Financial Advocates Investment Management Buys Shares of 3,064 Okta, Inc. (NASDAQ:OKTA)

Financial Advocates Investment Management purchased a new position in shares of Okta, Inc. (NASDAQ:OKTA) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,064 shares of the company’s stock, valued at approximately $228,000.

Several other hedge funds and other institutional investors have also made changes to their positions in OKTA. SG Americas Securities LLC lifted its holdings in Okta by 122.3% during the 3rd quarter. SG Americas Securities LLC now owns 17,021 shares of the company’s stock worth $1,265,000 after buying an additional 9,364 shares in the last quarter. Truist Financial Corp raised its stake in shares of Okta by 62.5% in the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock valued at $48,870,000 after acquiring an additional 200,770 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in Okta by 14.0% in the first quarter. CANADA LIFE ASSURANCE Co now owns 229,105 shares of the company’s stock valued at $23,976,000 after purchasing an additional 28,183 shares during the period. Atria Wealth Solutions Inc. grew its stake in Okta by 75.4% during the 2nd quarter. Atria Wealth Solutions Inc. now owns 11,477 shares of the company’s stock worth $1,074,000 after purchasing an additional 4,932 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in Okta during the 1st quarter worth about $1,172,000. Hedge funds and other institutional investors own 86.64% of the company’s stock.

Okta Trading Up 1.9 %

Shares of OKTA stock opened at $73.23 on Monday. The company has a market capitalization of $12.44 billion, a P/E ratio of -87.18, a price-to-earnings-growth ratio of 16.64 and a beta of 1.01. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. The business’s 50 day moving average is $75.79 and its two-hundred day moving average is $87.35. Okta, Inc. has a twelve month low of $65.04 and a twelve month high of $114.50.

Okta (NASDAQ:OKTA) last announced its quarterly earnings data on Wednesday, August 28th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.29. Okta had a negative net margin of 5.55% and a negative return on equity of 1.10%. The company had revenue of $646.00 million for the quarter, compared to analysts’ expectations of $632.24 million. Equities analysts forecast that Okta, Inc. will post 0.19 EPS for the current year.

Insider Buying and Selling

In other Okta news, CEO Todd Mckinnon sold 224,533 shares of Okta stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $74.62, for a total value of $16,754,652.46. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Okta news, insider Larissa Schwartz sold 2,795 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $92.02, for a total transaction of $257,195.90. Following the sale, the insider now directly owns 27,014 shares in the company, valued at approximately $2,485,828.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Todd Mckinnon sold 224,533 shares of the stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $74.62, for a total transaction of $16,754,652.46. The disclosure for this sale can be found here. Insiders sold 475,793 shares of company stock valued at $35,759,000 over the last ninety days. Corporate insiders own 7.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Robert W. Baird lowered their price objective on Okta from $105.00 to $95.00 and set an “outperform” rating for the company in a research report on Friday, October 18th. Citigroup lowered their price target on shares of Okta from $115.00 to $110.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. Stifel Nicolaus reduced their price objective on shares of Okta from $122.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, August 29th. Susquehanna lowered their target price on shares of Okta from $110.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. Finally, Jefferies Financial Group cut their price target on Okta from $100.00 to $85.00 and set a “hold” rating on the stock in a research note on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Okta has a consensus rating of “Hold” and an average price target of $98.96.

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.