Summit Trail Advisors LLC Has $2.60 Million Stake in Okta, Inc. (NASDAQ:OKTA)

Summit Trail Advisors LLC decreased its position in Okta, Inc. (NASDAQ:OKTA) by 16.0% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 35,011 shares of the company’s stock after selling 6,648 shares during the quarter. Summit Trail Advisors LLC’s holdings in Okta were worth $2,603,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Marshall Wace LLP grew its position in Okta by 117.4% in the second quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after acquiring an additional 1,227,890 shares in the last quarter. Eminence Capital LP boosted its holdings in Okta by 18.1% in the second quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock worth $186,225,000 after purchasing an additional 305,381 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its position in Okta by 232.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock worth $29,479,000 after buying an additional 277,084 shares during the last quarter. Truist Financial Corp raised its holdings in Okta by 62.5% during the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after buying an additional 200,770 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Okta by 105.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 358,182 shares of the company’s stock worth $26,627,000 after buying an additional 184,107 shares during the last quarter. Institutional investors own 86.64% of the company’s stock.

Okta Price Performance

Shares of OKTA opened at $76.57 on Monday. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. Okta, Inc. has a 52-week low of $66.69 and a 52-week high of $114.50. The stock has a 50 day simple moving average of $74.72 and a 200 day simple moving average of $85.32.

Okta (NASDAQ:OKTA) last released its earnings results on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, beating the consensus estimate of ($0.08) by $0.29. The firm 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%. On average, sell-side analysts forecast that Okta, Inc. will post 0.19 EPS for the current fiscal year.

Analyst Ratings Changes

OKTA has been the topic of a number of analyst reports. Barclays assumed coverage on Okta in a report on Tuesday, November 19th. They set an “equal weight” rating and a $81.00 price objective on the stock. Piper Sandler dropped 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. Stifel Nicolaus reduced their price objective on shares of Okta from $122.00 to $108.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Jefferies Financial Group lowered their target price on shares of Okta from $100.00 to $85.00 and set a “hold” rating on the stock in a research note on Tuesday, September 24th. Finally, Royal Bank of Canada cut their target price on shares of Okta from $125.00 to $101.00 and set an “outperform” rating for the company in a research report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $98.30.

Insider Buying and Selling

In other news, CEO Todd Mckinnon sold 200,512 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $75.21, for a total transaction of $15,080,507.52. Following the transaction, the chief executive officer now directly owns 8,495 shares in the company, valued at $638,908.95. The trade was a 95.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Larissa Schwartz sold 2,791 shares of the firm’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $71.50, for a total transaction of $199,556.50. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 475,789 shares of company stock worth $35,701,361. 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.