CloudAlpha Capital Management Limited Hong Kong Acquires Shares of 42,698 Okta, Inc. (NASDAQ:OKTA)

Key Points

• CloudAlpha Capital Management Limited acquired 42,698 shares of Okta, Inc., valued at approximately $4.5 million, making it the 27th largest position in their investment portfolio.
• Insider sales at Okta have been significant, with over 79,000 shares sold by company insiders in the past three months, representing a notable decrease in their ownership of the stock.
• Okta's stock is currently trading with a market capitalization of $17.14 billion, and analysts have mixed ratings with a consensus price target of approximately $118.61.

CloudAlpha Capital Management Limited Hong Kong acquired a new position in Okta, Inc. (NASDAQ:OKTA - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 42,698 shares of the company's stock, valued at approximately $4,493,000. Okta comprises 0.4% of CloudAlpha Capital Management Limited Hong Kong's portfolio, making the stock its 27th biggest holding.

Several other large investors have also recently made changes to their positions in OKTA. Wolff Wiese Magana LLC grew its position in shares of Okta by 167.4% in the 1st quarter. Wolff Wiese Magana LLC now owns 246 shares of the company's stock valued at $26,000 after buying an additional 154 shares during the last quarter. Wayfinding Financial LLC acquired a new stake in shares of Okta in the 1st quarter worth $27,000. Rossby Financial LCC acquired a new stake in shares of Okta in the 1st quarter worth $31,000. TD Private Client Wealth LLC lifted its stake in shares of Okta by 3,507.7% in the 4th quarter. TD Private Client Wealth LLC now owns 469 shares of the company's stock worth $37,000 after acquiring an additional 456 shares during the period. Finally, University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Okta in the 4th quarter worth $40,000. 86.64% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently commented on OKTA. JPMorgan Chase & Co. raised their price objective on shares of Okta from $120.00 to $140.00 and gave the company an "overweight" rating in a research note on Friday, May 23rd. Stephens reiterated an "equal weight" rating and set a $127.00 price target on shares of Okta in a report on Tuesday, May 27th. Canaccord Genuity Group lifted their price target on shares of Okta from $100.00 to $115.00 and gave the stock a "hold" rating in a report on Wednesday, May 28th. Roth Capital reiterated a "buy" rating and set a $119.00 price target on shares of Okta in a report on Wednesday, May 28th. Finally, Loop Capital initiated coverage on shares of Okta in a report on Monday, May 5th. They set a "buy" rating and a $140.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $118.61.

Insider Transactions at Okta

In related news, CEO Todd Mckinnon sold 31,592 shares of the firm's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $95.30, for a total value of $3,010,717.60. Following the completion of the transaction, the chief executive officer directly owned 20,682 shares of the company's stock, valued at $1,970,994.60. This trade represents a 60.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Larissa Schwartz sold 2,244 shares of the firm's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $100.00, for a total value of $224,400.00. Following the completion of the transaction, the insider directly owned 23,640 shares of the company's stock, valued at approximately $2,364,000. This trade represents a 8.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 79,594 shares of company stock valued at $7,482,790 over the last 90 days. Corporate insiders own 5.68% of the company's stock.

Okta Stock Up 1.6%

Shares of OKTA stock traded up $1.61 during trading on Tuesday, hitting $99.45. 1,838,454 shares of the company were exchanged, compared to its average volume of 3,620,234. The firm has a market capitalization of $17.41 billion, a price-to-earnings ratio of 157.13, a P/E/G ratio of 4.89 and a beta of 0.82. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.47 and a current ratio of 1.47. The business's 50-day simple moving average is $101.80 and its 200 day simple moving average is $102.11. Okta, Inc. has a twelve month low of $70.56 and a twelve month high of $127.57.

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

Okta Company 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.