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Charles Schwab Investment Management Inc. Has $127.08 Million Stake in Okta, Inc. (NASDAQ:OKTA)

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Key Points

  • Charles Schwab Investment Management Inc. increased its holdings in Okta, Inc. by 8.3%, resulting in ownership of approximately 1.21 million shares worth about $127.08 million as of the recent SEC filing.
  • Okta reported earnings of $0.86 EPS for the last quarter, exceeding analysts' expectations and demonstrating an 11.5% increase in revenue compared to the previous year.
  • Insider trading activity saw the CRO selling 9,000 shares and the CFO selling 10,000 shares in recent transactions, indicating a decrease in their respective stock positions.
  • Want stock alerts on Okta? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Charles Schwab Investment Management Inc. increased its position in Okta, Inc. (NASDAQ:OKTA - Free Report) by 8.3% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,207,758 shares of the company's stock after purchasing an additional 92,242 shares during the period. Charles Schwab Investment Management Inc. owned about 0.70% of Okta worth $127,080,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wolff Wiese Magana LLC raised its holdings in shares of Okta by 167.4% during the 1st quarter. Wolff Wiese Magana LLC now owns 246 shares of the company's stock valued at $26,000 after purchasing an additional 154 shares in the last quarter. Wayfinding Financial LLC bought a new position in Okta in the 1st quarter worth $27,000. Harbour Investments Inc. raised its holdings in Okta by 152.4% in the 1st quarter. Harbour Investments Inc. now owns 260 shares of the company's stock worth $27,000 after acquiring an additional 157 shares during the period. Rossby Financial LCC bought a new position in Okta in the 1st quarter worth $31,000. Finally, University of Texas Texas AM Investment Management Co. bought a new position in Okta in the 4th quarter worth $40,000. Hedge funds and other institutional investors own 86.64% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on OKTA. Arete started coverage on shares of Okta in a report on Monday, July 7th. They issued a "sell" rating and a $83.00 target price on the stock. DA Davidson decreased their target price on shares of Okta from $145.00 to $140.00 and set a "buy" rating on the stock in a research report on Wednesday, May 28th. BTIG Research reiterated a "buy" rating on shares of Okta in a research report on Thursday, May 22nd. JMP Securities reiterated a "market perform" rating on shares of Okta in a research report on Wednesday, May 28th. Finally, Wells Fargo & Company lifted their target price on shares of Okta from $100.00 to $110.00 and gave the company an "equal weight" rating in a research 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-one have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $118.61.

Read Our Latest Report on Okta

Okta Stock Performance

NASDAQ OKTA traded up $3.41 on Friday, hitting $92.02. 1,113,622 shares of the stock were exchanged, compared to its average volume of 3,591,061. 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 business's fifty day moving average is $96.77 and its 200 day moving average is $102.55. Okta, Inc. has a 52 week low of $70.56 and a 52 week high of $127.57. The company has a market capitalization of $16.11 billion, a PE ratio of 146.11, a P/E/G ratio of 4.40 and a beta of 0.80.

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

Insider Buying and Selling

In other Okta news, CEO Todd Mckinnon sold 31,592 shares of Okta stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $95.30, for a total value of $3,010,717.60. Following the completion of the sale, the chief executive officer owned 20,682 shares in the company, valued at $1,970,994.60. The trade was a 60.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brett Tighe sold 10,000 shares of the firm's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $95.00, for a total value of $950,000.00. Following the transaction, the chief financial officer owned 132,288 shares in the company, 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. Over the last three months, insiders sold 88,594 shares of company stock valued at $8,382,790. 5.68% of the stock is currently owned by insiders.

About Okta

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Okta (NASDAQ:OKTA)

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