DAVENPORT & Co LLC Makes New Investment in Okta, Inc. (NASDAQ:OKTA)

DAVENPORT & Co LLC purchased a new stake in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund purchased 324,690 shares of the company's stock, valued at approximately $34,164,000. DAVENPORT & Co LLC owned about 0.19% of Okta as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the company. Smith Group Asset Management LLC boosted its position in Okta by 7.5% in the first quarter. Smith Group Asset Management LLC now owns 237,995 shares of the company's stock valued at $25,042,000 after buying an additional 16,594 shares during the last quarter. Vontobel Holding Ltd. lifted its stake in Okta by 60.5% during the 1st quarter. Vontobel Holding Ltd. now owns 195,871 shares of the company's stock valued at $20,610,000 after acquiring an additional 73,840 shares during the period. Advisors Management Group Inc. ADV lifted its stake in Okta by 1.2% during the 1st quarter. Advisors Management Group Inc. ADV now owns 12,417 shares of the company's stock valued at $1,307,000 after acquiring an additional 145 shares during the period. Amalgamated Bank boosted its holdings in shares of Okta by 2.9% in the 1st quarter. Amalgamated Bank now owns 9,704 shares of the company's stock valued at $1,021,000 after acquiring an additional 273 shares during the last quarter. Finally, KBC Group NV increased its stake in shares of Okta by 128.0% in the first quarter. KBC Group NV now owns 73,601 shares of the company's stock worth $7,744,000 after acquiring an additional 41,321 shares during the period. 86.64% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Okta news, Director Jacques Frederic Kerrest sold 581 shares of the business's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $100.29, for a total value of $58,268.49. Following the transaction, the director directly owned 2,832 shares in the company, valued at $284,021.28. The trade was a 17.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CRO Jonathan James Addison sold 7,005 shares of the firm's stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $101.19, for a total transaction of $708,835.95. Following the sale, the executive owned 19,067 shares of the company's stock, valued at $1,929,389.73. This represents a 26.87% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,935 shares of company stock worth $1,100,347. Insiders own 5.68% of the company's stock.

Okta Price Performance

NASDAQ OKTA traded up $0.95 during trading hours on Friday, hitting $99.09. 1,765,335 shares of the company's stock traded hands, compared to its average volume of 3,085,244. The company has a market capitalization of $17.35 billion, a PE ratio of 157.29, a PEG ratio of 4.75 and a beta of 0.82. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.47 and a quick ratio of 1.47. Okta, Inc. has a 52-week low of $70.56 and a 52-week high of $127.57. The firm's 50-day moving average is $109.28 and its 200-day moving average is $100.30.

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, beating 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 business had revenue of $688.00 million during the quarter, compared to analyst estimates of $680.14 million. During the same period in the prior year, the business earned $0.65 earnings per share. The business's revenue was up 11.5% compared to the same quarter last year. Equities analysts forecast that Okta, Inc. will post 0.42 EPS for the current fiscal year.

Wall Street Analyst Weigh In

OKTA has been the subject of a number of research reports. Loop Capital initiated coverage on shares of Okta in a research report on Monday, May 5th. They set a "buy" rating and a $140.00 target price for the company. Stifel Nicolaus boosted their price objective on Okta from $120.00 to $130.00 and gave the company a "buy" rating in a report on Wednesday, May 28th. DA Davidson lowered their target price on Okta from $145.00 to $140.00 and set a "buy" rating on the stock in a research note on Wednesday, May 28th. Barclays dropped their target price on Okta from $135.00 to $120.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 28th. Finally, Needham & Company LLC boosted their price target on Okta from $115.00 to $125.00 and gave the company a "buy" rating in a report on Wednesday, May 28th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $121.59.

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.