Gemmer Asset Management LLC lifted its holdings in Okta Inc (NASDAQ:OKTA) by 327.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 74,807 shares of the company’s stock after buying an additional 57,299 shares during the quarter. Okta accounts for 1.6% of Gemmer Asset Management LLC’s portfolio, making the stock its 17th biggest holding. Gemmer Asset Management LLC owned 0.07% of Okta worth $5,263,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Parallel Advisors LLC boosted its position in Okta by 129.9% during the second quarter. Parallel Advisors LLC now owns 2,393 shares of the company’s stock worth $120,000 after purchasing an additional 1,352 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its position in Okta by 276.1% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,633 shares of the company’s stock worth $105,000 after purchasing an additional 1,933 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Okta during the second quarter worth $139,000. Public Employees Retirement Association of Colorado purchased a new stake in Okta during the second quarter worth $160,000. Finally, Flagship Harbor Advisors LLC purchased a new stake in Okta during the second quarter worth $174,000. Hedge funds and other institutional investors own 58.81% of the company’s stock.
A number of analysts have commented on OKTA shares. Canaccord Genuity reiterated a “buy” rating and set a $75.00 target price on shares of Okta in a research report on Wednesday. BidaskClub raised Okta from a “buy” rating to a “strong-buy” rating in a report on Wednesday, September 12th. Needham & Company LLC raised Okta from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a report on Wednesday, June 27th. They noted that the move was a valuation call. SunTrust Banks boosted their price target on Okta to $72.00 and gave the stock a “buy” rating in a report on Friday, September 7th. Finally, KeyCorp boosted their price target on Okta from $65.00 to $74.00 and gave the stock an “overweight” rating in a report on Friday, September 7th. Seventeen analysts have rated the stock with a buy rating, The company has a consensus rating of “Buy” and a consensus target price of $68.62.
In related news, Director Benjamin A. Horowitz sold 270,465 shares of the company’s stock in a transaction on Friday, September 14th. The stock was sold at an average price of $72.66, for a total value of $19,651,986.90. Following the completion of the transaction, the director now directly owns 11,765 shares in the company, valued at $854,844.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Jonathan T. Runyan sold 2,500 shares of the company’s stock in a transaction on Tuesday, July 31st. The shares were sold at an average price of $50.21, for a total value of $125,525.00. Following the completion of the transaction, the general counsel now owns 2,500 shares of the company’s stock, valued at $125,525. The disclosure for this sale can be found here. Insiders sold 633,996 shares of company stock valued at $40,577,841 over the last quarter. Insiders own 20.59% of the company’s stock.
Shares of NASDAQ OKTA traded up $2.86 during trading on Friday, reaching $57.50. The company had a trading volume of 137,512 shares, compared to its average volume of 2,045,125. Okta Inc has a twelve month low of $24.71 and a twelve month high of $75.49. The stock has a market cap of $7.68 billion, a price-to-earnings ratio of -41.65 and a beta of -0.61. The company has a quick ratio of 2.90, a current ratio of 2.90 and a debt-to-equity ratio of 1.08.
Okta (NASDAQ:OKTA) last released its quarterly earnings results on Thursday, September 6th. The company reported ($0.15) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.36) by $0.21. The company had revenue of $94.59 million during the quarter, compared to analysts’ expectations of $85.00 million. Okta had a negative return on equity of 56.91% and a negative net margin of 38.13%. The business’s revenue for the quarter was up 57.0% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.16) earnings per share. As a group, analysts anticipate that Okta Inc will post -1.12 EPS for the current year.
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 Web and mobile applications, and data of organization; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; and Mobility Management, which simplifies and automates mobile device administration and provisioning across phones, tablets, and laptops.
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