Bayforest Capital Ltd Invests $374,000 in Okta, Inc. (NASDAQ:OKTA)

Key Points

• Bayforest Capital Ltd has acquired a new position in Okta, Inc. by purchasing 3,559 shares valued at approximately $374,000.
• Insider transactions include CFO Brett Tighe selling 10,000 shares for $950,000 and CEO Todd Mckinnon selling 31,592 shares for over $3 million, resulting in significant decreases in their ownership stakes.
• Okta reported a revenue of $688 million for the last quarter, exceeding analyst expectations, while its earnings per share reached $0.86, beating the projected $0.77.

Bayforest Capital Ltd bought a new stake in Okta, Inc. (NASDAQ:OKTA - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 3,559 shares of the company's stock, valued at approximately $374,000.

Several other institutional investors also recently bought and sold shares of the company. TD Private Client Wealth LLC increased its position in shares of Okta by 19.6% during the first quarter. TD Private Client Wealth LLC now owns 561 shares of the company's stock valued at $59,000 after acquiring an additional 92 shares during the last quarter. Allworth Financial LP grew its holdings in shares of Okta by 5.7% in the first quarter. Allworth Financial LP now owns 1,708 shares of the company's stock valued at $173,000 after purchasing an additional 92 shares in the last quarter. GPS Wealth Strategies Group LLC increased its stake in Okta by 7.2% during the 1st 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. First Horizon Advisors Inc. grew its stake 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 acquiring an additional 108 shares in the last quarter. Finally, Stephens Inc. AR increased its position in shares of Okta by 3.7% during the first quarter. Stephens Inc. AR now owns 3,417 shares of the company's stock worth $360,000 after acquiring an additional 121 shares during the period. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Okta

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 transaction of $58,268.49. Following the transaction, the director directly owned 2,832 shares of the company's stock, valued at $284,021.28. The trade was a 17.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Jonathan James Addison sold 9,000 shares of Okta stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $100.00, for a total value of $900,000.00. Following the transaction, the executive directly owned 7,067 shares in the company, valued at approximately $706,700. The trade was a 56.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 88,594 shares of company stock valued at $8,382,790 over the last three months. 5.68% of the stock is currently owned by company insiders.

Okta Stock Down 2.7%

NASDAQ:OKTA traded down $2.67 during trading hours on Friday, hitting $95.13. The stock had a trading volume of 2,889,125 shares, compared to its average volume of 3,433,287. The company has a market cap of $16.65 billion, a PE ratio of 151.00, a price-to-earnings-growth ratio of 4.60 and a beta of 0.80. Okta, Inc. has a 1-year low of $70.56 and a 1-year high of $127.57. The business has a 50 day simple moving average of $99.73 and a two-hundred day simple moving average of $102.37. 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, topping the consensus estimate of $0.77 by $0.09. Okta had a net margin of 4.85% and a return on equity of 2.79%. The firm had revenue of $688.00 million for the quarter, compared to analyst estimates of $680.14 million. During the same quarter in the prior year, the business earned $0.65 earnings per share. Okta's quarterly revenue was up 11.5% on a year-over-year basis. Analysts predict that Okta, Inc. will post 0.42 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on OKTA. Guggenheim cut their target price on Okta from $140.00 to $138.00 and set a "buy" rating on the stock in a research report on Wednesday, May 28th. Canaccord Genuity Group lifted their target price on Okta from $100.00 to $115.00 and gave the stock a "hold" rating in a research report on Wednesday, May 28th. Arete assumed coverage on Okta in a research report on Monday, July 7th. They issued a "sell" rating and a $83.00 target price for the company. Arete Research raised shares of Okta to a "strong sell" rating and set a $83.00 target price on the stock in a report on Monday, July 7th. Finally, The Goldman Sachs Group lifted their target price on shares of Okta from $123.00 to $137.00 and gave the company a "buy" rating in a report on Wednesday, May 28th. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat, Okta currently has a consensus rating of "Hold" and an average target price of $118.61.

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.