Renaissance Technologies LLC Reduces Stake in Okta, Inc. (NASDAQ:OKTA)

Renaissance Technologies LLC lowered its stake in Okta, Inc. (NASDAQ:OKTA) by 53.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 404,800 shares of the company’s stock after selling 461,500 shares during the quarter. Renaissance Technologies LLC owned approximately 0.24% of Okta worth $37,893,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Citizens Financial Group Inc. RI bought a new stake in Okta during the 2nd quarter worth approximately $1,622,000. Dimensional Fund Advisors LP grew its position in shares of Okta by 20.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,029,753 shares of the company’s stock valued at $96,388,000 after purchasing an additional 178,011 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new position in shares of Okta in the second quarter worth $12,617,000. Angeles Investment Advisors LLC raised its position in shares of Okta by 4.2% in the second quarter. Angeles Investment Advisors LLC now owns 4,929 shares of the company’s stock worth $461,000 after buying an additional 197 shares in the last quarter. Finally, Plato Investment Management Ltd boosted its stake in Okta by 82.4% during the second quarter. Plato Investment Management Ltd now owns 11,021 shares of the company’s stock valued at $1,032,000 after buying an additional 4,979 shares during the period. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Stock Performance

Shares of OKTA stock opened at $73.89 on Thursday. The firm has a market capitalization of $12.43 billion, a price-to-earnings ratio of -44.25, a PEG ratio of 40.71 and a beta of 1.02. The stock has a fifty day moving average of $88.52 and a 200 day moving average of $94.21. Okta, Inc. has a 52 week low of $65.04 and a 52 week high of $114.50. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18.

Analyst Ratings Changes

A number of brokerages have weighed in on OKTA. The Goldman Sachs Group decreased their target price on Okta from $130.00 to $113.00 and set a “buy” rating on the stock in a research note on Thursday, August 29th. Needham & Company LLC restated a “buy” rating and issued a $130.00 price objective on shares of Okta in a research report on Thursday, August 29th. DA Davidson dropped their target price on shares of Okta from $100.00 to $85.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. Westpark Capital reissued a “buy” rating and issued a $140.00 price target on shares of Okta in a report on Thursday, August 29th. Finally, Guggenheim restated a “buy” rating and set a $130.00 price objective on shares of Okta in a research report on Tuesday, June 25th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $105.14.

Insider Activity

In related news, Director Jacques Frederic Kerrest sold 2,100 shares of the stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $95.12, for a total value of $199,752.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Okta news, Director Jacques Frederic Kerrest sold 2,100 shares of the stock in a transaction on Friday, June 28th. The stock was sold at an average price of $95.12, for a total value of $199,752.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Todd Mckinnon sold 179,687 shares of the firm’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $93.42, for a total value of $16,786,359.54. Following the transaction, the chief executive officer now directly owns 47,883 shares of the company’s stock, valued at approximately $4,473,229.86. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 347,411 shares of company stock valued at $32,837,280. Corporate insiders own 7.00% of the company’s stock.

Okta Company 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.