Cavalry Management Group LLC raised its stake in Okta Inc (NASDAQ:OKTA) by 163.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 425,710 shares of the company’s stock after buying an additional 264,151 shares during the period. Okta makes up approximately 6.3% of Cavalry Management Group LLC’s holdings, making the stock its 8th largest holding. Cavalry Management Group LLC owned about 0.39% of Okta worth $27,120,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Ffcm LLC purchased a new position in Okta in the fourth quarter valued at about $36,000. Intercontinental Wealth Advisors LLC purchased a new position in Okta in the fourth quarter valued at about $55,000. Winslow Evans & Crocker Inc. purchased a new position in Okta in the fourth quarter valued at about $56,000. Penserra Capital Management LLC purchased a new position in Okta in the fourth quarter valued at about $81,000. Finally, Capital Investment Advisory Services LLC purchased a new position in Okta in the fourth quarter valued at about $99,000. 66.04% of the stock is owned by institutional investors.
In related news, COO Jacques Frederic Kerrest sold 166,666 shares of the firm’s stock in a transaction that occurred on Tuesday, January 22nd. The shares were sold at an average price of $76.82, for a total transaction of $12,803,282.12. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO William E. Losch sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, December 17th. The stock was sold at an average price of $62.07, for a total transaction of $1,241,400.00. Following the sale, the chief financial officer now owns 20,000 shares in the company, valued at approximately $1,241,400. The disclosure for this sale can be found here. Over the last three months, insiders have sold 418,077 shares of company stock valued at $31,659,652. Corporate insiders own 20.59% of the company’s stock.
OKTA has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $96.00 target price (up from $75.00) on shares of Okta in a report on Friday, March 8th. Zacks Investment Research raised shares of Okta from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a report on Thursday, March 7th. Monness Crespi & Hardt reaffirmed a “buy” rating and issued a $90.00 target price (up from $75.00) on shares of Okta in a report on Wednesday, March 6th. Berenberg Bank initiated coverage on shares of Okta in a report on Thursday, November 29th. They issued a “buy” rating and a $73.00 target price for the company. Finally, BidaskClub raised shares of Okta from a “hold” rating to a “buy” rating in a report on Tuesday, November 27th. Six analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $79.82.
Shares of OKTA opened at $79.21 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.69 and a quick ratio of 2.69. Okta Inc has a 1-year low of $37.21 and a 1-year high of $87.72. The company has a market cap of $9.15 billion, a PE ratio of -76.90 and a beta of 1.20.
Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Thursday, March 7th. The company reported ($0.24) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.27) by $0.03. Okta had a negative net margin of 31.43% and a negative return on equity of 44.83%. The business had revenue of $115.47 million during the quarter, compared to analysts’ expectations of $107.94 million. As a group, sell-side analysts expect that Okta Inc will post -1.38 earnings per share for the current fiscal 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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