Covestor Ltd Boosts Stock Position in Okta, Inc. (NASDAQ:OKTA)

Covestor Ltd lifted its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 142.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,352 shares of the company’s stock after acquiring an additional 1,972 shares during the quarter. Covestor Ltd’s holdings in Okta were worth $352,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Bank of Jackson Hole Trust bought a new stake in Okta during the fourth quarter valued at about $25,000. Wolff Wiese Magana LLC grew its position in shares of Okta by 167.4% in the 1st quarter. Wolff Wiese Magana LLC now owns 246 shares of the company’s stock worth $26,000 after buying an additional 154 shares during the last quarter. Wayfinding Financial LLC purchased a new position in shares of Okta in the 1st quarter worth approximately $27,000. Harbour Investments Inc. raised its stake in shares of Okta by 152.4% during the 1st quarter. Harbour Investments Inc. now owns 260 shares of the company’s stock worth $27,000 after acquiring an additional 157 shares in the last quarter. Finally, Rossby Financial LCC bought a new position in shares of Okta during the 1st quarter worth approximately $31,000. 86.64% of the stock is owned by institutional investors.

Okta Trading Up 0.9%

Shares of OKTA stock opened at $105.08 on Monday. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.06. Okta, Inc. has a twelve month low of $70.56 and a twelve month high of $127.57. The company’s 50-day moving average price is $108.86 and its 200-day moving average price is $98.18. The stock has a market cap of $18.40 billion, a price-to-earnings ratio of -300.23, a PEG ratio of 6.42 and a beta of 0.84.

Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.09. Okta had a negative net margin of 1.54% and a positive return on equity of 0.47%. The business had revenue of $688.00 million during the quarter, compared to analysts’ expectations of $680.14 million. During the same quarter in the prior year, the company posted $0.65 EPS. The business’s revenue for the quarter was up 11.5% on a year-over-year basis. As a group, equities analysts predict that Okta, Inc. will post 0.42 earnings per share for the current year.

Insider Transactions at Okta

In other news, CRO Jonathan James Addison sold 7,005 shares of the stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $101.19, for a total value of $708,835.95. Following the transaction, the executive now owns 19,067 shares in the company, valued at approximately $1,929,389.73. This represents a 26.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Larissa Schwartz sold 11,552 shares of the business’s stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $114.09, for a total value of $1,317,967.68. Following the sale, the insider now owns 22,125 shares of the company’s stock, valued at approximately $2,524,241.25. The trade was a 34.30% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 24,452 shares of company stock valued at $2,697,360. 5.68% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on OKTA. KeyCorp upped their price target on Okta from $125.00 to $135.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 4th. Jefferies Financial Group reaffirmed a “hold” rating and set a $135.00 target price (up from $110.00) on shares of Okta in a research report on Friday, May 23rd. Wells Fargo & Company boosted their price target on Okta from $100.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 28th. BMO Capital Markets set a $132.00 target price on shares of Okta and gave the stock a “market perform” rating in a research report on Wednesday, May 28th. Finally, Susquehanna lifted their price objective on shares of Okta from $95.00 to $105.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 4th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, Okta currently has a consensus rating of “Moderate Buy” and an average price target of $121.59.

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.