Rhumbline Advisers grew its holdings in shares of Okta Inc (NASDAQ:OKTA) by 1.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 89,155 shares of the company’s stock after purchasing an additional 1,480 shares during the quarter. Rhumbline Advisers owned approximately 0.08% of Okta worth $6,273,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Royal Bank of Canada raised its position in Okta by 194.8% during the first quarter. Royal Bank of Canada now owns 5,080 shares of the company’s stock valued at $202,000 after purchasing an additional 3,357 shares in the last quarter. Bank of Montreal Can raised its position in Okta by 44.1% during the second quarter. Bank of Montreal Can now owns 22,651 shares of the company’s stock valued at $1,141,000 after purchasing an additional 6,934 shares in the last quarter. Cornerstone Wealth Management LLC acquired a new position in Okta during the second quarter valued at approximately $755,000. Creative Planning acquired a new position in Okta during the second quarter valued at approximately $217,000. Finally, Janney Montgomery Scott LLC acquired a new position in Okta during the second quarter valued at approximately $451,000. 62.28% of the stock is currently owned by institutional investors.
NASDAQ OKTA opened at $60.65 on Wednesday. The firm has a market cap of $6.95 billion, a price-to-earnings ratio of -44.27 and a beta of 0.99. Okta Inc has a fifty-two week low of $24.93 and a fifty-two week high of $75.49. The company has a current ratio of 2.90, a quick ratio of 2.90 and a debt-to-equity ratio of 1.08.
Okta (NASDAQ:OKTA) last posted its earnings results on Thursday, September 6th. The company reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.21. The firm had revenue of $94.59 million for the quarter, compared to analysts’ expectations of $85.00 million. Okta had a negative net margin of 38.13% and a negative return on equity of 56.91%. The company’s revenue was up 57.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.16) earnings per share. As a group, sell-side analysts predict that Okta Inc will post -1.12 earnings per share for the current year.
In related news, Director Benjamin A. Horowitz sold 270,465 shares of the business’s stock in a transaction on Friday, September 14th. The shares were sold at an average price of $72.66, for a total value of $19,651,986.90. Following the sale, the director now owns 11,765 shares of the company’s stock, valued at $854,844.90. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO William E. Losch sold 20,000 shares of the business’s stock in a transaction on Monday, October 22nd. The stock was sold at an average price of $56.92, for a total transaction of $1,138,400.00. Following the completion of the sale, the chief financial officer now directly owns 20,000 shares in the company, valued at approximately $1,138,400. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 334,142 shares of company stock worth $23,827,125. Insiders own 20.59% of the company’s stock.
Several research analysts have commented on OKTA shares. William Blair restated an “outperform” rating on shares of Okta in a research report on Wednesday, October 10th. Needham & Company LLC boosted their price objective on shares of Okta from $58.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, September 7th. BidaskClub upgraded shares of Okta from a “hold” rating to a “buy” rating in a research report on Saturday, August 25th. Canaccord Genuity restated a “buy” rating and set a $75.00 price objective on shares of Okta in a research report on Wednesday, October 10th. Finally, Robert W. Baird started coverage on shares of Okta in a research report on Wednesday, October 17th. They set a “neutral” rating and a $65.00 price objective for the company. Two analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $68.80.
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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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