Nuveen LLC Invests $44.34 Million in Okta, Inc. (NASDAQ:OKTA)

Nuveen LLC acquired a new position in Okta, Inc. (NASDAQ:OKTA) during the 1st quarter, Holdings Channel.com reports. The institutional investor acquired 421,399 shares of the company’s stock, valued at approximately $44,340,000.

Several other institutional investors have also recently made changes to their positions in OKTA. TD Private Client Wealth LLC raised its stake in Okta by 19.6% during the 1st quarter. TD Private Client Wealth LLC now owns 561 shares of the company’s stock valued at $59,000 after purchasing an additional 92 shares during the period. Allworth Financial LP raised its stake in Okta by 5.7% during the 1st quarter. Allworth Financial LP now owns 1,708 shares of the company’s stock valued at $173,000 after purchasing an additional 92 shares during the period. GPS Wealth Strategies Group LLC raised its stake in Okta by 7.2% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 1,484 shares of the company’s stock valued at $156,000 after purchasing an additional 100 shares during the period. First Horizon Advisors Inc. raised its stake in Okta by 18.9% during the 1st quarter. First Horizon Advisors Inc. now owns 678 shares of the company’s stock valued at $71,000 after purchasing an additional 108 shares during the period. Finally, Stephens Inc. AR raised its stake in Okta by 3.7% during the 1st quarter. Stephens Inc. AR now owns 3,417 shares of the company’s stock valued at $360,000 after purchasing an additional 121 shares during the period. Institutional investors own 86.64% of the company’s stock.

Okta Trading Up 3.8%

Shares of NASDAQ OKTA opened at $92.02 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.47 and a quick ratio of 1.47. The stock has a market capitalization of $16.11 billion, a P/E ratio of 146.07, a price-to-earnings-growth ratio of 4.29 and a beta of 0.80. Okta, Inc. has a 1-year low of $70.56 and a 1-year high of $127.57. The business has a fifty day moving average price of $96.51 and a 200 day moving average price of $102.53.

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

Wall Street Analysts Forecast Growth

OKTA has been the topic of several recent analyst reports. JPMorgan Chase & Co. lifted their target price on Okta from $120.00 to $140.00 and gave the company an “overweight” rating in a research note on Friday, May 23rd. Barclays reduced their price objective on Okta from $135.00 to $120.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 28th. Scotiabank lifted their price objective on Okta from $109.00 to $115.00 and gave the stock a “sector perform” rating in a research note on Wednesday, May 28th. Jefferies Financial Group reduced their price objective on Okta from $130.00 to $105.00 and set a “hold” rating on the stock in a research note on Thursday, July 24th. Finally, The Goldman Sachs Group lifted their price objective on Okta from $123.00 to $137.00 and gave the stock a “buy” rating in a research note on Wednesday, May 28th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat.com, Okta presently has an average rating of “Hold” and a consensus price target of $118.61.

Insider Activity at Okta

In related news, CEO Todd Mckinnon sold 31,592 shares of the company’s stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $95.30, for a total transaction of $3,010,717.60. Following the transaction, the chief executive officer directly owned 20,682 shares of the company’s stock, valued at $1,970,994.60. This represents a 60.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Brett Tighe sold 10,000 shares of the company’s stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $95.00, for a total value of $950,000.00. Following the transaction, the chief financial officer directly owned 132,288 shares in the company, valued at $12,567,360. This represents a 7.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 88,594 shares of company stock worth $8,382,790 over the last ninety days. Corporate insiders own 5.68% of the company’s stock.

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.