State of New Jersey Common Pension Fund D reduced its position in Okta, Inc. (NASDAQ:OKTA) by 1.6% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 76,613 shares of the company’s stock after selling 1,240 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Okta were worth $16,384,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. GWM Advisors LLC grew its position in Okta by 81.4% in the 2nd quarter. GWM Advisors LLC now owns 4,883 shares of the company’s stock valued at $977,000 after acquiring an additional 2,191 shares in the last quarter. Vident Investment Advisory LLC grew its position in Okta by 201.7% in the 2nd quarter. Vident Investment Advisory LLC now owns 6,176 shares of the company’s stock valued at $1,237,000 after acquiring an additional 4,129 shares in the last quarter. Nordea Investment Management AB grew its position in Okta by 4,165.1% in the 2nd quarter. Nordea Investment Management AB now owns 198,368 shares of the company’s stock valued at $39,430,000 after acquiring an additional 193,717 shares in the last quarter. Barnett & Company Inc. acquired a new position in Okta in the 2nd quarter valued at about $54,000. Finally, Oppenheimer Asset Management Inc. grew its position in Okta by 24.2% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 4,363 shares of the company’s stock valued at $874,000 after acquiring an additional 850 shares in the last quarter. 77.40% of the stock is owned by institutional investors.
In other news, insider Charles Race sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $200.13, for a total transaction of $10,006,500.00. Following the completion of the sale, the insider now owns 66,932 shares in the company, valued at $13,395,101.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO William E. Losch sold 2,136 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $194.31, for a total value of $415,046.16. Following the sale, the chief financial officer now owns 38,859 shares of the company’s stock, valued at approximately $7,550,692.29. The disclosure for this sale can be found here. Insiders have sold 355,679 shares of company stock valued at $78,668,487 in the last 90 days. Company insiders own 12.02% of the company’s stock.
A number of brokerages have recently commented on OKTA. BidaskClub downgraded Okta from a “strong-buy” rating to a “buy” rating in a research report on Friday, October 23rd. Royal Bank of Canada boosted their price objective on Okta from $235.00 to $255.00 and gave the stock an “outperform” rating in a research report on Thursday, October 8th. Truist boosted their price objective on Okta from $200.00 to $240.00 in a research report on Friday, August 28th. DA Davidson boosted their price objective on Okta from $210.00 to $250.00 in a research report on Friday, August 28th. Finally, ValuEngine raised Okta from a “hold” rating to a “buy” rating in a research report on Thursday, October 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the company. Okta presently has an average rating of “Buy” and a consensus price target of $208.60.
Shares of NASDAQ OKTA opened at $218.35 on Friday. The company has a current ratio of 5.07, a quick ratio of 5.07 and a debt-to-equity ratio of 2.47. Okta, Inc. has a twelve month low of $88.66 and a twelve month high of $251.18. The stock has a 50 day moving average of $218.68 and a two-hundred day moving average of $198.17. The stock has a market cap of $27.97 billion, a P/E ratio of -114.92 and a beta of 0.97.
Okta (NASDAQ:OKTA) last issued its quarterly earnings data on Thursday, August 27th. The company reported $0.07 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.09. Okta had a negative return on equity of 35.07% and a negative net margin of 32.93%. The company had revenue of $200.45 million during the quarter, compared to analysts’ expectations of $186.37 million. During the same quarter in the previous year, the business earned ($0.05) earnings per share. The firm’s revenue for the quarter was up 42.7% on a year-over-year basis. As a group, research analysts predict that Okta, Inc. will post -1.48 earnings per share for the current year.
Okta, Inc provides identity management platforms 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; and 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.
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