Credit Agricole S A Buys 7,935 Shares of Okta, Inc. $OKTA

Key Points

• Credit Agricole S A increased its stake in Okta, Inc. by 27.2%, acquiring an additional 7,935 shares, resulting in total ownership of 37,137 shares valued at approximately $3.9 million.
• Insider transactions revealed significant sales, with Larissa Schwartz selling 2,244 shares for $224,400 and Jonathan James Addison selling 9,000 shares for $900,000, decreasing their ownership by 8.67% and 56.02% respectively.
• Wall Street analysts have a favorable outlook on Okta, with twenty analysts rating it as a buy and a consensus target price of $117.92.

Credit Agricole S A increased its holdings in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) by 27.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,137 shares of the company's stock after purchasing an additional 7,935 shares during the quarter. Credit Agricole S A's holdings in Okta were worth $3,908,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Okta by 3.4% during the 1st quarter. Vanguard Group Inc. now owns 17,792,886 shares of the company's stock valued at $1,872,167,000 after buying an additional 582,956 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Okta by 52.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,126 shares of the company's stock valued at $956,000 after buying an additional 4,171 shares in the last quarter. Trek Financial LLC purchased a new position in Okta during the 1st quarter valued at approximately $426,000. Merit Financial Group LLC purchased a new position in Okta during the 1st quarter valued at approximately $823,000. Finally, Stephens Investment Management Group LLC grew its holdings in Okta by 10.4% during the 1st quarter. Stephens Investment Management Group LLC now owns 499,125 shares of the company's stock valued at $52,518,000 after buying an additional 46,818 shares in the last quarter. Hedge funds and other institutional investors own 86.64% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Westpark Capital restated a "buy" rating and set a $140.00 price target on shares of Okta in a report on Wednesday, May 28th. Barclays cut their price target on Okta from $120.00 to $100.00 and set an "equal weight" rating for the company in a report on Monday, August 18th. UBS Group cut their price target on Okta from $150.00 to $130.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. JMP Securities reaffirmed a "market perform" rating on shares of Okta in a research note on Wednesday, May 28th. Finally, Wells Fargo & Company boosted their target price on Okta from $100.00 to $110.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 28th. Twenty-two investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, Okta has an average rating of "Moderate Buy" and a consensus target price of $118.75.

Okta Trading Up 0.2%

Shares of NASDAQ OKTA traded up $0.21 during trading hours on Tuesday, hitting $91.56. 12,223,781 shares of the company traded hands, compared to its average volume of 3,623,721. Okta, Inc. has a 12 month low of $70.56 and a 12 month high of $127.57. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.05. The stock has a market capitalization of $16.03 billion, a price-to-earnings ratio of 145.34, a price-to-earnings-growth ratio of 4.45 and a beta of 0.80. The company's 50 day moving average price is $95.46 and its 200 day moving average price is $102.46.

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

Insider Activity

In other Okta news, CEO Todd Mckinnon sold 31,592 shares of Okta stock in a transaction on Monday, July 21st. The stock was sold at an average price of $95.30, for a total transaction of $3,010,717.60. Following the completion of the sale, the chief executive officer directly owned 20,682 shares of the company's stock, 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 SEC, which is available at this hyperlink. Also, CRO Jonathan James Addison sold 9,000 shares of Okta stock in a transaction on Friday, July 25th. The shares were sold at an average price of $100.00, for a total value of $900,000.00. Following the sale, the executive directly owned 7,067 shares of the company's stock, valued at approximately $706,700. This trade represents 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 worth $8,382,790 in the last three months. Corporate insiders own 5.68% of the company's stock.

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.