Carnegie Capital Asset Management LLC reduced its stake in Okta, Inc. (NASDAQ: OKTA – Get a rating) by 84.9% in the 1st quarter, Holdings Channel.com reports. The company held 10,202 shares of the company after selling 57,544 shares during the quarter. Carnegie Capital Asset Management LLC’s holdings in Okta were worth $1,540,000 at the end of the last reporting period.
Several other institutional investors also changed their positions in OKTA. Dimensional Fund Advisors LP increased its stake in Okta shares by 1.1% in Q3. Dimensional Fund Advisors LP now owns 140,385 shares of the company valued at $33,317,000 after purchasing an additional 1,595 shares in the last quarter. United Capital Financial Advisers LLC increased its stake in Okta by 173.2% in Q3. United Capital Financial Advisers LLC now owns 9,124 shares of the company worth $2,165,000 after purchasing an additional 5,784 shares in the last quarter. Toroso Investments LLC increased its stake in Okta by 61.2% in Q3. Toroso Investments LLC now owns 1,872 shares of the company worth $444,000 after purchasing an additional 711 shares in the last quarter. Janus Henderson Group PLC increased its stake in Okta by 240.4% in the third quarter. Janus Henderson Group PLC now owns 864,516 shares of the company worth $205,184,000 after purchasing an additional 610,573 shares in the last quarter. Finally, Cetera Advisors LLC acquired a new stake in Okta in Q3 worth approximately $200,000. Hedge funds and other institutional investors own 76.18% of the company’s shares.
Shares of NASDAQ OKTA opened at $86.02 on Thursday. The company has a market capitalization of $13.57 billion, a price-earnings ratio of -13.46 and a beta of 1.18. The company has a quick ratio of 2.45, a current ratio of 2.45 and a leverage ratio of 0.40. Okta, Inc. has a 52-week low of $77.01 and a 52-week high of $276.30. The company’s 50-day moving average is $101.88 and its two-hundred-day moving average is $156.86.
Okta (NASDAQ: OKTA – Get a rating) last announced its results on Thursday, June 2. The company reported ($0.27) earnings per share (EPS) for the quarter, beating analyst consensus estimates of ($0.34) by $0.07. Okta had a negative return on equity of 13.13% and a negative net margin of 67.06%. The company posted revenue of $414.94 million for the quarter, versus analyst estimates of $388.77 million. In the same quarter of the previous year, the company made ($0.59) earnings per share. The company’s quarterly revenue increased by 65.3% compared to the same quarter last year. Analysts expect Okta, Inc. to post EPS of -5.57 for the current fiscal year.
Several research companies have recently published reports on OKTA. Deutsche Bank Aktiengesellschaft lowered its price target on Okta from $195.00 to $130.00 in a Friday, June 3 report. Citigroup raised its price target on Okta from $105.00 to $130.00 in a Friday, June 3 report. BTIG Research lowered its target price on Okta from $216.00 to $152.00 and placed a “buy” rating on the stock in a Friday, June 3 report. Mizuho lowered its target price on Okta from $225.00 to $165.00 and set a “buy” rating on the stock in a Wednesday, May 18 report. Finally, Wells Fargo & Company raised its price target on Okta from $130.00 to $145.00 and gave the stock an “overweight” rating in a Friday, June 3 report. Seven research analysts gave the stock a hold rating and twenty-one gave the company a buy rating. According to data from MarketBeat.com, the stock currently has a consensus rating of “moderate buy” and an average target price of $180.70.
In other news, CFO Brett Tighe sold 5,913 shares of the company in a trade on Thursday, June 16. The stock was sold at an average price of $79.97, for a total transaction of $472,862.61. Following the sale, the CFO now owns 31,189 shares of the company, valued at $2,494,184.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, accessible via this hyperlink. Also, CEO Todd McKinnon sold 4,005 shares of the company in a trade on Thursday, June 16. The stock was sold at an average price of $79.97, for a total value of $320,279.85. Following the sale, the CEO now directly owns 11,474 shares of the company, valued at approximately $917,575.78. Disclosure of this sale can be found here. Insiders sold 16,442 shares of the company worth $1,318,711 in the past ninety days. Company insiders hold 7.60% of the company’s stock.
About Okta (Get a rating)
Okta, Inc provides identity solutions for enterprises, small and medium businesses, universities, non-profit organizations and government agencies in the United States and around the world. The company offers Okta Identity Cloud, a platform that offers a suite of products and services, such as Universal Directory, a cloud-based system of record for storing and securing user, application, and device profiles. devices of an organization; Single Sign-On that allows users to access cloud or on-premises applications from various devices; Adaptive multi-factor authentication provides a layer of security for cloud, mobile, web apps, and data; Lifecycle management which allows IT organizations or developers to manage a user’s identity throughout its lifecycle; API Access Management which allows organizations to secure APIs; Access Gateway which allows organizations to extend Okta Identity Cloud from the cloud to their existing on-premises applications; and Advanced Server Access to secure cloud infrastructure.
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