Meridian Wealth Management LLC Grows Stake in Okta Inc (NASDAQ:OKTA)

Meridian Wealth Management LLC boosted its position in Okta Inc (NASDAQ:OKTA) by 68.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 981 shares of the company’s stock after purchasing an additional 400 shares during the period. Meridian Wealth Management LLC’s holdings in Okta were worth $121,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OKTA. Valeo Financial Advisors LLC increased its position in Okta by 122.4% during the second quarter. Valeo Financial Advisors LLC now owns 238 shares of the company’s stock worth $29,000 after buying an additional 131 shares in the last quarter. Truewealth LLC purchased a new position in Okta during the second quarter worth $33,000. Nisa Investment Advisors LLC purchased a new position in Okta during the second quarter worth $56,000. Optimum Investment Advisors purchased a new position in Okta during the first quarter worth $50,000. Finally, Tortoise Index Solutions LLC purchased a new position in Okta during the first quarter worth $55,000. 78.19% of the stock is owned by hedge funds and other institutional investors.

Several equities analysts have weighed in on OKTA shares. Deutsche Bank reissued a “buy” rating and set a GBX 430 ($5.62) price target on shares of in a research report on Friday, June 21st. Zacks Investment Research raised First Industrial Realty Trust from a “hold” rating to a “buy” rating and set a $39.00 price objective for the company in a research report on Wednesday, June 5th. Monness Crespi & Hardt lifted their price objective on Anaplan from $50.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, May 28th. Morgan Stanley lowered their price objective on Zuora from $22.00 to $16.00 and set an “equal weight” rating for the company in a research report on Friday, May 31st. Finally, JPMorgan Chase & Co. lowered their price objective on GAP from $24.00 to $17.00 and set an “underweight” rating for the company in a research report on Friday, May 31st. Eight research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $101.22.

In other Okta news, insider Charles Race sold 30,000 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $104.95, for a total transaction of $3,148,500.00. Following the transaction, the insider now owns 38,590 shares in the company, valued at $4,050,020.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jacques Frederic Kerrest sold 1,784 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $131.52, for a total value of $234,631.68. Following the transaction, the insider now owns 1,664 shares in the company, valued at approximately $218,849.28. The disclosure for this sale can be found here. Insiders sold 326,604 shares of company stock worth $40,795,556 in the last quarter. 14.69% of the stock is owned by insiders.

Okta stock traded up $0.55 during midday trading on Wednesday, reaching $132.54. The stock had a trading volume of 21,496 shares, compared to its average volume of 1,320,437. Okta Inc has a twelve month low of $41.88 and a twelve month high of $141.85. The stock has a market capitalization of $15.07 billion, a PE ratio of -129.08 and a beta of 1.02. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.12 and a quick ratio of 1.12. The firm has a 50-day moving average price of $131.20.

Okta (NASDAQ:OKTA) last issued its earnings results on Thursday, May 30th. The company reported ($0.39) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.40) by $0.01. Okta had a negative return on equity of 53.36% and a negative net margin of 34.37%. The firm had revenue of $125.20 million for the quarter, compared to analysts’ expectations of $116.83 million. During the same quarter last year, the firm earned ($0.09) earnings per share. The firm’s revenue for the quarter was up 49.8% compared to the same quarter last year. Analysts predict that Okta Inc will post -1.35 EPS for the current year.

Okta 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 cloud, mobile, and Web applications, as well as for data; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; and API Access Management that enables organizations to secure APIs.It also offers customer support and training, and professional services.

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Institutional Ownership by Quarter for Okta (NASDAQ:OKTA)

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