abrdn plc Increases Stock Position in Okta, Inc. (NASDAQ:OKTA)

abrdn plc increased its position in Okta, Inc. (NASDAQ:OKTA) by 35.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 123,692 shares of the company’s stock after acquiring an additional 32,085 shares during the period. abrdn plc owned about 0.07% of Okta worth $11,198,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Northern Trust Corp raised its stake in Okta by 3.0% during the 3rd quarter. Northern Trust Corp now owns 944,726 shares of the company’s stock valued at $77,005,000 after buying an additional 27,577 shares during the last quarter. RPG Investment Advisory LLC raised its stake in Okta by 57.2% during the 4th quarter. RPG Investment Advisory LLC now owns 77,269 shares of the company’s stock valued at $6,995,000 after buying an additional 28,119 shares during the last quarter. Pearl River Capital LLC raised its stake in Okta by 643.6% during the 3rd quarter. Pearl River Capital LLC now owns 41,982 shares of the company’s stock valued at $3,422,000 after buying an additional 36,336 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in Okta by 2,721.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 176,071 shares of the company’s stock valued at $15,940,000 after buying an additional 169,830 shares during the last quarter. Finally, Aigen Investment Management LP purchased a new stake in Okta during the 3rd quarter valued at $923,000. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Okta Stock Down 0.9 %

Okta stock opened at $92.93 on Friday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.67 and a quick ratio of 1.67. Okta, Inc. has a 1-year low of $65.04 and a 1-year high of $114.50. The company’s 50-day moving average is $99.52 and its 200 day moving average is $86.25.

Okta (NASDAQ:OKTA) last posted its quarterly earnings data on Wednesday, February 28th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.35. Okta had a negative net margin of 15.69% and a negative return on equity of 5.69%. The company had revenue of $605.00 million for the quarter, compared to analyst estimates of $586.25 million. Equities research analysts anticipate that Okta, Inc. will post -1.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Shellye L. Archambeau sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $106.96, for a total transaction of $534,800.00. Following the transaction, the director now directly owns 6,042 shares of the company’s stock, valued at $646,252.32. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Shellye L. Archambeau sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $106.96, for a total transaction of $534,800.00. Following the transaction, the director now directly owns 6,042 shares of the company’s stock, valued at $646,252.32. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Shibu Ninan sold 4,279 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $104.14, for a total transaction of $445,615.06. Following the transaction, the chief accounting officer now directly owns 4,111 shares in the company, valued at $428,119.54. The disclosure for this sale can be found here. Insiders have sold 11,779 shares of company stock valued at $1,205,990 in the last ninety days. 7.36% of the stock is owned by company insiders.

Analysts Set New Price Targets

OKTA has been the subject of several analyst reports. JPMorgan Chase & Co. upped their price objective on Okta from $74.00 to $88.00 and gave the stock a “neutral” rating in a research note on Monday, February 26th. BMO Capital Markets upped their price objective on Okta from $80.00 to $110.00 and gave the stock a “market perform” rating in a research note on Thursday, February 29th. Canaccord Genuity Group upped their price objective on Okta from $85.00 to $95.00 and gave the stock a “hold” rating in a research note on Thursday, February 29th. Westpark Capital upgraded Okta from a “hold” rating to a “buy” rating and set a $140.00 price objective for the company in a research note on Thursday, February 29th. Finally, Robert W. Baird upped their price objective on Okta from $90.00 to $108.00 and gave the stock an “outperform” rating in a research note on Thursday, February 29th. Twenty investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $100.39.

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.