Bridgewater Advisors Inc. Purchases New Position in Okta, Inc. (NASDAQ:OKTA)

Bridgewater Advisors Inc. acquired a new position in shares of Okta, Inc. (NASDAQ:OKTA) in the first quarter, Holdings Channel.com reports. The fund acquired 1,991 shares of the company’s stock, valued at approximately $224,000.

Other hedge funds have also recently modified their holdings of the company. TD Private Client Wealth LLC boosted its holdings in shares of Okta by 19.6% in the 1st quarter. TD Private Client Wealth LLC now owns 561 shares of the company’s stock valued at $59,000 after acquiring an additional 92 shares during the last quarter. Allworth Financial LP raised its position in shares of Okta by 5.7% in the first quarter. Allworth Financial LP now owns 1,708 shares of the company’s stock valued at $173,000 after buying an additional 92 shares during the last quarter. GPS Wealth Strategies Group LLC grew its holdings in shares of Okta by 7.2% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 1,484 shares of the company’s stock worth $156,000 after purchasing an additional 100 shares during the period. First Horizon Advisors Inc. raised its position in shares of Okta by 18.9% in the 1st quarter. First Horizon Advisors Inc. now owns 678 shares of the company’s stock valued at $71,000 after purchasing an additional 108 shares in the last quarter. Finally, Stephens Inc. AR increased its holdings in shares of Okta by 3.7% during the first quarter. Stephens Inc. AR now owns 3,417 shares of the company’s stock valued at $360,000 after purchasing an additional 121 shares during the period. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Insider Buying and Selling at Okta

In other news, CRO Jonathan James Addison sold 6,027 shares of the stock in a transaction on Monday, July 14th. The stock was sold at an average price of $92.01, for a total transaction of $554,544.27. Following the transaction, the executive owned 19,067 shares of the company’s stock, valued at approximately $1,754,354.67. This represents a 24.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Larissa Schwartz sold 2,244 shares of Okta stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $100.00, for a total value of $224,400.00. Following the transaction, the insider owned 23,640 shares of the company’s stock, valued at approximately $2,364,000. This represents a 8.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,002 shares of company stock worth $3,522,072. 5.68% of the stock is owned by corporate insiders.

Okta Stock Up 1.1%

Okta stock opened at $92.10 on Friday. The firm’s fifty day simple moving average is $105.60 and its 200-day simple moving average is $101.13. Okta, Inc. has a 1-year low of $70.56 and a 1-year high of $127.57. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $16.12 billion, a P/E ratio of 146.19, a P/E/G ratio of 4.41 and a beta of 0.82.

Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.09. Okta had a net margin of 4.85% and a return on equity of 2.79%. 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 previous year, the company earned $0.65 EPS. The business’s revenue was up 11.5% on a year-over-year basis. Sell-side analysts forecast that Okta, Inc. will post 0.42 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Evercore ISI increased their price target on Okta from $122.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, May 28th. Jefferies Financial Group restated a “hold” rating and set a $135.00 target price (up previously from $110.00) on shares of Okta in a research report on Friday, May 23rd. Stifel Nicolaus raised their price objective on Okta from $120.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, May 28th. BTIG Research reaffirmed a “buy” rating on shares of Okta in a research report on Thursday, May 22nd. Finally, Cantor Fitzgerald assumed coverage on shares of Okta in a research report on Monday, March 31st. They issued an “overweight” rating and a $130.00 price objective on the stock. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, Okta presently has a consensus rating of “Hold” and a consensus price target of $119.44.

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.