New York State Common Retirement Fund cut its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 33.4% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 159,362 shares of the company’s stock after selling 79,782 shares during the period. New York State Common Retirement Fund’s holdings in Okta were worth $35,128,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also modified their holdings of OKTA. Norges Bank acquired a new position in shares of Okta during the fourth quarter worth approximately $267,128,000. Jennison Associates LLC boosted its position in shares of Okta by 159.1% during the first quarter. Jennison Associates LLC now owns 1,032,803 shares of the company’s stock worth $227,661,000 after buying an additional 634,233 shares during the period. Steadfast Capital Management LP acquired a new stake in Okta in the fourth quarter worth approximately $155,056,000. Artisan Partners Limited Partnership acquired a new stake in Okta in the first quarter worth approximately $102,838,000. Finally, Parallel Advisors LLC lifted its position in Okta by 760.6% in the first quarter. Parallel Advisors LLC now owns 284,335 shares of the company’s stock worth $62,676,000 after purchasing an additional 251,296 shares during the period. Institutional investors and hedge funds own 76.70% of the company’s stock.
A number of equities research analysts have weighed in on OKTA shares. Deutsche Bank Aktiengesellschaft cut their target price on Okta from $313.00 to $270.00 and set a “buy” rating for the company in a research report on Monday, March 1st. Stifel Nicolaus started coverage on Okta in a research report on Monday, May 24th. They issued a “hold” rating and a $260.00 target price for the company. JPMorgan Chase & Co. upped their target price on Okta from $235.00 to $245.00 and gave the stock a “neutral” rating in a research report on Thursday, May 27th. Mizuho cut their target price on Okta from $305.00 to $255.00 and set a “neutral” rating for the company in a research report on Thursday, March 4th. Finally, Piper Sandler dropped their price target on Okta from $250.00 to $235.00 and set a “neutral” rating on the stock in a report on Thursday, March 4th. One analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have issued a buy rating to the company’s stock. Okta has a consensus rating of “Buy” and an average price target of $271.35.
Shares of NASDAQ:OKTA opened at $222.12 on Friday. Okta, Inc. has a 12-month low of $175.84 and a 12-month high of $294.00. The company has a debt-to-equity ratio of 2.57, a quick ratio of 1.86 and a current ratio of 3.76. The firm has a market cap of $29.14 billion, a P/E ratio of -90.66 and a beta of 0.97. The firm’s fifty day moving average price is $242.22.
Okta (NASDAQ:OKTA) last posted its quarterly earnings results on Tuesday, May 25th. The company reported ($0.10) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.10. Okta had a negative net margin of 35.18% and a negative return on equity of 30.90%. Analysts expect that Okta, Inc. will post -2.88 EPS for the current year.
Okta, Inc provides identity management platform 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.
Read More: Why do company’s buyback their stock?
Want to see what other hedge funds are holding OKTA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Okta, Inc. (NASDAQ:OKTA).
Receive News & Ratings for Okta Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Okta and related companies with MarketBeat.com's FREE daily email newsletter.