Vanguard Group Inc. Boosts Holdings in Okta, Inc. (NASDAQ:OKTA)

Vanguard Group Inc. raised its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 0.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,848,525 shares of the company’s stock after buying an additional 128,906 shares during the quarter. Vanguard Group Inc. owned about 9.47% of Okta worth $1,658,073,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of OKTA. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Okta by 20.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 84,465 shares of the company’s stock worth $8,837,000 after buying an additional 14,066 shares in the last quarter. State Board of Administration of Florida Retirement System raised its holdings in shares of Okta by 0.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 163,580 shares of the company’s stock worth $17,114,000 after acquiring an additional 1,309 shares in the last quarter. Avantax Advisory Services Inc. purchased a new stake in shares of Okta during the 1st quarter worth approximately $457,000. Qsemble Capital Management LP bought a new position in shares of Okta during the 1st quarter valued at approximately $322,000. Finally, Inspire Investing LLC grew its holdings in shares of Okta by 17.5% in the first quarter. Inspire Investing LLC now owns 23,296 shares of the company’s stock valued at $2,437,000 after purchasing an additional 3,465 shares in the last quarter. Institutional investors own 86.64% of the company’s stock.

Insider Activity

In related news, Director Jacques Frederic Kerrest sold 18,878 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $87.19, for a total value of $1,645,972.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Larissa Schwartz sold 2,792 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $99.40, for a total value of $277,524.80. Following the completion of the transaction, the insider now owns 29,809 shares in the company, valued at approximately $2,963,014.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jacques Frederic Kerrest sold 18,878 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $87.19, for a total transaction of $1,645,972.82. The disclosure for this sale can be found here. Insiders have sold a total of 89,840 shares of company stock valued at $8,566,381 over the last quarter. Corporate insiders own 7.00% of the company’s stock.

Okta Stock Performance

Okta stock traded up $0.99 during midday trading on Monday, hitting $95.02. 532,935 shares of the company’s stock were exchanged, compared to its average volume of 1,850,425. The firm’s 50 day simple moving average is $93.42 and its 200 day simple moving average is $93.75. Okta, Inc. has a 12-month low of $65.04 and a 12-month high of $114.50. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.73 and a current ratio of 1.73. The stock has a market cap of $15.99 billion, a price-to-earnings ratio of -56.74 and a beta of 1.03.

Okta (NASDAQ:OKTA) last released its earnings results on Wednesday, May 29th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.27. Okta had a negative return on equity of 3.81% and a negative net margin of 11.69%. The business had revenue of $617.00 million for the quarter, compared to analyst estimates of $604.33 million. Equities research analysts predict that Okta, Inc. will post -0.28 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Needham & Company LLC reiterated a “buy” rating and set a $130.00 price objective on shares of Okta in a research report on Thursday, May 30th. JPMorgan Chase & Co. increased their price target on shares of Okta from $105.00 to $110.00 and gave the company a “neutral” rating in a report on Thursday, May 30th. Royal Bank of Canada reiterated an “outperform” rating and issued a $125.00 price target on shares of Okta in a research report on Monday, June 17th. Guggenheim restated a “buy” rating and set a $130.00 price objective on shares of Okta in a research report on Tuesday, June 25th. Finally, BMO Capital Markets lowered their price objective on Okta from $110.00 to $100.00 and set a “market perform” rating for the company in a research note on Monday, June 3rd. Nineteen analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $105.58.

About Okta

Okta, Inc operates as an identity partner in the United States and internationally. The company offers Okta's suite of products and services used to manage and secure identities, such as Single Sign-On that enables users to access applications in the cloud or on-premises from various devices; Adaptive Multi-Factor Authentication provides a layer of security for cloud, mobile, web applications, and data; API Access Management enables organizations to secure APIs; Access Gateway enables organizations to extend Workforce Identity Cloud; and Okta Device Access enables end users to securely log in to devices with Okta credentials.