Teacher Retirement System of Texas Makes New $2.52 Million Investment in Okta, Inc. (NASDAQ:OKTA)

Teacher Retirement System of Texas acquired a new stake in Okta, Inc. (NASDAQ:OKTA - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 23,961 shares of the company's stock, valued at approximately $2,521,000.

Other institutional investors have also modified their holdings of the company. GPS Wealth Strategies Group LLC raised its holdings in shares of Okta by 7.2% in the first quarter. GPS Wealth Strategies Group LLC now owns 1,484 shares of the company's stock worth $156,000 after buying an additional 100 shares during the period. Frank Rimerman Advisors LLC raised its holdings in shares of Okta by 2.4% in the fourth quarter. Frank Rimerman Advisors LLC now owns 4,465 shares of the company's stock worth $352,000 after buying an additional 105 shares during the period. First Horizon Advisors Inc. raised its holdings in shares of Okta by 18.9% in the first quarter. First Horizon Advisors Inc. now owns 678 shares of the company's stock worth $71,000 after buying an additional 108 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Okta by 1.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 7,873 shares of the company's stock worth $620,000 after buying an additional 136 shares during the period. Finally, Advisors Management Group Inc. ADV raised its holdings in shares of Okta by 1.2% in the first quarter. Advisors Management Group Inc. ADV now owns 12,417 shares of the company's stock worth $1,307,000 after buying an additional 145 shares during the period. 86.64% of the stock is owned by institutional investors.

Okta Stock Performance

Shares of NASDAQ OKTA traded down $1.12 during trading on Friday, reaching $93.30. 1,328,172 shares of the company traded hands, compared to its average volume of 3,099,747. The firm's fifty day simple moving average is $108.13 and its 200 day simple moving average is $100.80. The stock has a market cap of $16.33 billion, a P/E ratio of 148.09, a PEG ratio of 4.80 and a beta of 0.82. Okta, Inc. has a 12-month low of $70.56 and a 12-month high of $127.57. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.05.

Okta (NASDAQ:OKTA - Get Free Report) last released its quarterly earnings data on Tuesday, May 27th. The company reported $0.86 earnings per share for the quarter, beating analysts' consensus estimates of $0.77 by $0.09. The business had revenue of $688.00 million during the quarter, compared to analyst estimates of $680.14 million. Okta had a return on equity of 2.79% and a net margin of 4.85%. The company's revenue was up 11.5% on a year-over-year basis. During the same quarter last year, the business posted $0.65 EPS. As a group, research analysts anticipate that Okta, Inc. will post 0.42 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Jacques Frederic Kerrest sold 581 shares of Okta stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $100.29, for a total value of $58,268.49. Following the completion of the transaction, the director owned 2,832 shares in the company, valued at $284,021.28. The trade was a 17.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Larissa Schwartz sold 2,244 shares of Okta stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $100.00, for a total value of $224,400.00. Following the completion of the transaction, the insider owned 23,640 shares of the company's stock, valued at approximately $2,364,000. This represents a 8.67% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,930 shares of company stock valued at $391,511. 5.68% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Evercore ISI increased their price target on Okta from $122.00 to $130.00 and gave the stock an "outperform" rating in a report on Wednesday, May 28th. Roth Capital reiterated a "buy" rating and issued a $119.00 price target on shares of Okta in a report on Wednesday, May 28th. Stephens reiterated an "equal weight" rating and issued a $127.00 price target on shares of Okta in a report on Tuesday, May 27th. Arete initiated coverage on Okta in a report on Monday. They set a "sell" rating and a $83.00 price objective on the stock. Finally, Guggenheim reduced their price objective on Okta from $140.00 to $138.00 and set a "buy" rating on the stock in a report on Wednesday, May 28th. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, Okta presently has a consensus rating of "Hold" and an average target price of $119.44.

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.