Maverick Capital Ltd. Boosts Stake in Okta, Inc. (NASDAQ:OKTA)

Maverick Capital Ltd. lifted its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 31.5% in the third quarter, HoldingsChannel.com reports. The firm owned 21,649 shares of the company’s stock after acquiring an additional 5,190 shares during the quarter. Maverick Capital Ltd.’s holdings in Okta were worth $1,609,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Future Financial Wealth Managment LLC acquired a new position in Okta in the third quarter valued at about $26,000. Blue Trust Inc. raised its stake in shares of Okta by 105.5% in the 3rd quarter. Blue Trust Inc. now owns 372 shares of the company’s stock valued at $28,000 after acquiring an additional 191 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Okta by 71.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 341 shares of the company’s stock worth $36,000 after acquiring an additional 142 shares during the last quarter. First Command Advisory Services Inc. purchased a new position in shares of Okta during the 2nd quarter worth approximately $47,000. Finally, nVerses Capital LLC acquired a new stake in Okta in the 2nd quarter valued at approximately $47,000. 86.64% of the stock is owned by institutional investors and hedge funds.

Okta Stock Up 1.5 %

NASDAQ OKTA opened at $77.56 on Friday. Okta, Inc. has a 12 month low of $66.69 and a 12 month high of $114.50. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18. The firm’s fifty day moving average price is $74.94 and its 200 day moving average price is $84.76.

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

Analyst Ratings Changes

A number of research analysts have commented on the company. Jefferies Financial Group decreased their price target on Okta from $100.00 to $85.00 and set a “hold” rating on the stock in a research note on Tuesday, September 24th. Citigroup decreased their target price on Okta from $115.00 to $110.00 and set a “neutral” rating on the stock in a research note on Thursday, August 29th. Deutsche Bank Aktiengesellschaft downgraded Okta from a “buy” rating to a “hold” rating and dropped their target price for the company from $115.00 to $85.00 in a research report on Tuesday, November 12th. Piper Sandler reduced their price target on shares of Okta from $100.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday, October 17th. Finally, Needham & Company LLC initiated coverage on shares of Okta in a research note on Thursday, October 17th. They issued a “buy” rating and a $100.00 price objective for the company. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $98.45.

Insider Buying and Selling

In other news, CEO Todd Mckinnon sold 224,533 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $74.62, for a total value of $16,754,652.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Larissa Schwartz sold 2,791 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $71.50, for a total transaction of $199,556.50. Following the sale, the insider now owns 22,125 shares of the company’s stock, valued at $1,581,937.50. This trade represents a 11.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 475,789 shares of company stock worth $35,701,361 in the last quarter. 7.00% of the stock is owned by insiders.

About Okta

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.