Alps Advisors Inc. acquired a new stake in shares of Okta Inc (NASDAQ:OKTA) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 7,148 shares of the company’s stock, valued at approximately $503,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of OKTA. Parallel Advisors LLC boosted its holdings in Okta by 129.9% during the second quarter. Parallel Advisors LLC now owns 2,393 shares of the company’s stock worth $120,000 after purchasing an additional 1,352 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its holdings in Okta by 276.1% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,633 shares of the company’s stock worth $105,000 after purchasing an additional 1,933 shares during the last quarter. SG Americas Securities LLC acquired a new position in Okta during the second quarter worth $139,000. First American Bank acquired a new position in Okta during the third quarter worth $218,000. Finally, Public Employees Retirement Association of Colorado acquired a new position in Okta during the second quarter worth $160,000. Hedge funds and other institutional investors own 59.84% of the company’s stock.
Several brokerages recently commented on OKTA. BidaskClub cut shares of Okta from a “buy” rating to a “hold” rating in a report on Wednesday, August 1st. Monness Crespi & Hardt increased their target price on shares of Okta from $62.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, September 7th. Deutsche Bank increased their target price on shares of Okta to $75.00 and gave the stock a “buy” rating in a report on Friday, September 7th. Zacks Investment Research upgraded shares of Okta from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a report on Wednesday, July 18th. Finally, Robert W. Baird began coverage on shares of Okta in a report on Wednesday, October 17th. They set a “neutral” rating and a $65.00 target price for the company. One research analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $68.36.
In other news, CEO Todd Mckinnon sold 225,000 shares of the stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $55.22, for a total value of $12,424,500.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Jacques Frederic Kerrest sold 1,177 shares of the stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $54.41, for a total transaction of $64,040.57. The disclosure for this sale can be found here. Insiders sold 632,819 shares of company stock worth $40,579,166 over the last three months. Insiders own 20.59% of the company’s stock.
NASDAQ OKTA opened at $56.10 on Wednesday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 2.90 and a current ratio of 2.90. Okta Inc has a 1 year low of $24.93 and a 1 year high of $75.49. The firm has a market cap of $6.31 billion, a price-to-earnings ratio of -40.95 and a beta of 0.97.
Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Thursday, September 6th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.36) by $0.21. Okta had a negative net margin of 38.13% and a negative return on equity of 56.91%. The firm had revenue of $94.59 million for the quarter, compared to analyst estimates of $85.00 million. During the same period in the prior year, the firm posted ($0.16) earnings per share. The company’s quarterly revenue was up 57.0% compared to the same quarter last year. Equities research analysts anticipate that Okta Inc will post -1.12 EPS for the current year.
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 Identity Cloud, a platform that offers a suite of products 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 their applications in the cloud or on-premise from various devices with a single entry of their user credentials; Adaptive Multi-Factor Authentication, a product that provides an additional layer of security for Web and mobile applications, and data of organization; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; and Mobility Management, which simplifies and automates mobile device administration and provisioning across phones, tablets, and laptops.
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