Lecap Asset Management Ltd. Invests $3.48 Million in Okta, Inc. (NASDAQ:OKTA)

Lecap Asset Management Ltd. acquired a new stake in shares of Okta, Inc. (NASDAQ:OKTA) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 46,805 shares of the company’s stock, valued at approximately $3,479,000. Okta makes up about 0.8% of Lecap Asset Management Ltd.’s investment portfolio, making the stock its 23rd largest position.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in OKTA. LB Partners LLC acquired a new position in Okta in the 3rd quarter worth about $1,115,000. Allspring Global Investments Holdings LLC increased its holdings in Okta by 4.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 232,432 shares of the company’s stock worth $17,279,000 after buying an additional 10,761 shares during the last quarter. Resonant Capital Advisors LLC raised its position in Okta by 7.7% during the third quarter. Resonant Capital Advisors LLC now owns 3,978 shares of the company’s stock valued at $296,000 after acquiring an additional 283 shares in the last quarter. Alta Wealth Advisors LLC bought a new position in Okta during the third quarter valued at approximately $223,000. Finally, Slow Capital Inc. lifted its stake in Okta by 7.2% in the third quarter. Slow Capital Inc. now owns 30,785 shares of the company’s stock valued at $2,289,000 after acquiring an additional 2,071 shares during the last quarter. 86.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on OKTA. Needham & Company LLC initiated coverage on shares of Okta in a research note on Thursday, October 17th. They set a “buy” rating and a $100.00 price target on the stock. Robert W. Baird cut their target price on Okta from $105.00 to $95.00 and set an “outperform” rating on the stock in a report on Friday, October 18th. Susquehanna reduced their price target on Okta from $110.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. Guggenheim reissued a “buy” rating and set a $130.00 price objective on shares of Okta in a report on Tuesday, June 25th. Finally, BMO Capital Markets boosted their target price on Okta from $100.00 to $103.00 and gave the stock a “market perform” rating in a report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $98.83.

Okta Trading Down 0.0 %

Shares of Okta stock opened at $74.03 on Wednesday. The company’s fifty day moving average price is $79.70 and its two-hundred day moving average price is $88.74. The firm has a market capitalization of $12.57 billion, a PE ratio of -88.13, a price-to-earnings-growth ratio of 17.32 and a beta of 1.02. Okta, Inc. has a 52-week low of $65.04 and a 52-week high of $114.50. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.83 and a quick ratio of 1.83.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.29. The firm had revenue of $646.00 million during the quarter, compared to analyst estimates of $632.24 million. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. On average, analysts expect that Okta, Inc. will post 0.19 EPS for the current year.

Insider Transactions at Okta

In related news, insider Larissa Schwartz sold 2,790 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $74.01, for a total value of $206,487.90. Following the sale, the insider now owns 27,713 shares of the company’s stock, valued at $2,051,039.13. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Okta news, insider Larissa Schwartz sold 2,790 shares of Okta stock in a transaction on Monday, September 16th. The stock was sold at an average price of $74.01, for a total transaction of $206,487.90. Following the completion of the transaction, the insider now directly owns 27,713 shares of the company’s stock, valued at approximately $2,051,039.13. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Todd Mckinnon sold 32,516 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $76.22, for a total transaction of $2,478,369.52. The disclosure for this sale can be found here. In the last ninety days, insiders sold 475,793 shares of company stock valued at $35,759,000. Corporate insiders own 7.00% of the company’s stock.

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.