115.00 and gave the company a “neutral” rating in a report on Monday, March 4th. Robert W. Baird upped their price target on shares of Okta from $90.00 to $108.00 and gave the company an “outperform” rating in a report on Thursday, February 29th. Finally, Westpark Capital raised shares of Okta from a “hold” rating to a “buy” rating and set a $140.00 target price on the stock 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. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $100.39.

Okta Company 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.