Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lessened its holdings in shares of Okta, Inc. (NASDAQ:OKTA – Free Report) by 47.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 50,896 shares of the company’s stock after selling 45,210 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Okta were worth $4,389,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of OKTA. Balentine LLC bought a new stake in shares of Okta during the fourth quarter worth approximately $356,000. Nordea Investment Management AB increased its holdings in shares of Okta by 14.9% during the fourth quarter. Nordea Investment Management AB now owns 11,073 shares of the company’s stock worth $757,000 after buying an additional 1,437 shares in the last quarter. Bristlecone Advisors LLC increased its holdings in Okta by 18.4% in the fourth quarter. Bristlecone Advisors LLC now owns 5,077 shares of the company’s stock valued at $347,000 after purchasing an additional 790 shares during the period. Maytus Capital Management LLC increased its holdings in Okta by 50.0% in the fourth quarter. Maytus Capital Management LLC now owns 37,500 shares of the company’s stock valued at $2,562,000 after purchasing an additional 12,500 shares during the period. Finally, Arizona State Retirement System increased its holdings in Okta by 3.1% in the fourth quarter. Arizona State Retirement System now owns 42,686 shares of the company’s stock valued at $2,917,000 after purchasing an additional 1,295 shares during the period. Institutional investors and hedge funds own 76.57% of the company’s stock.
Analyst Upgrades and Downgrades
A number of brokerages have weighed in on OKTA. Oppenheimer increased their price target on Okta from $95.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, April 17th. Royal Bank of Canada raised their price target on shares of Okta from $100.00 to $110.00 in a research report on Tuesday, May 30th. Jefferies Financial Group increased their price objective on shares of Okta from $100.00 to $105.00 in a research note on Tuesday, April 18th. Morgan Stanley raised their price target on shares of Okta from $84.00 to $89.00 and gave the stock an “equal weight” rating in a research note on Monday, July 31st. Finally, BMO Capital Markets lowered shares of Okta from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $94.00 to $85.00 in a research note on Thursday, June 1st. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $87.08.
Insider Buying and Selling at Okta
In related news, insider Larissa Schwartz sold 1,958 shares of the business’s stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $75.60, for a total transaction of $148,024.80. Following the transaction, the insider now owns 20,522 shares in the company, valued at $1,551,463.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Todd Mckinnon sold 6,897 shares of the business’s stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $75.60, for a total transaction of $521,413.20. Following the sale, the chief executive officer now owns 28,111 shares of the company’s stock, valued at $2,125,191.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Larissa Schwartz sold 1,958 shares of the business’s stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $75.60, for a total transaction of $148,024.80. Following the sale, the insider now directly owns 20,522 shares in the company, valued at approximately $1,551,463.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,430 shares of company stock worth $1,015,308. 7.36% of the stock is currently owned by company insiders.
Okta Stock Performance
Okta stock opened at $71.40 on Friday. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $11.59 billion, a PE ratio of -16.41 and a beta of 1.03. The firm has a fifty day simple moving average of $71.61 and a two-hundred day simple moving average of $75.88. Okta, Inc. has a twelve month low of $44.12 and a twelve month high of $107.86.
Okta (NASDAQ:OKTA – Get Free Report) last posted its quarterly earnings results on Wednesday, May 31st. The company reported ($0.75) earnings per share for the quarter, topping the consensus estimate of ($0.82) by $0.07. Okta had a negative net margin of 35.26% and a negative return on equity of 10.77%. The business had revenue of $518.00 million during the quarter, compared to the consensus estimate of $510.58 million. Research analysts expect that Okta, Inc. will post -2.83 EPS for the current year.
About Okta
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's, a suite of products and services is used 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 applications in the cloud or on-premise from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, Web applications, and data; Lifecycle Management that enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; Access Gateway enables organizations to extend the Workforce Identity Cloud; Advanced Server Access to manage and secure cloud infrastructure; and Okta Identity Governance, an identity access management and identity governance solutions.
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