Global Retirement Partners LLC Takes Position in Okta, Inc. $OKTA

Global Retirement Partners LLC purchased a new stake in Okta, Inc. (NASDAQ:OKTA) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 12,882 shares of the company’s stock, valued at approximately $1,288,000.

Several other large investors also recently modified their holdings of OKTA. Smartleaf Asset Management LLC increased its stake in shares of Okta by 12.6% in the 1st quarter. Smartleaf Asset Management LLC now owns 824 shares of the company’s stock valued at $89,000 after purchasing an additional 92 shares during the last quarter. Norden Group LLC grew its stake in shares of Okta by 3.7% in the second quarter. Norden Group LLC now owns 3,260 shares of the company’s stock worth $326,000 after purchasing an additional 116 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in Okta by 12.6% in the first quarter. Advisors Asset Management Inc. now owns 1,073 shares of the company’s stock valued at $113,000 after purchasing an additional 120 shares during the period. Simon Quick Advisors LLC lifted its holdings in Okta by 2.5% during the 2nd quarter. Simon Quick Advisors LLC now owns 5,110 shares of the company’s stock worth $511,000 after buying an additional 126 shares during the period. Finally, Courier Capital LLC grew its position in shares of Okta by 1.5% in the 2nd quarter. Courier Capital LLC now owns 9,680 shares of the company’s stock valued at $968,000 after buying an additional 145 shares during the last quarter. 86.64% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Okta news, insider Eric Robert Kelleher sold 8,522 shares of the firm’s stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of $92.62, for a total value of $789,307.64. Following the completion of the sale, the insider owned 9,174 shares of the company’s stock, valued at approximately $849,695.88. This trade represents a 48.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CRO Jonathan James Addison sold 6,091 shares of the business’s stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $92.61, for a total value of $564,087.51. Following the sale, the executive owned 7,067 shares of the company’s stock, valued at approximately $654,474.87. This represents a 46.29% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 64,975 shares of company stock valued at $6,011,126. 5.68% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on OKTA. Bank of America reaffirmed an “underperform” rating and issued a $75.00 price objective on shares of Okta in a research note on Wednesday, August 27th. Berenberg Bank initiated coverage on shares of Okta in a research report on Tuesday, November 18th. They issued a “buy” rating and a $145.00 price target on the stock. Jefferies Financial Group set a $90.00 price objective on shares of Okta in a research report on Tuesday. JMP Securities reissued a “market perform” rating on shares of Okta in a research note on Wednesday, August 27th. Finally, Canaccord Genuity Group raised shares of Okta from a “hold” rating to a “buy” rating and upped their price target for the company from $115.00 to $120.00 in a research report on Tuesday, August 26th. Twenty-three research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $116.50.

Okta Trading Down 0.7%

OKTA opened at $80.56 on Thursday. The company has a fifty day moving average price of $88.02 and a two-hundred day moving average price of $95.51. Okta, Inc. has a 1-year low of $74.81 and a 1-year high of $127.57. The company has a market cap of $14.10 billion, a P/E ratio of 94.78, a price-to-earnings-growth ratio of 3.98 and a beta of 0.84.

Okta (NASDAQ:OKTA) last issued its earnings results on Tuesday, August 26th. The company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.84 by $0.07. Okta had a return on equity of 3.31% and a net margin of 6.08%.The company had revenue of $728,000 billion during the quarter, compared to the consensus estimate of $711.84 million. During the same period last year, the business posted $0.72 EPS. The firm’s revenue for the quarter was up 12.7% compared to the same quarter last year. On average, research analysts forecast that Okta, Inc. will post 0.42 EPS for the current fiscal year.

About Okta

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.