Highland Capital Management LLC purchased a new position in shares of Okta Inc (NASDAQ:OKTA) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 16,607 shares of the company’s stock, valued at approximately $1,374,000.
Several other hedge funds also recently bought and sold shares of the stock. Victory Capital Management Inc. acquired a new position in Okta during the 4th quarter worth about $22,091,000. MUFG Securities EMEA plc bought a new stake in Okta during the 4th quarter worth about $7,669,000. Brown Advisory Inc. raised its holdings in Okta by 1.1% during the 4th quarter. Brown Advisory Inc. now owns 64,967 shares of the company’s stock worth $4,146,000 after purchasing an additional 697 shares during the last quarter. Gemmer Asset Management LLC raised its holdings in Okta by 13.4% during the 4th quarter. Gemmer Asset Management LLC now owns 84,807 shares of the company’s stock worth $5,411,000 after purchasing an additional 10,000 shares during the last quarter. Finally, LPL Financial LLC raised its holdings in Okta by 32.7% during the 3rd quarter. LPL Financial LLC now owns 27,036 shares of the company’s stock worth $1,902,000 after purchasing an additional 6,665 shares during the last quarter. Institutional investors and hedge funds own 65.48% of the company’s stock.
A number of brokerages have recently commented on OKTA. Piper Jaffray Companies began coverage on Okta in a research note on Friday, January 11th. They issued an “overweight” rating and a $80.00 price target for the company. Morgan Stanley started coverage on Okta in a research report on Monday, February 4th. They issued an “equal weight” rating and a $85.00 price objective for the company. Zacks Investment Research lowered Okta from a “hold” rating to a “sell” rating in a research report on Tuesday, February 5th. SunTrust Banks lowered Okta from a “buy” rating to a “hold” rating and boosted their price objective for the company from $74.00 to $90.00 in a research report on Monday, March 4th. They noted that the move was a valuation call. Finally, Monness Crespi & Hardt reiterated a “buy” rating and issued a $90.00 price objective (up from $75.00) on shares of Okta in a research report on Wednesday, March 6th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Okta has an average rating of “Buy” and a consensus price target of $82.11.
Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Thursday, March 7th. The company reported ($0.24) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.03. The firm had revenue of $115.47 million for the quarter, compared to analysts’ expectations of $107.94 million. Okta had a negative return on equity of 44.56% and a negative net margin of 31.43%. Analysts predict that Okta Inc will post -1.38 earnings per share for the current year.
In related news, insider Charles Race sold 30,000 shares of the firm’s stock in a transaction on Monday, February 11th. The stock was sold at an average price of $83.76, for a total value of $2,512,800.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Todd Mckinnon sold 5,223 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $82.31, for a total value of $429,905.13. Following the completion of the transaction, the chief executive officer now owns 14,125 shares in the company, valued at approximately $1,162,628.75. The disclosure for this sale can be found here. Insiders have sold a total of 614,234 shares of company stock worth $51,448,574 in the last quarter. Company insiders own 14.69% of the company’s stock.
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Okta Company 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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