Teacher Retirement System of Texas Acquires New Stake in Okta, Inc. (NASDAQ:OKTA)

Teacher Retirement System of Texas acquired a new position in Okta, Inc. (NASDAQ:OKTA - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 23,961 shares of the company's stock, valued at approximately $2,521,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in OKTA. Norges Bank bought a new stake in shares of Okta during the 4th quarter worth about $234,992,000. Ameriprise Financial Inc. grew its holdings in Okta by 2,135.7% during the fourth quarter. Ameriprise Financial Inc. now owns 1,914,254 shares of the company's stock valued at $150,845,000 after purchasing an additional 1,828,630 shares during the last quarter. Alyeska Investment Group L.P. lifted its stake in shares of Okta by 2,309.4% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,772,751 shares of the company's stock worth $139,693,000 after buying an additional 1,699,176 shares during the last quarter. Point72 Asset Management L.P. boosted its holdings in shares of Okta by 236.8% during the 4th quarter. Point72 Asset Management L.P. now owns 2,236,942 shares of the company's stock worth $176,271,000 after buying an additional 1,572,786 shares during the period. Finally, Sachem Head Capital Management LP bought a new stake in shares of Okta during the 4th quarter worth $105,592,000. Institutional investors own 86.64% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on OKTA shares. Stifel Nicolaus boosted their target price on shares of Okta from $120.00 to $130.00 and gave the stock a "buy" rating in a research report on Wednesday, May 28th. BTIG Research restated a "buy" rating on shares of Okta in a research note on Thursday, May 22nd. Barclays lowered their target price on Okta from $135.00 to $120.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 28th. Cantor Fitzgerald initiated coverage on shares of Okta in a research note on Monday, March 31st. They issued an "overweight" rating and a $130.00 price objective on the stock. Finally, Wells Fargo & Company upped their target price on shares of Okta from $100.00 to $110.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 28th. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $119.44.

Okta Trading Down 4.8%

Shares of OKTA stock traded down $4.74 on Thursday, reaching $94.41. 4,132,933 shares of the stock were exchanged, compared to its average volume of 3,099,970. The stock has a 50 day moving average price of $108.48 and a 200 day moving average price of $100.73. The stock has a market cap of $16.53 billion, a PE ratio of 149.86, a P/E/G ratio of 4.72 and a beta of 0.82. Okta, Inc. has a one year low of $70.56 and a one year high of $127.57. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.47 and a quick ratio of 1.47.

Okta (NASDAQ:OKTA - Get Free Report) last announced its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.09. The firm had revenue of $688.00 million during the quarter, compared to analysts' expectations of $680.14 million. Okta had a return on equity of 2.79% and a net margin of 4.85%. The company's quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.65 EPS. Equities research analysts forecast that Okta, Inc. will post 0.42 EPS for the current fiscal year.

Insider Buying and Selling at Okta

In other news, CRO Jonathan James Addison sold 7,005 shares of the firm's stock in a transaction on Friday, April 11th. The stock was sold at an average price of $101.19, for a total value of $708,835.95. Following the transaction, the executive directly owned 19,067 shares in the company, valued at $1,929,389.73. This trade represents a 26.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jacques Frederic Kerrest sold 581 shares of the stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $100.29, for a total value of $58,268.49. Following the completion of the transaction, the director directly owned 2,832 shares in the company, valued at $284,021.28. The trade was a 17.02% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,935 shares of company stock worth $1,100,347. Insiders own 5.68% of the company's stock.

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.