Migdal Insurance & Financial Holdings Ltd. Purchases 210,881 Shares of Okta, Inc. (NASDAQ:OKTA)

Migdal Insurance & Financial Holdings Ltd. increased its stake in shares of Okta, Inc. (NASDAQ:OKTA) by 912.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 234,005 shares of the company’s stock after buying an additional 210,881 shares during the period. Migdal Insurance & Financial Holdings Ltd. owned about 0.13% of Okta worth $24,622,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in OKTA. Norges Bank purchased a new position in Okta during the fourth quarter valued at approximately $234,992,000. Massachusetts Financial Services Co. MA raised its holdings in Okta by 325.6% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,699,944 shares of the company’s stock worth $389,308,000 after purchasing an additional 2,830,582 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in Okta by 2,135.7% during the 4th quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company’s stock valued at $150,845,000 after acquiring an additional 1,828,630 shares during the period. Ninety One UK Ltd bought a new stake in shares of Okta during the first quarter valued at approximately $189,915,000. Finally, Alyeska Investment Group L.P. grew its holdings in shares of Okta by 2,309.4% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,772,751 shares of the company’s stock valued at $139,693,000 after purchasing an additional 1,699,176 shares in the last quarter. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Okta from $120.00 to $140.00 and gave the company an “overweight” rating in a research report on Friday, May 23rd. BTIG Research restated a “buy” rating on shares of Okta in a report on Thursday, May 22nd. Morgan Stanley cut their price target on shares of Okta from $125.00 to $123.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Mizuho cut their price target on shares of Okta from $135.00 to $130.00 and set an “outperform” rating on the stock in a report on Wednesday, May 28th. Finally, JMP Securities reiterated a “market perform” rating on shares of Okta in a report on Wednesday, May 28th. Three analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $119.44.

Insiders Place Their Bets

In other news, CRO Jonathan James Addison sold 6,027 shares of Okta stock in a transaction on Monday, July 14th. The stock was sold at an average price of $92.01, for a total value of $554,544.27. Following the completion of the sale, the executive directly owned 19,067 shares of the company’s stock, valued at approximately $1,754,354.67. This trade represents a 24.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Eric Robert Kelleher sold 16,018 shares of the firm’s stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $91.81, for a total value of $1,470,612.58. Following the completion of the transaction, the insider owned 7,044 shares in the company, valued at $646,709.64. This represents a 69.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 38,002 shares of company stock worth $3,522,072 over the last quarter. 5.68% of the stock is currently owned by company insiders.

Okta Stock Performance

Shares of OKTA stock opened at $93.65 on Friday. 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 $16.40 billion, a price-to-earnings ratio of 148.66, a P/E/G ratio of 4.41 and a beta of 0.82. The stock’s fifty day simple moving average is $105.60 and its 200-day simple moving average is $101.13.

Okta (NASDAQ:OKTA) last issued its earnings results on Tuesday, May 27th. The company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.09. The firm had revenue of $688.00 million for the quarter, compared to the consensus estimate of $680.14 million. Okta had a return on equity of 2.79% and a net margin of 4.85%. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.65 earnings per share. On average, sell-side analysts predict that Okta, Inc. will post 0.42 earnings per share for the current fiscal year.

Okta Profile

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.