First Trust Advisors LP cut its holdings in shares of Okta Inc (NASDAQ:OKTA) by 6.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,485,822 shares of the company’s stock after selling 177,331 shares during the quarter. Okta comprises approximately 0.5% of First Trust Advisors LP’s investment portfolio, making the stock its 25th biggest position. First Trust Advisors LP owned 2.13% of Okta worth $244,754,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Lindbrook Capital LLC boosted its holdings in Okta by 76.9% during the 2nd quarter. Lindbrook Capital LLC now owns 230 shares of the company’s stock valued at $28,000 after acquiring an additional 100 shares during the period. Valeo Financial Advisors LLC boosted its holdings in Okta by 122.4% during the 2nd quarter. Valeo Financial Advisors LLC now owns 238 shares of the company’s stock valued at $29,000 after acquiring an additional 131 shares during the period. Focused Wealth Management Inc purchased a new position in Okta during the 2nd quarter valued at about $30,000. Truewealth LLC purchased a new position in Okta during the 2nd quarter valued at about $33,000. Finally, CSat Investment Advisory L.P. purchased a new position in Okta during the 2nd quarter valued at about $34,000. Institutional investors and hedge funds own 69.29% of the company’s stock.
In other Okta news, General Counsel Jonathan T. Runyan sold 707 shares of Okta stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $102.57, for a total value of $72,516.99. Following the transaction, the general counsel now directly owns 1,406 shares in the company, valued at approximately $144,213.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jacques Frederic Kerrest sold 4,738 shares of Okta stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $110.07, for a total value of $521,511.66. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 364,416 shares of company stock worth $43,301,450. 14.69% of the stock is currently owned by corporate insiders.
A number of equities research analysts have issued reports on the company. DA Davidson increased their price target on Okta from $114.00 to $131.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. SunTrust Banks raised Okta from a “hold” rating to a “buy” rating and increased their price target for the company from $130.00 to $134.00 in a research report on Wednesday, October 2nd. Zacks Investment Research raised Okta from a “hold” rating to a “buy” rating and set a $120.00 price target on the stock in a research report on Wednesday, October 30th. BidaskClub lowered Okta from a “hold” rating to a “sell” rating in a research report on Thursday. Finally, Cowen assumed coverage on Okta in a research report on Wednesday, August 21st. They issued an “outperform” rating and a $150.00 price target on the stock. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $130.26.
Shares of NASDAQ OKTA traded up $4.44 during midday trading on Friday, hitting $109.66. 2,028,061 shares of the company’s stock were exchanged, compared to its average volume of 2,282,389. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.12 and a quick ratio of 1.12. Okta Inc has a twelve month low of $41.88 and a twelve month high of $141.85. The company has a market cap of $12.47 billion, a PE ratio of -106.47 and a beta of 1.01. The firm’s fifty day simple moving average is $107.61 and its 200-day simple moving average is $118.00.
Okta (NASDAQ:OKTA) last issued its earnings results on Wednesday, August 28th. The company reported ($0.32) earnings per share for the quarter, hitting the consensus estimate of ($0.32). The business had revenue of $140.48 million for the quarter, compared to analyst estimates of $131.19 million. Okta had a negative return on equity of 53.93% and a negative net margin of 31.90%. The business’s quarterly revenue was up 48.5% on a year-over-year basis. During the same quarter last year, the company earned ($0.15) EPS. Equities analysts anticipate that Okta Inc will post -1.42 EPS 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 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.
Featured Story: What are gap-down stocks?
Receive News & Ratings for Okta Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Okta and related companies with MarketBeat.com's FREE daily email newsletter.