Commonwealth Equity Services LLC lessened its stake in shares of Okta Inc (NASDAQ:OKTA) by 36.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 31,964 shares of the company’s stock after selling 18,212 shares during the period. Commonwealth Equity Services LLC’s holdings in Okta were worth $2,039,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. LLBH Private Wealth Management LLC raised its position in shares of Okta by 55.7% in the 3rd quarter. LLBH Private Wealth Management LLC now owns 18,221 shares of the company’s stock worth $1,282,000 after buying an additional 6,520 shares during the period. Victory Capital Management Inc. acquired a new stake in shares of Okta during the fourth quarter valued at about $22,091,000. Keybank National Association OH grew its stake in shares of Okta by 2.0% during the third quarter. Keybank National Association OH now owns 68,806 shares of the company’s stock valued at $4,841,000 after acquiring an additional 1,346 shares in the last quarter. Gemmer Asset Management LLC grew its stake in shares of Okta by 13.4% during the fourth quarter. Gemmer Asset Management LLC now owns 84,807 shares of the company’s stock valued at $5,411,000 after acquiring an additional 10,000 shares in the last quarter. Finally, Piedmont Investment Advisors Inc. acquired a new stake in shares of Okta during the third quarter valued at about $437,000. Hedge funds and other institutional investors own 66.04% of the company’s stock.
In other Okta news, CFO William E. Losch sold 20,000 shares of the stock in a transaction that occurred on Monday, December 17th. The shares were sold at an average price of $62.07, for a total transaction of $1,241,400.00. Following the transaction, the chief financial officer now directly owns 20,000 shares in the company, valued at $1,241,400. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Benjamin A. Horowitz sold 98,242 shares of the firm’s stock in a transaction that occurred on Tuesday, January 15th. The stock was sold at an average price of $71.76, for a total transaction of $7,049,845.92. Following the completion of the transaction, the director now owns 11,765 shares in the company, valued at approximately $844,256.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 418,077 shares of company stock worth $31,659,652. Insiders own 20.59% of the company’s stock.
Several analysts have recently weighed in on OKTA shares. SunTrust Banks downgraded Okta from a “buy” rating to a “hold” rating and raised their target price for the company from $74.00 to $90.00 in a research note on Monday, March 4th. They noted that the move was a valuation call. Morgan Stanley started coverage on shares of Okta in a report on Monday, February 4th. They issued an “equal weight” rating and a $85.00 target price on the stock. Piper Jaffray Companies started coverage on Okta in a report on Friday, January 11th. They set an “overweight” rating and a $80.00 price target on the stock. Robert W. Baird reaffirmed a “hold” rating and set a $65.00 price target on shares of Okta in a report on Thursday, December 6th. Finally, DA Davidson started coverage on Okta in a report on Tuesday, December 18th. They set a “neutral” rating and a $62.00 price target on the stock. Six equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $79.82.
Shares of OKTA stock opened at $80.47 on Thursday. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 1.09. Okta Inc has a 12 month low of $37.21 and a 12 month high of $87.72.
Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Thursday, March 7th. The company reported ($0.24) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.27) by $0.03. The company had revenue of $115.47 million during the quarter, compared to analyst estimates of $107.94 million. Okta had a negative net margin of 31.43% and a negative return on equity of 44.83%. Analysts forecast that Okta Inc will post -1.38 EPS for the current year.
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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 Web and mobile applications, and data of organization; Lifecycle Management, which enables IT organizations or developers to manage a user's identity throughout its lifecycle; API Access Management that enables organizations to secure APIs; and Mobility Management, which simplifies and automates mobile device administration and provisioning across phones, tablets, and laptops.
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