Okta, Inc. (NASDAQ:OKTA) Shares Purchased by Cetera Investment Advisers

Key Points

• Cetera Investment Advisers increased its holdings in Okta, Inc. by 15.6%, bringing its total shares to 22,396, valued at approximately $2.36 million.
• Okta reported quarterly earnings of $0.86 EPS, surpassing expectations, with revenue of $688 million, which was also above analyst forecasts of $680.14 million.
• Wall Street analysts have a mixed outlook on Okta, with a consensus rating of "Hold" and an average price target of $118.61, while some firms have issued buy ratings and others have a sell rating.

Cetera Investment Advisers boosted its holdings in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 15.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,396 shares of the company's stock after buying an additional 3,025 shares during the quarter. Cetera Investment Advisers' holdings in Okta were worth $2,357,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. TD Private Client Wealth LLC lifted 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 purchasing an additional 92 shares during the last quarter. Allworth Financial LP boosted its position in shares of Okta by 5.7% during the 1st quarter. Allworth Financial LP now owns 1,708 shares of the company's stock worth $173,000 after purchasing an additional 92 shares in the last quarter. GPS Wealth Strategies Group LLC boosted its position in shares of 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 purchasing an additional 100 shares in the last quarter. First Horizon Advisors Inc. lifted its position in Okta by 18.9% in the 1st quarter. First Horizon Advisors Inc. now owns 678 shares of the company's stock valued at $71,000 after acquiring an additional 108 shares in the last quarter. Finally, Stephens Inc. AR boosted its stake in shares of Okta by 3.7% in the 1st quarter. Stephens Inc. AR now owns 3,417 shares of the company's stock worth $360,000 after buying an additional 121 shares during the last quarter. Institutional investors own 86.64% of the company's stock.

Okta Stock Performance

NASDAQ:OKTA traded down $2.03 during trading hours on Friday, hitting $91.55. 2,430,222 shares of the company were exchanged, compared to its average volume of 3,429,555. The stock has a market capitalization of $16.03 billion, a price-to-earnings ratio of 145.32, a PEG ratio of 4.43 and a beta of 0.80. Okta, Inc. has a 52-week low of $70.56 and a 52-week 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. The company's 50 day moving average price is $97.99 and its 200-day moving average price is $102.64.

Okta (NASDAQ:OKTA - Get Free Report) last announced its quarterly earnings data 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 analysts' expectations of $680.14 million. Okta had a net margin of 4.85% and a return on equity of 2.79%. The business'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. As a group, research analysts forecast that Okta, Inc. will post 0.42 earnings per share for the current year.

Insider Transactions at Okta

In related news, insider Eric Robert Kelleher sold 16,018 shares of the company's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $91.81, for a total value of $1,470,612.58. Following the completion of the sale, the insider owned 7,044 shares of the company's stock, valued at approximately $646,709.64. This represents a 69.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Brett Tighe sold 10,000 shares of the company's stock in a transaction dated 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 directly owned 132,288 shares of the company's stock, valued at $12,567,360. This represents a 7.03% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 88,594 shares of company stock valued at $8,382,790. Company insiders own 5.68% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on OKTA. The Goldman Sachs Group raised their price target on shares of Okta from $123.00 to $137.00 and gave the stock a "buy" rating in a research note on Wednesday, May 28th. BTIG Research reissued a "buy" rating on shares of Okta in a research note on Thursday, May 22nd. Arete began coverage on shares of Okta in a research report on Monday, July 7th. They issued a "sell" rating and a $83.00 price objective on the stock. Evercore ISI upped their price objective on shares of Okta from $122.00 to $130.00 and gave the stock an "outperform" rating in a report on Wednesday, May 28th. Finally, Roth Capital reiterated a "buy" rating and issued a $119.00 target price on shares of Okta in a research note on Wednesday, May 28th. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average 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.