California Public Employees Retirement System lifted its position in Okta Inc (NASDAQ:OKTA) by 45.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 224,528 shares of the company’s stock after buying an additional 70,508 shares during the quarter. California Public Employees Retirement System owned approximately 0.19% of Okta worth $22,107,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of the stock. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Okta by 4.0% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 393,016 shares of the company’s stock valued at $38,696,000 after buying an additional 15,068 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its holdings in shares of Okta by 4.3% in the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 39,000 shares of the company’s stock valued at $3,840,000 after buying an additional 1,600 shares during the period. Kovack Advisors Inc. raised its holdings in shares of Okta by 10.9% in the 3rd quarter. Kovack Advisors Inc. now owns 7,895 shares of the company’s stock valued at $777,000 after buying an additional 775 shares during the period. CIBC Asset Management Inc raised its holdings in shares of Okta by 11.1% in the 3rd quarter. CIBC Asset Management Inc now owns 4,013 shares of the company’s stock valued at $395,000 after buying an additional 400 shares during the period. Finally, Nvwm LLC raised its holdings in shares of Okta by 24.5% in the 3rd quarter. Nvwm LLC now owns 8,739 shares of the company’s stock valued at $860,000 after buying an additional 1,721 shares during the period. Hedge funds and other institutional investors own 69.29% of the company’s stock.
In other news, insider Charles Race sold 50,000 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $107.34, for a total value of $5,367,000.00. Following the transaction, the insider now owns 59,753 shares in the company, valued at approximately $6,413,887.02. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jacques Frederic Kerrest sold 4,738 shares of the stock in a transaction dated 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 quarter, insiders sold 364,416 shares of company stock worth $43,301,450. Company insiders own 14.69% of the company’s stock.
Several equities research analysts have weighed in on the company. BMO Capital Markets assumed coverage on Okta in a report on Thursday, August 1st. They set a “market perform” rating and a $155.00 price target on the stock. BidaskClub downgraded Okta from a “hold” rating to a “sell” rating in a report on Thursday. Piper Jaffray Companies assumed coverage on Okta in a report on Friday. They set an “overweight” rating and a $135.00 price target on the stock. Needham & Company LLC upped their price target on Okta to $154.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Finally, ValuEngine downgraded Okta from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the company’s stock. Okta has a consensus rating of “Buy” and an average target price of $130.26.
OKTA opened at $109.66 on Friday. Okta Inc has a one year low of $41.88 and a one year high of $141.85. The company has a market cap of $12.47 billion, a P/E ratio of -106.47 and a beta of 1.01. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.12 and a current ratio of 1.12. The business’s 50-day simple moving average is $107.72 and its 200-day simple moving average is $118.09.
Okta (NASDAQ:OKTA) last released its quarterly earnings data on Wednesday, August 28th. The company reported ($0.32) EPS for the quarter, meeting analysts’ consensus estimates of ($0.32). Okta had a negative return on equity of 53.93% and a negative net margin of 31.90%. The business had revenue of $140.48 million for the quarter, compared to the consensus estimate of $131.19 million. During the same quarter in the prior year, the business posted ($0.15) EPS. The business’s revenue for the quarter was up 48.5% on a year-over-year basis. As a group, analysts predict that Okta Inc will post -1.42 earnings per share for the current fiscal year.
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.
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