10,136 Shares in Okta, Inc. (NASDAQ:OKTA) Purchased by Entropy Technologies LP

Key Points

• Entropy Technologies LP has made a new investment of approximately $1.07 million in Okta, acquiring 10,136 shares during the first quarter.
• Other institutional investors have also increased their stakes in Okta, with significant percentage increases from Russell Investments Group Ltd. and Rockefeller Capital Management L.P. in the last quarter.
• Okta's stock has a market capitalization of $15.50 billion, and the company reported earnings of $0.86 per share for the last quarter, surpassing analysts' expectations.

Entropy Technologies LP purchased a new position in shares of Okta, Inc. (NASDAQ:OKTA - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 10,136 shares of the company's stock, valued at approximately $1,067,000.

Several other hedge funds also recently modified their holdings of OKTA. Vanguard Group Inc. raised its stake in Okta by 3.4% during the first 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 lifted its holdings in shares of Okta by 52.4% in the fourth 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 during the period. Trek Financial LLC acquired a new position in shares of Okta in the 1st quarter worth approximately $426,000. Merit Financial Group LLC bought a new position in shares of Okta in the first quarter valued at $823,000. Finally, Stephens Investment Management Group LLC boosted its position in shares of Okta by 10.4% in the 1st quarter. Stephens Investment Management Group LLC now owns 499,125 shares of the company's stock valued at $52,518,000 after purchasing an additional 46,818 shares during the period. 86.64% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Larissa Schwartz sold 2,244 shares of the company's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $100.00, for a total value of $224,400.00. Following the completion of the sale, the insider owned 23,640 shares of the company's stock, valued at approximately $2,364,000. This represents a 8.67% 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 on Friday, July 18th. The shares were sold at an average price of $95.00, for a total value of $950,000.00. Following the completion of the transaction, the chief financial officer directly 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. In the last 90 days, insiders have sold 88,594 shares of company stock valued at $8,382,790. Insiders own 5.68% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on OKTA shares. Royal Bank Of Canada reduced their price target on shares of Okta from $143.00 to $135.00 and set an "outperform" rating for the company in a research report on Wednesday, May 28th. DA Davidson dropped their price objective on Okta from $145.00 to $140.00 and set a "buy" rating on the stock in a report on Wednesday, May 28th. Loop Capital assumed coverage on shares of Okta in a research report on Monday, May 5th. They set a "buy" rating and a $140.00 target price on the stock. Arete started coverage on Okta in a research report on Monday, July 7th. They issued a "sell" rating and a $83.00 price target for the company. Finally, UBS Group lowered their price objective on Okta from $150.00 to $130.00 and set a "buy" rating on the stock in a report on Wednesday, May 28th. Three equities 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 company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $118.61.

Okta Trading Up 3.8%

NASDAQ OKTA traded up $3.37 during trading hours on Friday, hitting $91.98. 1,338,178 shares of the company were exchanged, compared to its average volume of 3,592,374. Okta, Inc. has a 52 week low of $70.56 and a 52 week high of $127.57. The stock has a market cap of $16.10 billion, a PE ratio of 146.42, a price-to-earnings-growth ratio of 4.40 and a beta of 0.80. The stock has a 50-day moving average price of $96.77 and a 200 day moving average price of $102.55. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.05.

Okta (NASDAQ:OKTA - Get Free Report) last issued its earnings results on Tuesday, May 27th. The company reported $0.86 earnings per share 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 previous year, the company posted $0.65 EPS. Okta's revenue was up 11.5% on a year-over-year basis. Analysts forecast that Okta, Inc. will post 0.42 earnings per share for the current fiscal year.

Okta Company Profile

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.