Myriad Asset Management Ltd. bought a new position in Okta Inc (NASDAQ:OKTA) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 75,000 shares of the company’s stock, valued at approximately $9,263,000. Okta makes up about 1.0% of Myriad Asset Management Ltd.’s holdings, making the stock its 28th biggest holding. Myriad Asset Management Ltd. owned approximately 0.07% of Okta at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Lindbrook Capital LLC raised its stake in Okta by 76.9% during the second quarter. Lindbrook Capital LLC now owns 230 shares of the company’s stock valued at $28,000 after purchasing an additional 100 shares in the last quarter. Valeo Financial Advisors LLC raised its stake in Okta by 122.4% during the second quarter. Valeo Financial Advisors LLC now owns 238 shares of the company’s stock valued at $29,000 after purchasing an additional 131 shares in the last quarter. Focused Wealth Management Inc purchased a new stake in Okta during the second quarter valued at $30,000. Truewealth LLC purchased a new stake in Okta during the second quarter valued at $33,000. Finally, Shine Investment Advisory Services Inc. purchased a new stake in Okta during the second quarter valued at $47,000. 69.56% of the stock is currently owned by hedge funds and other institutional investors.
OKTA stock traded down $1.41 during mid-day trading on Friday, reaching $132.46. 1,696,814 shares of the stock traded hands, compared to its average volume of 1,538,791. The business has a 50-day moving average price of $133.26 and a two-hundred day moving average price of $107.91. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a market capitalization of $15.28 billion, a PE ratio of -128.60 and a beta of 1.01. Okta Inc has a one year low of $41.88 and a one year high of $141.85.
OKTA has been the topic of a number of recent research reports. BidaskClub raised shares of Okta from a “buy” rating to a “strong-buy” rating in a research note on Thursday, July 18th. Cowen started coverage on shares of Okta in a research report on Wednesday. They set an “outperform” rating and a $150.00 price objective on the stock. Needham & Company LLC boosted their price objective on shares of Okta to $154.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Monness Crespi & Hardt cut shares of Okta from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 28th. Finally, SunTrust Banks boosted their price objective on shares of Okta to $130.00 and gave the company a “hold” rating in a research report on Wednesday. Ten equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Okta presently has an average rating of “Buy” and a consensus target price of $107.35.
In other news, Director Benjamin A. Horowitz sold 48,897 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $127.12, for a total value of $6,215,786.64. Following the transaction, the director now directly owns 15,735 shares in the company, valued at $2,000,233.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Patrick W. Grady sold 100,000 shares of the company’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $130.74, for a total transaction of $13,074,000.00. Following the completion of the transaction, the director now owns 383,669 shares in the company, valued at $50,160,885.06. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 693,604 shares of company stock worth $91,155,096. Company insiders own 14.69% of the company’s stock.
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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