Asahi Life Asset Management CO. LTD. Makes New Investment in Okta, Inc. (NASDAQ:OKTA)

Asahi Life Asset Management CO. LTD. purchased a new stake in shares of Okta, Inc. (NASDAQ:OKTA) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 4,660 shares of the company’s stock, valued at approximately $346,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Marshall Wace LLP increased its stake in Okta by 117.4% during the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock valued at $212,841,000 after buying an additional 1,227,890 shares during the period. Eminence Capital LP increased its stake in shares of Okta by 18.1% during the second quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock valued at $186,225,000 after acquiring an additional 305,381 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in Okta by 49.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 645,448 shares of the company’s stock worth $67,527,000 after purchasing an additional 214,302 shares in the last quarter. Truist Financial Corp lifted its position in Okta by 62.5% in the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after purchasing an additional 200,770 shares during the period. Finally, Smith Group Asset Management LLC boosted its stake in Okta by 3,522.7% during the 1st quarter. Smith Group Asset Management LLC now owns 205,407 shares of the company’s stock valued at $21,490,000 after purchasing an additional 199,737 shares in the last quarter. 86.64% of the stock is currently owned by institutional investors.

Okta Trading Up 1.4 %

Shares of NASDAQ OKTA opened at $73.25 on Tuesday. The business has a 50 day simple moving average of $77.79 and a 200 day simple moving average of $87.94. Okta, Inc. has a 52 week low of $65.04 and a 52 week high of $114.50. The stock has a market cap of $12.32 billion, a price-to-earnings ratio of -43.86, a PEG ratio of 16.72 and a beta of 1.02. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.83 and a current ratio of 1.83.

Okta (NASDAQ:OKTA) last posted its earnings results on Wednesday, August 28th. The company reported $0.21 EPS for the quarter, topping the consensus estimate of ($0.08) by $0.29. The company had revenue of $646.00 million during the quarter, compared to the consensus estimate of $632.24 million. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. On average, research analysts predict that Okta, Inc. will post 0.19 earnings per share for the current fiscal year.

Insider Buying and Selling at Okta

In other news, insider Larissa Schwartz sold 2,795 shares of the company’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $92.02, for a total transaction of $257,195.90. Following the completion of the sale, the insider now owns 27,014 shares in the company, valued at approximately $2,485,828.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Todd Mckinnon sold 32,516 shares of Okta stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $76.22, for a total value of $2,478,369.52. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Larissa Schwartz sold 2,795 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $92.02, for a total transaction of $257,195.90. Following the sale, the insider now directly owns 27,014 shares of the company’s stock, valued at approximately $2,485,828.28. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 475,793 shares of company stock worth $35,759,000 over the last three months. Corporate insiders own 7.00% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on OKTA shares. Westpark Capital restated a “buy” rating and issued a $140.00 price objective on shares of Okta in a report on Thursday, August 29th. Robert W. Baird dropped their price target on shares of Okta from $105.00 to $95.00 and set an “outperform” rating on the stock in a research report on Friday, October 18th. The Goldman Sachs Group reduced their price objective on shares of Okta from $113.00 to $97.00 and set a “buy” rating for the company in a research report on Tuesday, October 22nd. Citigroup dropped their target price on shares of Okta from $115.00 to $110.00 and set a “neutral” rating on the stock in a report on Thursday, August 29th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Okta from $110.00 to $105.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $98.96.

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.