AE Wealth Management LLC Boosts Stock Position in Okta, Inc. (NASDAQ:OKTA)

AE Wealth Management LLC increased its position in shares of Okta, Inc. (NASDAQ:OKTA) by 36.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,951 shares of the company’s stock after acquiring an additional 10,982 shares during the period. AE Wealth Management LLC’s holdings in Okta were worth $3,833,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of OKTA. Canada Pension Plan Investment Board boosted its position in Okta by 639.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 56,200 shares of the company’s stock valued at $5,261,000 after buying an additional 48,600 shares during the period. Intech Investment Management LLC increased its position in shares of Okta by 36.4% during the second quarter. Intech Investment Management LLC now owns 15,116 shares of the company’s stock worth $1,415,000 after acquiring an additional 4,031 shares during the period. Inspire Investing LLC boosted its holdings in Okta by 15.4% in the second quarter. Inspire Investing LLC now owns 26,882 shares of the company’s stock valued at $2,516,000 after purchasing an additional 3,586 shares during the period. XTX Topco Ltd grew its stake in Okta by 21.0% during the 2nd quarter. XTX Topco Ltd now owns 7,531 shares of the company’s stock worth $705,000 after purchasing an additional 1,309 shares in the last quarter. Finally, Elo Mutual Pension Insurance Co increased its holdings in Okta by 1.7% during the 2nd quarter. Elo Mutual Pension Insurance Co now owns 14,691 shares of the company’s stock worth $1,375,000 after purchasing an additional 250 shares during the period. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on OKTA. Stifel Nicolaus decreased their price objective on Okta from $122.00 to $108.00 and set a “buy” rating for the company in a research note on Thursday, August 29th. Truist Financial reiterated a “hold” rating and set a $95.00 price target (down previously from $105.00) on shares of Okta in a report on Thursday, August 29th. Scotiabank dropped their price objective on shares of Okta from $104.00 to $92.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 29th. Citigroup decreased their price objective on shares of Okta from $115.00 to $110.00 and set a “neutral” rating for the company in a research report on Thursday, August 29th. Finally, Evercore ISI upgraded shares of Okta from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $102.00 to $122.00 in a research note on Thursday, May 30th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, Okta presently has a consensus rating of “Hold” and an average price target of $105.14.

Insider Buying and Selling at Okta

In other news, 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 completion of the sale, the chief executive officer now owns 47,883 shares in the company, valued at approximately $4,473,229.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Jacques Frederic Kerrest sold 2,100 shares of Okta stock in a transaction that occurred 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 SEC, which is available through the SEC website. Also, CEO Todd Mckinnon sold 179,687 shares of the stock in a transaction on Friday, July 19th. The stock was sold at an average price of $93.42, for a total value of $16,786,359.54. Following the completion of the transaction, the chief executive officer now 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 three months, insiders have sold 347,411 shares of company stock valued at $32,837,280. 7.00% of the stock is owned by company insiders.

Okta Stock Performance

NASDAQ OKTA opened at $75.75 on Monday. The firm has a market cap of $12.74 billion, a P/E ratio of -45.36, a P/E/G ratio of 41.00 and a beta of 1.01. Okta, Inc. has a 52-week low of $65.04 and a 52-week high of $114.50. The business’s 50-day moving average price is $87.37 and its 200 day moving average price is $93.50. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 0.18.

Okta (NASDAQ:OKTA) last announced its earnings results on Wednesday, August 28th. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.29. The company had revenue of $646.00 million for the quarter, compared to the consensus estimate of $632.24 million. Okta had a negative return on equity of 1.10% and a negative net margin of 5.55%. On average, equities research analysts expect that Okta, Inc. will post 0.08 earnings per share for the current year.

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.