Profund Advisors LLC Cuts Stake in Okta Inc (NASDAQ:OKTA)

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Profund Advisors LLC reduced its stake in Okta Inc (NASDAQ:OKTA) by 11.6% during the fourth quarter, HoldingsChannel reports. The fund owned 27,688 shares of the company’s stock after selling 3,616 shares during the period. Profund Advisors LLC’s holdings in Okta were worth $3,194,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. TCI Wealth Advisors Inc. grew its stake in shares of Okta by 5,160.0% in the fourth quarter. TCI Wealth Advisors Inc. now owns 263 shares of the company’s stock worth $30,000 after acquiring an additional 258 shares during the last quarter. Valeo Financial Advisors LLC lifted its holdings in shares of Okta by 75.7% during the fourth quarter. Valeo Financial Advisors LLC now owns 550 shares of the company’s stock valued at $63,000 after purchasing an additional 237 shares in the last quarter. Baldwin Brothers Inc. MA lifted its holdings in shares of Okta by 500.0% during the fourth quarter. Baldwin Brothers Inc. MA now owns 600 shares of the company’s stock valued at $70,000 after purchasing an additional 500 shares in the last quarter. Sowell Financial Services LLC lifted its holdings in shares of Okta by 556.3% during the fourth quarter. Sowell Financial Services LLC now owns 630 shares of the company’s stock valued at $73,000 after purchasing an additional 534 shares in the last quarter. Finally, Ancora Advisors LLC bought a new position in shares of Okta during the fourth quarter valued at $89,000. 73.90% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:OKTA traded up $5.53 during trading on Thursday, hitting $123.30. 1,817,661 shares of the company’s stock were exchanged, compared to its average volume of 1,840,973. The company has a debt-to-equity ratio of 2.45, a current ratio of 2.92 and a quick ratio of 2.92. Okta Inc has a 52-week low of $79.55 and a 52-week high of $142.98. The business’s 50-day simple moving average is $125.25 and its 200 day simple moving average is $118.71. The company has a market cap of $15.22 billion, a price-to-earnings ratio of -69.27 and a beta of 0.91.

Okta (NASDAQ:OKTA) last released its earnings results on Thursday, March 5th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.04. Okta had a negative return on equity of 50.48% and a negative net margin of 35.65%. The firm had revenue of $167.33 million during the quarter, compared to analysts’ expectations of $155.83 million. During the same quarter last year, the business posted ($0.04) earnings per share. The firm’s revenue was up 44.9% on a year-over-year basis. On average, sell-side analysts anticipate that Okta Inc will post -1.7 EPS for the current fiscal year.

In related news, Director Benjamin A. Horowitz sold 37,878 shares of the stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $111.48, for a total transaction of $4,222,639.44. Following the completion of the sale, the director now owns 15,735 shares in the company, valued at $1,754,137.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael R. Kourey sold 20,000 shares of the stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $117.59, for a total value of $2,351,800.00. Following the sale, the director now owns 20,000 shares of the company’s stock, valued at approximately $2,351,800. The disclosure for this sale can be found here. Insiders have sold 170,849 shares of company stock valued at $20,398,915 in the last quarter. 14.69% of the stock is currently owned by company insiders.

A number of research analysts have recently issued reports on OKTA shares. Robert W. Baird upped their price target on Okta from $135.00 to $140.00 and gave the company a “neutral” rating in a report on Friday, March 6th. Zacks Investment Research downgraded Okta from a “hold” rating to a “sell” rating in a report on Wednesday, February 5th. Citigroup upped their price target on Okta from $150.00 to $162.00 and gave the company a “buy” rating in a report on Friday, March 6th. Canaccord Genuity upped their price target on Okta from $120.00 to $125.00 and gave the company a “hold” rating in a report on Friday, December 6th. Finally, ValuEngine raised Okta from a “sell” rating to a “hold” rating in a report on Tuesday, February 4th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $142.74.

Okta Company Profile

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 cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.

Further Reading: Catch-Up Contributions

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Institutional Ownership by Quarter for Okta (NASDAQ:OKTA)

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