Okta, Inc. (NASDAQ:OKTA) Shares Purchased by CIBC Asset Management Inc

CIBC Asset Management Inc grew its holdings in shares of Okta, Inc. (NASDAQ:OKTA) by 5.4% during the third quarter, HoldingsChannel reports. The firm owned 5,650 shares of the company’s stock after purchasing an additional 288 shares during the quarter. CIBC Asset Management Inc’s holdings in Okta were worth $420,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Marshall Wace LLP lifted its position in Okta by 117.4% during the 2nd quarter. Marshall Wace LLP now owns 2,273,700 shares of the company’s stock worth $212,841,000 after acquiring an additional 1,227,890 shares in the last quarter. Eminence Capital LP grew its position in Okta by 18.1% in the second quarter. Eminence Capital LP now owns 1,989,375 shares of the company’s stock valued at $186,225,000 after acquiring an additional 305,381 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its stake in shares of Okta by 232.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 396,538 shares of the company’s stock valued at $29,479,000 after purchasing an additional 277,084 shares during the period. Truist Financial Corp lifted its position in shares of Okta by 62.5% during the second quarter. Truist Financial Corp now owns 522,057 shares of the company’s stock worth $48,870,000 after purchasing an additional 200,770 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Okta by 20.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,029,753 shares of the company’s stock valued at $96,388,000 after purchasing an additional 178,011 shares during the period. 86.64% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

OKTA has been the topic of a number of recent analyst reports. Scotiabank cut their price objective on shares of Okta from $104.00 to $92.00 and set a “sector perform” rating on the stock in a report on Thursday, August 29th. Citigroup reduced their price target on Okta from $115.00 to $110.00 and set a “neutral” rating for the company in a report on Thursday, August 29th. Truist Financial dropped their price objective on Okta from $95.00 to $80.00 and set a “hold” rating on the stock in a report on Thursday, October 17th. Susquehanna reduced their target price on Okta from $110.00 to $85.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. Finally, Needham & Company LLC assumed coverage on shares of Okta in a research note on Thursday, October 17th. They issued a “buy” rating and a $100.00 price target for the company. One analyst has rated the stock with a sell rating, nineteen have given a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Okta currently has an average rating of “Hold” and an average target price of $98.30.

Insider Buying and Selling

In other Okta news, CRO Jonathan James Addison sold 9,850 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $77.63, for a total value of $764,655.50. Following the completion of the sale, the executive now directly owns 14,601 shares in the company, valued at $1,133,475.63. This trade represents a 40.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Larissa Schwartz sold 2,791 shares of the stock in a transaction on Monday, November 4th. The stock was sold at an average price of $71.50, for a total value of $199,556.50. Following the completion of the transaction, the insider now owns 22,125 shares of the company’s stock, valued at approximately $1,581,937.50. This trade represents a 11.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 475,789 shares of company stock worth $35,701,361 in the last 90 days. 7.00% of the stock is owned by company insiders.

Okta Stock Up 2.4 %

OKTA opened at $75.45 on Friday. The company has a 50 day moving average of $74.67 and a 200 day moving average of $85.65. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 0.18. Okta, Inc. has a 12 month low of $66.69 and a 12 month high of $114.50. The company has a market cap of $12.82 billion, a PE ratio of -89.82, a price-to-earnings-growth ratio of 18.24 and a beta of 1.02.

Okta (NASDAQ:OKTA) last posted 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 return on equity of 1.10% and a negative net margin of 5.55%. The company had revenue of $646.00 million during the quarter, compared to analyst estimates of $632.24 million. On average, sell-side analysts expect that Okta, Inc. will post 0.19 EPS for the current year.

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.