Okta, Inc. (NASDAQ:OKTA) Holdings Raised by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH increased its stake in Okta, Inc. by 506.1% in Q1, holding 139,923 shares valued at approximately $14.72 million.
• Okta's stock has seen significant institutional interest, with 86.64% of shares owned by institutional investors and hedge funds.
• The company reported $688 million in revenue for the last quarter, surpassing expectations, with an 11.5% increase compared to the same period last year.

Allianz Asset Management GmbH increased its holdings in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 506.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 139,923 shares of the company's stock after acquiring an additional 116,837 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.08% of Okta worth $14,723,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. TD Private Client Wealth LLC raised its stake in Okta by 19.6% during the first quarter. TD Private Client Wealth LLC now owns 561 shares of the company's stock worth $59,000 after acquiring an additional 92 shares during the period. Allworth Financial LP raised its stake in Okta by 5.7% during the first quarter. Allworth Financial LP now owns 1,708 shares of the company's stock worth $173,000 after acquiring an additional 92 shares during the period. GPS Wealth Strategies Group LLC raised its stake in Okta by 7.2% during the first quarter. GPS Wealth Strategies Group LLC now owns 1,484 shares of the company's stock worth $156,000 after acquiring an additional 100 shares during the period. First Horizon Advisors Inc. raised its stake in Okta by 18.9% during 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 during the period. Finally, Stephens Inc. AR raised its stake in 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. Institutional investors and hedge funds own 86.64% of the company's stock.

Insiders Place Their Bets

In related news, CRO Jonathan James Addison sold 3,000 shares of the company's stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $91.81, for a total value of $275,430.00. Following the completion of the sale, the executive owned 16,067 shares in the company, valued at approximately $1,475,111.27. This represents a 15.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brett Tighe sold 10,000 shares of the company's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $95.00, for a total transaction of $950,000.00. Following the completion of the sale, the chief financial officer owned 132,288 shares of the company's stock, valued at approximately $12,567,360. This trade represents a 7.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 79,594 shares of company stock worth $7,482,790 in the last quarter. Corporate insiders own 5.68% of the company's stock.

Okta Price Performance

OKTA stock traded down $0.63 on Tuesday, hitting $97.22. 888,127 shares of the company's stock traded hands, compared to its average volume of 3,617,813. Okta, Inc. has a 1-year low of $70.56 and a 1-year high of $127.57. The stock has a market cap of $17.02 billion, a price-to-earnings ratio of 154.67, a P/E/G ratio of 4.89 and a beta of 0.82. The stock has a fifty day moving average of $101.80 and a 200-day moving average of $102.11. 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 issued 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 business had revenue of $688.00 million during the quarter, compared to the consensus estimate of $680.14 million. Okta had a net margin of 4.85% and a return on equity of 2.79%. The firm's quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.65 EPS. On average, analysts forecast that Okta, Inc. will post 0.42 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Mizuho dropped their price objective on shares of Okta from $135.00 to $130.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 28th. Stephens reiterated an "equal weight" rating and set a $127.00 price objective on shares of Okta in a research note on Tuesday, May 27th. BMO Capital Markets set a $132.00 target price on shares of Okta and gave the stock a "market perform" rating in a research report on Wednesday, May 28th. UBS Group decreased their target price on shares of Okta from $150.00 to $130.00 and set a "buy" rating for the company in a research report on Wednesday, May 28th. Finally, Scotiabank upped their target price on shares of Okta from $109.00 to $115.00 and gave the stock a "sector perform" rating in a research report on Wednesday, May 28th. Three equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target 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.