Plato Investment Management Ltd Increases Position in Okta, Inc. (NASDAQ:OKTA)

Plato Investment Management Ltd increased its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 594.5% in the first quarter, HoldingsChannel reports. The firm owned 6,042 shares of the company’s stock after buying an additional 5,172 shares during the period. Plato Investment Management Ltd’s holdings in Okta were worth $632,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in OKTA. City State Bank boosted its holdings in shares of Okta by 160.0% during the 1st quarter. City State Bank now owns 260 shares of the company’s stock worth $27,000 after purchasing an additional 160 shares during the last quarter. GAMMA Investing LLC purchased a new position in shares of Okta during the fourth quarter valued at approximately $29,000. Venturi Wealth Management LLC increased its holdings in Okta by 50.4% in the 1st quarter. Venturi Wealth Management LLC now owns 391 shares of the company’s stock valued at $41,000 after purchasing an additional 131 shares in the last quarter. Principal Securities Inc. bought a new position in shares of Okta during the fourth quarter worth about $48,000. Finally, Future Financial Wealth Managment LLC bought a new position in shares of Okta in the first quarter worth $63,000. 86.64% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

OKTA has been the topic of several research reports. Evercore ISI raised Okta from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $102.00 to $122.00 in a research report on Thursday, May 30th. UBS Group cut their target price on Okta from $130.00 to $120.00 and set a “buy” rating on the stock in a research note on Thursday, May 30th. BMO Capital Markets cut their price target on shares of Okta from $110.00 to $100.00 and set a “market perform” rating on the stock in a research report on Monday, June 3rd. Wedbush reissued an “outperform” rating and issued a $130.00 target price on shares of Okta in a research report on Wednesday, May 29th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $125.00 target price on shares of Okta in a report on Monday, June 17th. Nineteen analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, Okta currently has an average rating of “Hold” and a consensus price target of $105.58.

Insiders Place Their Bets

In related news, CEO Todd Mckinnon sold 92,729 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $94.92, for a total value of $8,801,836.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Jacques Frederic Kerrest sold 18,878 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $87.19, for a total value of $1,645,972.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Todd Mckinnon sold 92,729 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $94.92, for a total transaction of $8,801,836.68. The disclosure for this sale can be found here. Insiders sold a total of 362,256 shares of company stock valued at $34,154,578 over the last quarter. 7.00% of the stock is owned by insiders.

Okta Price Performance

Shares of NASDAQ:OKTA traded down $4.08 during trading on Friday, hitting $87.30. 1,361,226 shares of the company’s stock were exchanged, compared to its average volume of 1,816,344. The company has a market cap of $14.69 billion, a price-to-earnings ratio of -52.99 and a beta of 1.03. The business’s 50-day simple moving average is $92.22 and its 200 day simple moving average is $94.23. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.73 and a quick ratio of 1.73. Okta, Inc. has a 52-week low of $65.04 and a 52-week high of $114.50.

Okta (NASDAQ:OKTA) last posted its earnings results on Wednesday, May 29th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $617.00 million for the quarter, compared to analyst estimates of $604.33 million. As a group, equities analysts predict that Okta, Inc. will post -0.28 EPS for the current year.

Okta Company Profile

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.