National Asset Management Inc. lifted its position in shares of Okta, Inc. (NASDAQ:OKTA) by 20.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,505 shares of the company’s stock after acquiring an additional 2,290 shares during the period. National Asset Management Inc.’s holdings in Okta were worth $2,856,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Avion Wealth bought a new stake in Okta during the third quarter valued at $27,000. CWM LLC boosted its holdings in shares of Okta by 2,057.1% in the 3rd quarter. CWM LLC now owns 151 shares of the company’s stock valued at $32,000 after buying an additional 144 shares during the period. Focused Wealth Management Inc grew its position in shares of Okta by 109.7% during the 3rd quarter. Focused Wealth Management Inc now owns 170 shares of the company’s stock valued at $36,000 after buying an additional 1,929 shares during the last quarter. Newfound Research LLC bought a new stake in shares of Okta during the 3rd quarter valued at about $38,000. Finally, Asset Dedication LLC acquired a new stake in Okta during the third quarter worth about $40,000. Hedge funds and other institutional investors own 77.40% of the company’s stock.
NASDAQ:OKTA traded up $6.21 during midday trading on Tuesday, hitting $228.98. 12,213 shares of the stock were exchanged, compared to its average volume of 1,740,129. Okta, Inc. has a one year low of $88.66 and a one year high of $251.18. The company has a market capitalization of $28.53 billion, a price-to-earnings ratio of -117.25 and a beta of 0.99. The business has a 50-day moving average price of $225.68 and a two-hundred day moving average price of $204.77. The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 2.47.
Okta (NASDAQ:OKTA) last issued its quarterly earnings results on Thursday, August 27th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.09. Okta had a negative return on equity of 35.07% and a negative net margin of 32.93%. The company had revenue of $200.45 million for the quarter, compared to analysts’ expectations of $186.37 million. During the same period last year, the firm earned ($0.05) EPS. The firm’s revenue for the quarter was up 42.7% on a year-over-year basis. Sell-side analysts forecast that Okta, Inc. will post -1.48 EPS for the current fiscal year.
Several equities analysts have recently commented on the company. Truist upped their target price on Okta from $200.00 to $240.00 in a report on Friday, August 28th. The Goldman Sachs Group upped their price objective on Okta from $230.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, August 28th. Robert W. Baird reaffirmed a “hold” rating on shares of Okta in a research report on Friday, August 28th. Mizuho boosted their price target on shares of Okta from $245.00 to $255.00 and gave the company a “neutral” rating in a report on Thursday, October 15th. Finally, BMO Capital Markets increased their price objective on shares of Okta from $228.00 to $260.00 in a report on Thursday, October 8th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $208.60.
In related news, Director Michael R. Kourey sold 20,000 shares of the stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $194.20, for a total transaction of $3,884,000.00. Following the completion of the sale, the director now directly owns 20,000 shares of the company’s stock, valued at $3,884,000. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Christopher K. Kramer sold 16,887 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $195.79, for a total transaction of $3,306,305.73. The disclosure for this sale can be found here. Insiders have sold 355,679 shares of company stock valued at $79,222,487 in the last ninety days. Company insiders own 12.02% of the company’s stock.
Okta Company Profile
Okta, Inc provides identity management platforms 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; and 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.
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